14TH ANNUAL REPORT 2012-2013

Company Information Contents

Board of Directors
Directors' Report………………………………………………………………………. 2
Mr. Gautam S. Adani, Chairman & Managing Director
Mr. Rajesh S. Adani Management Discussion and Analysis……………………………… 10
Dr. Malay Mahadevia, Whole Time Director Corporate Governance Report ……………………………………………. 16
Mr. Rajeeva Sinha, Whole Time Director
Business Responsibility Report ........................................ 30
Mr. Arun Duggal
Mr. D. T. Joseph, IAS (Retd.) Auditors' Report on Financial Statements…….................. 38
Mr. Pankaj Kumar, IAS (upto April 30, 2013) Balance Sheet……………………………………………………….................... 44
Prof. G. Raghuram
Mr. G. K. Pillai, IAS (Retd.) Statement of Profit and Loss………………………….... ................ 45
Mr. Sanjay Lalbhai Cash Flow Statement…………………………………………................... 46
Company Secretary Notes to Financial Statements…………………………................. 48
Ms. Dipti Shah Statement pursuant to Section 212(1)(e) of the
Companies Act, 1956 relating to Subsidiary
Auditors
Companies……………………………………………………………..................... 93
M/s. S. R. Batliboi & Associates LLP
Chartered Accountants, Auditors' Report on Consolidated Financial
Ahmedabad Statement…………………………………………………………….…................... 94

Registered Office Consolidated Balance Sheet……………………………................... 96

"Adani House", Nr. Mithakhali Six Roads, Consolidated Statement of Profit and Loss….................. 97
Navrangpura, Ahmedabad-380009 Consolidated Cash Flow Statement…………….….................. 98
Bankers and Financial Institutions Notes to Consolidated Financial Statements................. 100
Axis Bank Ltd.
Canara Bank
DEG-Deutsche Investitions-Und Entwicklungsgesellschaft MBH
DZ Bank
HDFC Bank Ltd.
HSH Nord Bank AG
ICICI Bank Ltd.
IndusInd Bank Ltd.
ING Vysya Bank Ltd.
Japan Bank of International Cooperation
Kotak Mahindra Bank Ltd.
Life Insurance Corporation of India Important Communication to Members
Mizuho Corporate Bank, Ltd.
Oesterreichische Entwicklungsbank AG, The Ministry of Corporate Affairs has taken a “Green
State Bank of India Initiative in the Corporate Governance” by allowing
Standard Chartered Bank paperless compliances by the companies and has
The Bank of Tokyo - Mitsubishi UFJ, Ltd. issued circulars stating that service of notice /
UCO Bank documents including Annual Report can be sent by e-
Yes Bank
mail to its members. To support this green initiative of
Registrar and Transfer Agent the Government in full measure, members who have
M/s. Link Intime India Private Limited not registered their e-mail addresses, so far, are
C-13, Pannalal Silk Mills Compound,
requested to register their e-mail addresses, in
L.B.S. Marg, Bhandup (W),
Mumbai-400078. respects of electronic holding with the Depository
Phone: +91-22-25946970 through their concerned Depository Participants.
Fax: +91-22-2594 6969

1
14th Annual Report 2012-2013

Directors' Report
Dear Shareholders,
Your Directors are pleased to present the Fourteenth Annual Report alongwith the audited accounts for the
financial year ended on March 31, 2013.
Financial Results:
The summarized financial highlight is depicted below:
(` in Crores)
Particulars For the year For the year
ended ended
March 31, 2013 March 31, 2012
Income from operations 3,361.05 2,481.90
Other Income 203.24 40.25
Total Income 3,564.29 2,522.15
Operating & Administrative Expenses 890.82 770.31
Operating Profit before Interest, Depreciation and Tax 2,673.47 1,751.84
Interest and Financial Charges 441.90 208.75
Depreciation / Amortization 342.38 273.50
Profit Before Tax and Prior Period Adjustment 1,889.19 1,269.59
Provision for tax (including deferred tax) 135.01 92.33
Profit after tax 1,754.18 1,177.26
Surplus brought forward from previous year 2,270.54 1,490.98
Balance available for appropriation 4,024.72 2,668.24
Appropriations:
Dividend on Preference Shares * *
Tax on Dividend on Preference Shares (including surcharge) * *
Interim Dividend on Equity Shares - 60.10
Tax on Interim Dividend (including surcharge) - 9.75
Proposed Final Dividend on Equity Shares 200.34 140.24
Tax on Final Dividend (including surcharge) 34.05 22.75
Transfer to Capital Redemption Reserve 0.14 0.14
Transfer to General Reserve 175.42 117.73
Transfer to Debenture Redemption Reserve 69.10 46.99
Balance carried to Balance Sheet 3,545.67 2,270.54
* Figures being nullified on conversion to ` in Crores

Operational Highlights:
Notwithstanding the general economic climate and slowdown experienced by various industrial sectors,
your company continued to maintain its growth momentum.
The year under review has witnessed robust growth and impressive performance of your company. Your
Company has successfully steered a steady course and consolidated its position as India's largest Non Major
Port. As compared to major as well as non major commercial ports in India, Mundra Port ranks 2nd in terms of
handling of total cargo and container cargo during the year under review.

2
The key aspects of your Company's performance during the financial year 2012-13 are as follows:
Revenue (` in Crores) EDIDTA (` in Crores)
4000 3,564 3000 2,673

2500
3000 2,522 1,752
2000
2,005 1,430
2000 1500 995
1,426
1,179 1000 806
1000
500
0
0
2009 2010 2011 2012 2013
2009 2010 2011 2012 2013
(Years) (Years)
Total revenue increased by 41% from
` 2,522 Crores in FY 2011-12 to ` 3,564 Crores The earnings before interest, depreciation
in FY 2012-13 and tax for the FY 2012-13 stood at
` 2,673 Crores as compared to ` 1,752 Crores
in FY 2011-12 registering growth
of 53%.

Net Profit (` in Crores) Cargo Volume (MMT)

100
2000
82.13
1,754
80
64.01
1500
1,177 60 51.68
986
1000 40.29
35.72
701 40

466
500 20

0 0

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

(Years) (Years)

Net Profit for the FY 2012-13 stood at ` 1,754 Crores as Cargo volume increased by 28% from 64.01 million
compared to ` 1,177 Crores in FY 2011-12 registering tonnes in FY 2011-12 to 82.13 million tonnes in FY
growth of 49%. 2012-13.

The detailed Operational Performance of the Company has been comprehensively discussed in the
Management Discussion and Analysis Report which forms part of Directors' Report.
Dividend:
Your Directors are pleased to recommend final Dividend of 50% (` 1 per equity share of ` 2 each) on the equity
shares issued by the company as on book closure date and Dividend on 0.01% Non Cumulative Redeemable
Preference Shares of ` 10 each for the financial year 2012-13.
Disinvestment of significant stake in Abbot Point Coal Terminal in Queensland, Australia
To focus on the high growth Indian Ports & Logistics Sector, maintain its leadership position in India and for the
benefit of stakeholders your company has divested the beneficial ownership in entities controlling the Abbot
Point Coal Terminal in Queensland, Australia at a valuation determined by an independent valuer. The legal
transfer of the shares would happen in the current year.

3
14th Annual Report 2012-2013

Non-Convertible Debentures (NCDs) :

In its effort towards continuous cost reduction and financial re-engineering, during the year under review,
6,750 Secured Redeemable Non Convertible Debentures (NCDs) of face value of ` 10 Lacs aggregating to
` 675 Crores issued on private placement basis to Banks/Financial Institutions were redeemed.
Further your company has issued 20,640 Secured Redeemable Non Convertible Debentures (NCDs) of face
value of ` 10 Lacs each at par aggregating to ` 2,064 Crores issued on Private Placement basis listed on the
Wholesale Debt Market Segment of BSE Limited.
Subsidiaries:
As on March 31, 2013, your Company had thirteen subsidiaries under its belt:
1. Adani Hazira Port Pvt. Ltd.
2. Adani Kandla Bulk Terminal Pvt. Ltd.
3. Adani Logistics Ltd.
4. Adani Murmugao Port Terminal Pvt. Ltd.
5. Adani Petronet (Dahej) Port Pvt. Ltd.
6. Adani Vizag Coal Terminal Pvt. Ltd.
7. Adani Warehousing Services Pvt. Ltd.
8. Hazira Infrastructure Pvt. Ltd.
9. Hazira Road Infrastructure Pvt. Ltd.
10. Karnavati Aviation Pvt. Ltd.
11. MPSEZ Utilities Pvt. Ltd.
12. Mundra International Airport Pvt. Ltd.
13. Mundra SEZ Textile and Apparel Park Pvt. Ltd.
During the year under review Rajasthan SEZ Pvt. Ltd. wholly owned subsidiary of the Company ceased to be
subsidiary on striking off the name under Ministry of Corporate Affairs.
The statement pursuant to section 212(1)(e) of the Companies Act, 1956, containing details of subsidiaries of
the Company forms part of the Annual Report.
In terms of General Circular issued by Ministry of Corporate Affairs, Government of India, the Balance Sheet,
Profit and Loss Account and other documents of the subsidiary companies are not being attached with
Balance Sheet of the Company.
However, as directed by the Ministry of Corporate Affairs, some key information has been disclosed in a brief
abstract forming part of this Annual Report. Accordingly, the Annual Report of the Company contains the
consolidated audited financial statements prepared pursuant to clause 41 of the listing agreement as
prescribed by SEBI and prepared in accordance with the accounting standards prescribed by the Institute of
Chartered Accountants of India (ICAI).
The annual accounts of the subsidiary companies and related detailed information shall be made available to
the shareholders of the holding and subsidiary companies seeking such information on all working days during
business hours. The annual accounts of the subsidiary companies shall also be kept for inspection by any
shareholder/s during working hours at the Company's registered office and that of the respective subsidiary
companies concerned. Details of developments of subsidiaries of the Company are covered in Management's
Discussion and Analysis Report forming part of the Annual Report.
Fixed Deposits:
During the year under review, your Company has not accepted any deposits from public under Section 58A of
Companies Act, 1956.

4
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
The particulars, as prescribed under clause (e) of sub-section (1) of Section 217 of the Companies Act, 1956,
read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 as
amended from time to time are appended in the Annexure to the Directors' Report.
Quality, Health, Safety and Environment:
At Adani Ports and Special Economic Zone Limited (APSEZL), Quality, Health, Safety and Environmental
(QHSE) responsibilities are integral to operations. Your Company has acquired International Standards
ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007, ISO 28000:2007 certifications specifying the
requirements for an Integrated Management System (IMS) as part of its objective to improve quality, health,
safety and environment in the work place.
Further, the company believes in Goal Zero, which is a strong, simple and memorable aim that has helped to
achieve significantly enhanced safety performance. Besides, the company has taken following major
initiatives to advance the QHSE commitment:
● Development and implementation of SAP – EHS module
● Successful launching and implementation of Near-miss Reporting & Recognition Scheme
● Launching and implementation of Safety Man of the Month Scheme
● Implementation of Behavior Based Safety for workforce
● Installation of Public Announcement system for safety and operational announcements
Corporate Governance and Management Discussion and Analysis Report:
Committed to good Corporate Governance practices, your Company fully confirm to the standards set out by
the Securities and Exchange Board of India and other regulatory authorities and has implemented and
complied with all the major stipulations. The Report on Corporate Governance along with the Compliance
Certificate from the Practicing Company Secretary in line with Clause 49 of the Listing Agreement validating
our claim and the Report on Management Discussion and Analysis are annexed and forms part of this Annual
Report.
Your Company in compliance with the requirements of the Listing Agreement has also formulated and
implemented a Code of Conduct for all Board members and senior management personnel of the Company,
who have affirmed their compliance thereto.
Corporate Social Responsibility:
Corporate Social Responsibility has been at the heart of any Business Development by Adani Group. Adani
Foundation is the Corporate Social Responsibility arm for Adani conglomerate. Foundation plays a pivotal role
in building lives through community participation and developmental programs in social sectors. All our efforts
are directed in developing and implementing programs for the marginalized communities. Our special focus is
in the field of Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure
Development as follows:
a) Education: Foundation works towards improving the quality of education in the Government Schools by
upgrading the primary infrastructure facilities, adding value to the teaching process, skill building
training to the teachers. The other strategy is to start and run our own schools such as Adani Vidya
Mandir, Ahmedabad & Bhadreshwar.
b) Community Health: The Foundation runs Mobile Health Care Units and rural clinics working successfully
at Mundra. Under Community Health Foundation has initiated two innovative projects at Mundra
namely Kidney stone – awareness, detection and intervention project and health card to senior citizens.

5
14th Annual Report 2012-2013

c) Sustainable Livelihood Development: The Foundation through participatory, community based

approaches, ensuring optimum management of the existing resource and broadening the scope of
economic opportunities.
d) Rural Infrastructure development: The Foundation endeavours to bridge the gaps and make the
activities more need specific and responsive to the grassroots level requirements, which are sustainable
and replicable.
Directors:
During the year under review, Mr. G. K. Pillai, IAS (Retd.) and Mr. Sanjay Lalbhai were appointed as Additional
Directors of the Company to hold office upto the date of ensuing Annual General Meeting in terms of section
260 of the Companies Act, 1956. The Company has received a notice in writing from member of the company
under section 257 of the Act signifying the intention to propose Mr. G. K. Pillai, IAS (Retd.) and Mr. Sanjay
Lalbhai to be appointed as Directors retiring by rotation.
Mr. Pankaj Kumar, IAS representing Gujarat Maritime Board ceased to be Director w.e.f April 30, 2013.
Board welcomes incoming Directors and places on record the deep appreciation for valuable services provided
by outgoing Director.
As per Section 256 of the Companies Act, 1956 and Article 152 of the Articles of Association of the Company,
Mr. Rajeeva Sinha and Mr. D. T. Joseph, Directors of the Company are liable to retire by rotation and being
eligible offer themselves for re-appointment. Board recommends reappointment of the Directors of the
Company.
Brief details of Directors proposed to be appointed/re-appointed as required under Clause 49 of the Listing
Agreement are provided in the Notice of Annual General Meeting forming part of this Annual Report.
Directors Responsibility Statement:
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'
Responsibility Statement, the Directors confirm:
● The applicable accounting standards have been followed and there are no material departures from the
same;
● Accounting Policies selected have been applied consistently and estimates made are reasonable and
prudent, so as to give a true and fair view of the state of affairs of your Company as at March 31, 2013 and
of the profit of your Company for the year ended on that date;
● Proper and sufficient care has been taken for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities; and
● The annual accounts have been prepared on a going concern basis.
Insurance:
The Company continues to carry adequate insurance for all assets against foreseeable perils.
Particulars of Employees:
In terms of the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars
of Employees) Rules, 1975 as amended, a statement showing the names and other particulars of the employees
forms part of this report as Annexure. However, as permitted by Section 219(1) (b) (iv) of the Companies Act,
1956, the Annual Report excluding the aforesaid information is being sent to all the members of the Company
and others entitled thereto and any member interested in obtaining such particulars may write to Company
Secretary at the Registered Office of the Company.

6
Business Responsibility Report:
SEBI, vide its Circular CIR/CFD/DIL/8/2012 dated August 13, 2012, mandated the top 100 listed entities, based
on market capitalisation at BSE and NSE, to include Business Responsibility Report as part of the Annual
Report describing the initiatives taken by the companies from Environmental, Social and Governance
perspective.
Accordingly, the Business Responsibility Report is attached and forms part of the Annual Report.
Auditors:
M/s. S. R. Batliboi & Associates LLP, Chartered Accountants, Statutory Auditors of the Company, holds office
until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company
has received letter from Statutory Auditors to the effect that re-appointment, if made, would be within the
prescribed limits under Section 224(1B) of the Companies Act, 1956 and are not disqualified for re-
appointment within the meaning of Section 226 of the said Act.
Auditors' Report:
Notes to the financial statements, as referred in the Auditors Report, are self-explanatory and therefore do not
call for any further comments and explanations under section 217(3) of the Companies Act, 1956.
Information Technology: an enabler for Growth:
Your company continues to pioneer usage of innovative and modern IT solutions to drive the operations in an
efficient and effective manner. The company deploys best in class applications and systems which streamline
business processes, improve performance and reduce costs. These systems provide seamless integration
across modules and functions resulting into strong MIS platform and informed decision-making by the
Management.
Awards, Certifications and Accreditations:
During the year under review, your Company had won the following awards:
● The 'Port of the Year - Containerized' Award at the prestigious Gujarat Junction Awards event held in
November, 2012 at Ahmedabad.
● Successfully completed reaccreditation audit for ISO 9001, ISO 140001 & OHSAS 18001.
● Successful completion of ISO 28000:2007 Stage I & II audit leading to Certification.

Acknowledgment:
Your Directors are highly grateful for all the guidance, support and assistance received from the Government
of India, Government of Gujarat, Gujarat Maritime Board, Financial Institutions and Banks. Your Directors
thank all shareowners, esteemed customers, suppliers and business associates for their faith, trust and
confidence reposed in the Company.
Your Directors wish to place on record their sincere appreciation for the dedicated efforts and consistent
contribution made by the employees at all levels, to ensure that the Company continues to grow and excel.

For and on behalf of the Board of Directors

Place : Ahmedabad Gautam S. Adani

Date : May 15, 2013 Chairman & Managing Director

7
14th Annual Report 2012-2013

Annexure - I to the Directors' Report

Particulars pursuant to Section 217(1)(e) of the Companies Act, 1956.
Information as required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are set out as under:
A. CONSERVATION OF ENERGY:
a) The following energy conservation measures have been taken:
● Tugs provided with electric shore supply facility at West Basin which ensures that diesel
generator of the tugs were not operated hence making us energy efficient.
● Free running of tugs at the economical round per minute , thus resulting in saving of fuel.
● Installed lighting energy saver to lighting feeders with negligible effect on illumination level.
● Electric-RTGs (E- RTGs), besides at Container Terminal 2 (CT2) also got installed at Container
Terminal 3 (CT3).
● Electrification of shores cranes at Terminal 3 (T3).
b) Additional investments and proposals, if any, being implemented for reduction of consumption of
energy:
In its quest to sustainable usage of energy and consequent environment conservation, your
company puts great emphasis on continuously devising methods of reduction of energy
consumption. Some of key areas being explored towards this objective are as below:
● Provision of additional shore supply arrangements at various locations in port so that the tugs
can be provided with shore electric supply even if there is no parking space at the tug berth for
the tugs.
● Provision for supply of fresh water & diesel to tugs at west basin tug berth to reduce the fuel
consumption due to shifting of tugs for receiving water and fuel.
● Making Thermax Boiler and Thermic Fluid Heater more energy efficient.
c) Impact of measures at (a) and (b) above for reduction of energy consumption and consequent
impact on the cost of production of goods.
● The electricity consumed by a tug is 15 units/hour as compared to a fuel consumption of 8
liters diesel per tug per running hour when tugs generator are used to produce power.
● Fresh water and diesel to tugs now being supplied at tug berth. This results in a fuel saving of
nearly 125 liters of diesel for each such supply.
● Lighting energy saver to lighting feeders: 23,661 kWh.
d) Total energy consumption and energy consumption per unit of production as per Form A in respect
of industries specified in the schedule thereto:
Not applicable to the Company.
B. TECHNOLOGY ABSORPTION:
● A new generation of ergonomically designed Control Station for Rail Mountain Quay Cranes
operators has been introduced at CT3. This is first of its kind in South Asia. Design reduces overall
stress, reduction of lower back lumbar load thus enhancing health, working efficiency of operators.
● Muriate of Potash bagging started from fertilizer cargo complex leading to complete elimination
of Manual Bagging.
● Implementation of 24 Meters cargo screening net for loading of Agri products.

8
 ● Commissioning of Demag and Goliath attachment - telescopic pipe-lifter, telescopic plate
attachment and magnetic slab lifter.
● Grab Ship Unloader shifting time from berth 3 to berth 2 reduced from 5 hours to 1.5 hours by
modifying the idlers and using new lifting tools.
● Use of camlock coupling during Vessel unloading operation for heated cargo (Bitumen and Wax).
● Adopted and implemented new tank cleaning method using Butterworth which increases storage
tank availability.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO:

Foreign Exchange earned and used for the year ended March 31, 2013
(` in Crores)

Particulars 2012-13 2011-12

Foreign Exchange Earnings 4.93 -
Foreign Exchange outgo 1,021.36 830.59

9
14th Annual Report 2012-2013

Management Discussion and Analysis

The discussion hereunder covers the financial results and its subsidiaries developments of Adani Ports and
Special Economic Zone Ltd. (APSEZL) for the financial year 2012-13 and its business outlook for the future.
This outlook is based on assessment of the current business environment and Government policies. The
change in future economic and other developments are likely to cause variation in this outlook. The Company
assumes no responsibility to publicly amend, modify or revise any such statement on the basis of subsequent
developments, information or events.
Economic Outlook :
Continued grim scenario of global economic outlook put a stress on Indian economy in 2012-13. As a result,
economic growth slowed down to 6.2% in 2011-12 and 5.0% in 2012-13, far lower growth rates compared to
preceding years. The service sector continues to be the largest contributor to GDP growth with 8.2% and 6.6%
growth in 2011-12 and 2012-13 respectively.
Factoring in the inflationary tendencies, policy rates began rising March 2010 onwards. These high rates as
well as policy constraints adversely impacted investment and hence the growth of economy.
Taking cues from weakening investments, there have been reforms which should revive the stalled projects as
well as induce new projects. Policy rates have also started coming down, which is likely to propel economic
activities. Global financial conditions improved towards end of 2012 and the global economy is expected to
see recovery in 2013. Indian economy, with recovery in global economy, is likely to move back to high pace of
growth. Overall, India remains amongst relatively higher-growth economies in the World.
Industry Structure :
Ports:
Indian Scenario :
India has an extensive coastline of 7,517 kilometers (excluding the Andaman and Nicobar Islands), with a port
industry that has grown dramatically, from five ports with cargo traffic tonnage handled of between 19 and 20
mmt at the time of independence, to 13 Major Ports and 187 Non-major Ports with total cargo traffic tonnage
handled of 934.88 mmt for the fiscal year 2013.
Ports handle approximately 95% of India's total trade in terms of volume and 70% in terms of value. Total
volumes are expected to increase further as India continues its economic expansion, with real GDP growth in
India expected to average 7.3% and 8.0% per year for the 5 and 10 years from the fiscal year 2014, respectively,
making India one of the fastest growing economies in the world.
APSEZL at its port of Mundra handled 82.13 million tonnes of cargo in financial year 2013, a growth of 28% year
to year. Compared with the major as well as non major ports of India, it ranks 2nd in terms of total cargo and
container cargo handled during the year under review amongst all government owned commercial ports.

Cargo Growth 2nd Rank

Container Cargo Growth
82.13 2nd Rank
Cargo MMT TEUs (’000) 1,738
4th Rank 3rd Rank
64.01 1,520
7th Rank 3rd Rank
51.68 1,228
8th Rank 3rd Rank
10th Rank
40.29 3rd Rank
35.72 924
806

2008-09 2009-10 2010-11 2011-12 2012-13 2008-09 2009-10 2010-11 2011-12 2012-13

10
Special Economic Zone:
The Special Economic Zone Policy was framed in April, 2000 with an objective to increase the exports, attract
Foreign Direct Investment and to accelerate the economic growth of the country. Your company's Multi-
product SEZ of 6473 Ha. area at Mundra is the largest notified SEZ in the country. Exports from Mundra SEZ
upto March, 2013 comes to about ` 7,357 Crores (cumulative). Mundra SEZ with its multi-modal connectivity
including road, rail, sea port and airport is expected to attract more and more investments in the coming years.
Further, based on approval from Government of India (GoI), your company has set up a Free Trade Warehousing
Zone (FTWZ) in an area of 168.41 Ha. at Mundra. The development activities in the FTWZ SEZ have been
initiated.
Performance Overview:
During the year under review the performance of your Company is encouraging. The company has been
leading across all the fronts and has now become 2nd largest commercial port in India. Your company
maintained excellent growth record and registered 28% growth in cargo volume over financial year 2011-12.
The company would continue to lead innovative practices, adoption of technology and setting examples of
efficient port operations.
Business Transformation Project – Ignite
The port embarked upon a major exercise of transformation for streamlining of processes, enhanced
adherence and improved synergies. The transformation project has been aptly titled as Ignite with following
key objectives:
1. Make business more customer focused and flexible to meet dynamic customer requirements
2. Improve competitiveness – become one of the most efficient port operators in the industry
3. Leverage technology for benefits wherever possible within projects, operations, decision support
4. Build a learning organization that continuously improves and continues to optimize operations
Project Ignite has been received very well by all the stakeholders with overwhelming support from each
function and business unit. The project has already started making difference towards these objectives and is
expected to take organization to greater scales.
Performance Highlights:
Your Company has developed and operates six bulk terminals, four container terminals, automobile handling
and coal handling facilities and two single-point mooring facilities across the Mundra Port, the Dahej Port and
the Hazira Port on the western coast of India.
Your company’s three operational facilities on the west coast of India are capable of handling capesize bulk
cargo vessels and more than 8500 TEUs container vessels. The Company also provides other services,
including infrastructure, leasing and logistics services at the Mundra Port and through its surrounding
infrastructure, including the Mundra SEZ, which the Company has developed and operates. Mundra SEZ is one
of the largest operating port-based multi-product special economic zones in India.
Three broad categories of cargo handled at our ports are bulk container and crude oil cargo. Your Company’s
port services include marine, intra-port transport, storage and handling, other value-added and evacuation
services for a diverse range of customers, primarily terminal operators, shipping lines and agents, exporters,
importers and other port users. In addition to port services, the company provides value-added, evacuation
and other logistics services to its customers. The ability to maintain a diverse mix of cargo handled and other
services performed allows your company to diversify its income sources, reduce financial risk and compete
more effectively. Consequently, your company’s cargo and service mix has a significant effect on its results of
operations.

11
14th Annual Report 2012-2013

Our key performance highlights for the year under review are as under:
Bulk Cargo - Dry:
● Dry Cargo handled during 2012-13 was 37.38 million tonnes as against 29.25 million tonnes during 2011-
12, a growth of 28% year on year.
● Coal Cargo handled during the 2012-13 was 26.76 million tonnes as against 18.75 million tonnes during
2011-12, a growth of 43% year on year.
● Sorghum cargo handled for the first time.
Bulk Cargo - Liquid:
● Highest no. of import vessel movement 22 in a Month of October, 2012.
● Highest number of Import-Export vessels (26 nos.) during the month of October,2012
● Highest number of Export vessels (7 nos.) in a single month.
Container Cargo:
● Mundra Port handled 1.74 million TEUs against 1.52 million TEUs in 2011-12 marking 14.4% growth over
last year. This also makes Mundra Port second largest in the country in terms of container throughput
● Adani Mundra Container Terminal (AMCT) (including South Basin) registered a 46% growth in Inland
Container Depot (ICD) throughput over the previous financial year.
Marine:
● On 13th August 2012, with the berthing of M.V. MSC Ukraine at berth SB-6, commercial operation was
commenced for South Basin Terminal.
● Highest SPM Throughput: Mundra Port handled the highest ever Crude Oil throughput of 1.45 MMT for
February, 2013 at the SPMs.
Railway:
● Total number of rakes handled in 2012-13 are 9505.
● In FY 2012-13 more than 400 double stack trains have been handled from Mundra.
● Commercial train operation at West Port has commissioned during the year under review.
Our Expansion Plans:
Your Company has recently completed and is in the process of implementing, expansion plans. It has
commenced operations at the Hazira Port and at Container Terminal 3 and a fourth berth at the Coal and Bulk
Terminal at the Mundra Port. Your Company is also in the process of developing facilities at the Murmugao
Port, the Vizag Port and the Kandla Port (Tuna). Although your company believes that the majority of our
capital expenditure at our operational facilities and the Murmugao Port have been completed. Our future
expansion plans may require a significant amount of expenditure and once operational, are expected to
provide us with additional capacity to handle cargo in new and existing geographies and in turn, revenue from
cargo handled and related services. With various capital expenditure programmes in the past, the company
has emerged as only port on western cost of India, handled capsize/super capsize vessels for bulk and
container vessel with more than 8500 TEU capacity.
Special Economic Zone:
Your Company has been focusing on development of robust infrastructure for supporting the industrial
development within the Special Economic Zone (SEZ). Construction of road over bridge within the Zone has
been completed enabling seamless connectivity to the Port and SEZ development. Elaborate arterial road
network has been completed for SEZ users. Execution of utility infrastructures like common effluent
treatment plant (CETP), water desalination plant has also been completed. Work for doubling of Mundra-
Adipur rail line is completed.

12
The Co-developers of the SEZ have provided various social infrastructure facilities such as Housing, Hospital
and School in the SEZ. MPSEZ Utilities Pvt. Ltd. (MUPL), a 100% subsidiary of your Company and approved Co-
developer, had developed electricity distribution network and is distributing electricity at competitive rate in
the SEZ. MUPL has also been approved as co-developer of the FTWZ SEZ to provide infrastructure
facilities/utilities. Total investment by these units is expected to be more than ` 3855 Crores of which they
have already invested over ` 1479 Crores. Some of the approved Units have already started export activities in
the Zone.
Port Related Developments:
● APSEZL has developed Green Zones at Mundra area aggregating to 235.83 ha land. A total of more than
4.45 Lacs trees have been planted besides development of shrubs and lawns.
● A very successful project execution and start of CT3 operations. South basin has been developed with a
capacity of 1.5 Mn TEUs annually. The terminal has sufficient draft to handle direct berthing of largest
size container vessel (about 14000 TEUs). The terminal has 6 RMQC and 14 RTGs.
● In order to facilitate the container terminals, an EXIM yard has been developed at Mundra. The total area
of EXIM yard is around 69,000 sq. meters. The EXIM yard consists of 5000 sq. Meter of warehouse,
paved area for loaded container stacking and GSB surface area for empty container storage.
Other Group Developments:
● During the financial year 2012-13, Adani Logistics Ltd (ALL) showed remarkable performance on the
development of strategic infrastructure and opening up of rail route between Mundra & NCR region for
double stack trains. Further, Kishangarh in Rajasthan commissioned its train examination facility (TXR)
providing a new thrust to trains.
● Adani Petronet (Dahej) Port Pvt. Ltd. (APPPL) a JV company with Petronet LNG Ltd., is the developer of
Solid Cargo Port Terminal at Dahej in Gujarat. APPPL's Dahej port is one of best in class port for handling
dry cargo with ample storage facilities. The cargo handling operations at the port is highly mechanized.
The port is well connected with road and railway.
● Adani Hazira Port Pvt. Ltd., (AHPPL) is being developed in Hazira, Dist. Surat, Gujarat under sub-
concession route with Shell, Hazira for non-LNG facilities. The construction for total 5 berths with back
up area has been completed and port has commenced commercial operations on May 21, 2012. The port
has 2 container berths and 3 multipurpose berths for liquid, dry & breaks bulk cargo. The master plan
provides for 13 berths to be developed in a phased manner.
● Adani Murmugao Port Terminal Pvt. Ltd., (AMPTPL), has signed concession agreement with Mormugao
Port Trust (MPT) to develop and operate a coal import terminal in Mormugao Port, Goa on Design, Build,
Finance, Operate and Transfer (DBFOT) basis. The construction of coal handling terminal is under
progress.
● Adani Vizag Coal Terminal Pvt. Ltd. (AVCTPL) signed the Concession Agreement with the Board of
Trustee for Visakhapatnam Port Trust giving AVCTPL the right to develop coal berth on DBFOT basis and
operate the same for a period of 30 years. The construction of the coal berth is in full swing.
● Adani Kandla Bulk Terminal Pvt. Ltd. (AKBTPL) has entered into Concession Agreement with Kandla Port
Trust on 27.06.2012 for development of dry bulk terminal on build, operate and transfer basis at Tekra off
Tuna, outside Kandla Creek under Public Private Partnership (PPP) mode. The scheduled date of
completion of this project is 19.12.2014, wherein the work is in full progress and it is expected to
complete on schedule. This terminal will have a capacity of 14.112 MMT with 4 berths length
admeasuring 600 mtrs x 60 mtrs on both sides and a backup area of 80 hectares allotted by Kandla Port
Trust.

13
14th Annual Report 2012-2013

● MPSEZ Utilities Pvt. Ltd. (MUPL) has commenced power supply to units in SEZ, Gujarat Electricity
Regulatory Commission (GERC) has issued 'Multi-Year Tariff Order' to the Company.
Competition:
APSEZL faces competition from multiple ports which cater to the northern and north-western hinterland. In
case of dry bulk, break bulk and liquid cargo, APSEZL faces competition mainly from Kandla Port and other
non-major GMB ports. In case of containers, the competitors include JNPT, Mumbai Port, Pipavav Port and
Kandla Port. Although, with APSEZL handling more than 8500 TEU vessels and special long haul rails
connecting Mundra to the northern and central India, APSEZL has emerged the torch bearer in the container
cargo handling in India.
APSEZL is able to compete against state-run as well as private ports because of factors such as state-of-art
port infrastructure facilities including the deep draft direct berthing facilities, domain expertise in the port
services industry, established customer relationships, available land resources and ability to facilitate port
based development, consistent high-quality service and our ability to flexibly meet our customers'
requirements including flexibility in tariffs. Despite common hinterland in northwest India which is shared
with these ports, APSEZL has been successful in attracting substantial cargo increase year after year and the
trend is expected to continue in the future as well.
Risk, Opportunity and Threats:
ASPEZL has a formal risk assessment and management system which periodically identifies risk areas,
evaluates their consequences, initiates risk mitigation strategies and implements corrective actions where
required. The Audit Committee quarterly reviews the report on risk management and recommends the
corrective actions for implementation. The risk assessment developed at APSEZ as per OHSAS 18001
standards are reviewed on regular basis i.e. yearly basis or as and when any change in system/ process takes
place or any incident takes place.
The Port Sector in India offers immense growth potential based on the anticipated growth in international
trade and costal shipping in India. With increased vessel sizes, lines prefer ports with deep draft, longer quay,
lengths, high mechanization and developed evacuation infrastructure. For an integrated ports development
and operation like APSEZ, there are ample opportunities to grow organically as well as inorganically.
Management control, internal control and internal audit system and their adequacy:
The company has in place an adequate system of internal control. It has documented procedures covering all
financial and operating functions. Internal audit programme of the company is designed based on complexity
of Port / SEZ operation and nature of business activities covering major risk factors related to business
process and port operations. The internal audit programme is duly approved by the Audit Committee. A well
established multidisciplinary Management Audit & Assurance Services consists of professionally qualified
accountants, engineers and SAP experienced executives which carries out extensive audit throughout the
year, across all functional areas and submits its reports to Management and Audit Committee about the
compliance with internal controls and efficiency and effectiveness of operation and key process risk.
Audit Committee of the Board of Directors regularly reviews the adequacy and effectiveness of Internal audit
environment and monitor implementation of internal audit recommendations including those relating to
strengthening of company's risk management policies and systems.
Human Resource Development:
APSEZL being the largest private port developer and operator is a premier workplace that attracts talent from
all over the country. The company provides a conducive work environment which motivates employees to put
in their best efforts to achieve our ambitious targets and growth plans. Their talent and commitment fuel our
vision to handle 200MMT of volumes by the year 2020.

14
Human Resource Department is instrumental in building employees capabilities through structured talent
acquisition and its development through technical and need based training.
APSEZL enjoys harmonious employee relations which have been built over the years by taking various HR
initiatives to enhance the employee morale.
Standalone Financial Performance with respect to operation performance:
Your Company has recorded total income to the tune of ` 3564.29 Crores during the financial year 2012-13
compared to ` 2522.15 Crores in the corresponding previous financial year, an increase of 41%.
Net Block of fixed assets of the Company as on March 31, 2013 is ` 7,768.42 Crores as compared to
` 5,805.07 Crores as on March 31, 2012 an increase of 34% in the corresponding period in the previous year.
During the year, your Company generated earnings before interest, depreciation and tax (EBIDTA) of
` 2,673.47 Crores as compared to Rs. 1,751.84 Crores in the previous year, showing growth of 53%.
Net profit after tax is ` 1,754.18 Crores in the financial year 2012-13 as compared to ` 1,177.26 Crores in the
previous financial year, an increase of 49%.
Earnings per share increased by 49% to ` 8.76 on face value of ` 2 each.
Consolidated Financial Performance of the Company:
Your Company has recorded total income to the tune of ` 3,841.07 Crores during the financial year 2012-13
compared to ` 2,748.76 Crores in the corresponding previous financial year, an increase of 40%.
During the year, your Company generated earnings before interest, depreciation and tax (EBIDTA) of
` 2,640.42 Crores compared to ` 1,798.11 Crores in the previous year, an annualized growth of 47%.
Net profit after tax is ` 1,623.22 Crores in the financial year 2012-13, as compared to ` 1,102.07 Crores in the
previous financial year, an increase of 47%.
Earnings per share increased by 47% to ` 8.10 on face value of ` 2 each.
Cautionary Statement:
Statements made in the report describing the Company's plan, projections and expectations may constitute
“forward looking statement” within the meaning of applicable laws and regulations. Actual results may differ
materially from those either expressed or implied.

15
14th Annual Report 2012-2013

Corporate Governance Report

1. Company's philosophy on code of governance
Adani Ports and Special Economic Zone Limited (APSEZL) is committed to good corporate governance
practices at different levels and to achieve its objectives. The Company believes in adopting and adhering
to the best recognized corporate governance practice and continuously benchmarking itself against
each such practice. Transparency, fairness, disclosure and accountability are the main thrust to the
working of Adani Group. Given the Company's size and complexity in operations, APSEZL's Corporate
Governance framework is based on the following core values and culture of the Adani Group:
Values
Courage: We shall embrace new ideas and businesses.
Trust: We shall believe in our employees and other stakeholders.
Commitment: We shall stand by our promises and adhere to high standards of business.
Culture
P = Passion
R = Results
I = Integration
D = Dedication
E = Entrepreneurship
We keep our Corporate Governance practices under continuous review and benchmark ourselves to the
best practices across the globe. The Company is fully compliant with all the mandatory provisions of
Clause 49 of the Listing Agreement entered into with the Stock Exchange(s).
2. Board of Directors
a) Composition of the Board:
The Board of Directors of your Company as on March 31, 2013 comprises of ten Directors out of
which seven Directors are Non-Executive Directors. Non-Executive Independent Directors consist
of professionals drawn from diverse fields that bring in a wide range of skills and experience to the
Board.
The following composition of the Board of Directors is as on May, 15, 2013 and number of other
Directorship & Memberships / Chairmanships of Committees as on March 31, 2013:
Directorship Details of
Name of Director Category of Directorship in other Committee
Companies Chairman Member
Mr. Gautam S. Adani Promoter & Executive Director 2 - -
(Chairman & Managing
Director)
Mr. Rajesh S. Adani Promoter & Non-Independent Director 6 2 3
Dr. Malay Mahadevia Executive Director 12 - 1
Mr. Rajeeva Sinha Executive Director 9 1 -
Mr. Arun Duggal Independent & Non Executive Director 6 2 1
Mr. D. T. Joseph Independent & Non Executive Director 6 1 3
Prof. G. Raghuram Independent & Non Executive Director 6 1 -
Mr. G.K. Pillai 1 Independent & Non Executive Director 2 - -
Mr. Sanjay Lalbhai 2 Independent & Non Executive Director 6 - -
Mr. Pankaj Kumar, IAS 3 GMB Nominee 9 - -
1 2
Appointed as an Additional Director w.e.f October 19, 2012. Appointed as an Additional Director w.e.f December 24, 2012.
3
Ceased to be a Director w.e.f. April 30, 2013

16
 Other directorships do not include alternate directorship, directorship of Private Limited Companies,
Section 25 Companies of the Companies Act, 1956 and of Companies incorporated outside India.
Chairmanship/Membership of Board Committees include membership of Audit and Shareholders/
Investors Grievance Committees in other Public Limited Companies.
b) Board Procedure:
Board met five times during the year under review on May 14, 2012, June 25, 2012, August 1, 2012,
October 19, 2012 and January 28, 2013. The criteria of maximum time gap between any two consecutive
meetings shall not exceed four months has been followed by the Company.
The information as required under Annexure IA to Clause 49 of the Listing Agreement is made available
to the Board. The agenda and the papers for consideration at the Board Meeting are circulated to the
Directors in advance. Adequate information is circulated as part of the Board Papers and is also available
at the Board Meeting to enable the Board to take decisions. As required under Clause 49 of Listing
Agreement, the Board periodically reviews compliances of various laws applicable to the Company.
The attendance of each Director at the Board Meetings and last Annual General Meeting held during the
year under review are as under:
Name of Director Meetings Attendance at last AGM held on
Held Attended August 9, 2012
Mr. Gautam S. Adani 5 5 Yes
Mr. Rajesh S. Adani 5 4 Yes
Dr. Malay Mahadevia 5 5 Yes
Mr. Rajeeva Sinha 5 5 Yes
Mr. Arun Duggal 5 3 No
Mr. D. T. Joseph 5 5 Yes
Prof. G. Raghuram 5 4 No
1
Mr. G. K. Pillai 2* - -
2
Mr. Sanjay Lalbhai 1* 1 -
3
Mr. Pankaj Kumar, IAS 5 1 No
#
Mr. K. N. Venkatasubramanian4 2 2 -
5 #
Mr. S. Venkiteswaran 2 1 -
6 #
Dr. Ravindra Dholakia 1 1 -
1 2
Appointed as an Additional Director w.e.f October 19, 2012. Appointed as an Additional Director w.e.f December 24, 2012.
3 4
Ceased to be a Director w.e.f. April 30, 2013 Ceased to be a Director w.e.f. June 26, 2012
5 6
Ceased to be a Director w.e.f. June 30, 2012 Ceased to be a Director w.e.f. May 19, 2012
* Details provided from the date of appointment # Details provided till the date of retirement/cessation

c) Code of Conduct:
Company's Board has laid down a Code of Conduct for all the Board Members and Senior Management of
the Company. The Code is available on the website of the Company www.adaniports.com. All Board
Members and Senior Management Personnel have affirmed compliance of the Code of Conduct. A
declaration signed by the Chairman and Managing Director to this effect is attached at the end of this
report.

17
14th Annual Report 2012-2013

d) Disclosures regarding appointment/re-appointment of Directors:

Mr. Rajeeva Sinha and Mr. D. T. Joseph are Directors retiring at the ensuing Annual General Meeting
and being eligible, have offered themselves for re-appointment.
Mr. G.K. Pillai and Mr. Sanjay Lalbhai were appointed as Additional Directors w.e.f October 19, 2012
and December 24, 2012 respectively. They will retire pursuant to Section 260 of the Companies Act,
1956 at the ensuing Annual General Meeting. As required under Section 257 of the Act, the
Company has received notice from the member of the company signifying his intention to propose
their appointment as Directors of the Company.
The brief resume and other information required to be disclosed under this Section is provided in
the Notice of the Annual General Meeting.
3. Committees of the Board
A) Audit Committee:
a) Constitution & Composition of Audit Committee:
The Audit Committee of the Company was constituted on September 22, 2001 and subsequently
reconstituted from time to time to comply with statutory requirement in line with the provisions of
Clause 49 of the Listing Agreement of the stock exchange read with Section 292A of the
Companies Act, 1956.
During the year under review Audit Committee Meetings were held four times on May 14, 2012,
August 1, 2012, October 19, 2012 and January 28, 2013. Composition of the Audit Committee and
details of attendance of the members at the committee meetings during the year are given below:
No. of Meetings
Name Category during the year
Held Attended
Mr. D. T. Joseph, Chairman Non-Executive & Independent Director 4 4
Mr. Rajesh S. Adani Non-Executive & Non-Independent Director 4 3
1
Mr. Arun Duggal Non-Executive & Independent Director 3* 1
2
Prof. G. Raghuram Non-Executive & Independent Director 2* 1
#
Mr. K. N. Venkatasubramanian3 Non-Executive & Independent Director 1 1
#
Mr. S. Venkiteswaran4 Non-Executive & Independent Director 1 -
1 2
Appointed as Member w.e.f July 18, 2012. Appointed as Member w.e.f October 16, 2012.
3 4
Ceased to be a Director w.e.f. June 26, 2012 Ceased to be a Director w.e.f June 30, 2012
* Details provided from the date of appointment # Details provided till the date of retirement/cessation

The Chief Financial Officer, representatives of statutory auditors, internal audit and finance &
accounts department are invited to the meetings of the Audit Committee.
Ms. Dipti Shah, Company Secretary and Compliance Officer acts as Secretary of the Committee.
The Chairman of the Committee was present at the last Annual General Meeting held on August 9,
2012.
The Committee discharges such duties and functions generally indicated in Clause 49 of the Listing
Agreement with the stock exchanges and such other functions as may be specifically delegated to
the Committee by the Board from time to time.

18
b) Broad Terms of reference:
The Terms of Reference of Audit Committee cover the matters specified for Audit Committees
under Clause 49 of the Listing Agreement as well as in Section 292A of the Companies Act, 1956.
The role of Audit Committee is as prescribed under Clause 49(II)(D) of the Listing Agreement.
B) Remuneration Committee:
a) Constitution & Composition of Remuneration Committee:
The Remuneration Committee of the Company was constituted on September 3, 2005 and
subsequently reconstituted from time to time to comply with statutory requirement.
During the year under review Remuneration Committee Meetings were held on May 14, 2012 and
June 25, 2012.
The composition of the Remuneration Committee and details of meetings attended by the
members of the Remuneration Committee are given below:
No. of Meetings
Name Category during the year
Held Attended
Mr. D. T. Joseph, Chairman Non-Executive & Independent Director 2 2
Mr. Rajesh S. Adani Non-Executive & Non-Independent Director 2 2
1
Mr. Arun Duggal Non-Executive & Independent Director *- -
2 #
Mr. K. N Venkatasubramanian Non-Executive & Independent Director 2 2
3 #
Mr. S. Venkiteswaran Non-Executive & Independent Director 2 1
1 2
Appointed as Member w.e.f July 18, 2012. Ceased to be a Director w.e.f June 26, 2012.
3
Ceased to be a Director w.e.f June 30, 2012. * Details provided from the date of appointment
# Details provided till the date of retirement/cessation

b) Brief Terms of reference:

The Remuneration Committee is responsible for determining and reviewing all matters in respect
of managerial remuneration.
c) Remuneration Policy:
i. Remuneration to Non-Executive Directors
Pursuant to Section 309 and all other applicable provisions of the Companies Act, 1956;
Directors who are neither in the whole time employment of the Company nor Managing
Director, may be paid remuneration by way of Commission, if the Company by special
resolution authorizes such payment. Accordingly, the Non-Executive Independent Directors
of the Company are paid/payable commission of ` 3 Lacs per quarter for a period of five years
commencing from April 1, 2012, as approved by the members at the Annual General Meeting
held on August 9, 2012 within the overall limit of 1% of the Net Profit of the Company. In
addition to commission, Non-Executive Directors are paid ` 20,000 as sitting fees and
reimbursement of expenses for attending each meeting of the Board and Committee.
ii. Remuneration to Executive Directors
The Board in consultation with the Remuneration Committee decides the remuneration
structure for Executive Directors. On the recommendation of the Remuneration Committee
the Remuneration paid/payable is approved by the Board of Directors and by the members in
the General Meeting in terms of provisions applicable from time to time.

19
14th Annual Report 2012-2013

d) Details of Remuneration:
i) Non-Executive Directors:
The details of sitting fees and commission paid to Non-Executive Directors during the financial
year 2012-2013 is as under:
(` in Lacs)
Name Commission Sitting Fees
Mr. Rajesh S. Adani - 5.60
Mr. Arun Duggal 12.00 1.00
Mr. D. T. Joseph 12.00 3.00
Prof. G. Raghuram 10.58 1.40
1
Mr. G.K. Pillai 5.42 -
2
Mr. Sanjay Lalbhai - 0.20
3
Mr. K. N. Venkatasubramanian 2.87 1.20
4
Mr. S. Venkiteswaran 3.00 0.60
5
Dr. Ravindra Dholakia 1.61 0.20
6
Mr. Pankaj Kumar, IAS
(Nominee of Gujarat Maritime Board) - 0.20
1 4
Appointed as an Additional Director w.e.f October 19, 2012. Ceased to be a Director w.e.f June 30, 2012.
2 5
Appointed as an Additional Director w.e.f December 24, 2012. Ceased to be a Director w.e.f. May 19, 2012.
3 6
Ceased to be a Director w.e.f June 26, 2012. Ceased to be a Director w.e.f. April 30, 2013.

There was no other pecuniary relationships or transactions of Non-Executive Directors vis-à-

vis the Company.
ii) Executive Directors:
Details of remuneration paid/payable to Chairman & Managing Director and Whole Time
Directors during the financial year 2012-2013 is as under:
(` in Lacs)
Perquisites,
Name Salary Allowances & Commission* Total
other Benefits
Mr. Gautam S. Adani 165.00 - 100.00 265.00
Mr. Rajeeva Sinha 77.04 116.74 - 193.78
Dr. Malay Mahadevia 108.00 157.44 - 265.44**

* Payable in financial year 2013-14 ** Variable components are not included

iii) Details of shares of the Company held by Directors as on March 31, 2013 are as under:
Name No. of shares held
Mr. Rajeeva Sinha 4,325
Dr. Malay Mahadevia 14,47,765

The Company does not have any Employees' Stock Option Scheme and there is no separate
provision for payment of Severance Fees.

20
C) Shareholders/Investors Grievance Committee:
a) Constitution & Composition of Shareholders/Investors Grievance Committee:
The Shareholders/Investors Grievance Committee of Directors was constituted on January 30,
2007 and subsequently reconstituted from time to time to comply with statutory requirement.
During the year under review, Shareholders/Investors Grievance Committee Meeting were held four
times on May 14, 2012, August 1, 2012, October 19, 2012 and January 27, 2013.
The composition of the Shareholders/Investors Grievance Committee and details of meetings
attended by the members of Shareholders/ Investors Grievance Committee are given below:

Name Category No. of Meetings

Held Attended
Mr. D. T. Joseph, Chairman Non-Executive & Independent Director 4 4
Mr. Rajesh S. Adani Non-Executive & Non-Independent Director 4 4
1
Prof. G. Raghuram Non-Executive & Independent Director 3* 2
#
Mr. K. N. Venkatasubramanian 2
Non-Executive & Independent Director 1 1
1 2
Appointed as Member w.e.f July 18, 2012. Ceased to be a Director w.e.f. June 26, 2012
* Details provided from the date of appointment # Details provided till the date of retirement/cessation

Ms. Dipti Shah, Company Secretary and Compliance officer acts as Secretary of the Committee.
b) Brief terms of reference:
To look into redressal of shareholders' complaints like transfer of shares, non-receipt of Annual
Report, non receipt of declared dividend, revalidation of dividend warrant or refund order etc.
c) Details of complaints received and redressed during the year:
Opening Balance During the year Pending Complaints
Received Resolved
3 136 139 Nil
D) Transfer Committee:
a) Constitution & Composition of Transfer Committee
The Transfer Committee of the Company was constituted on September 25, 2000 and
subsequently reconstituted from time to time to comply with statutory requirement.
The composition of the Transfer Committee and details of meetings attended by the members of
the Transfer Committee are given below:
Name Category No. of Meetings
Held Attended
Mr. Rajesh S. Adani, Chairman Non-Executive & Non-Independent Director 2 2
Dr. Malay Mahadevia Executive Director 2 2

During the year under review Transfer Committee Meeting was held two times on October 19, 2012
and January 31, 2013.

21
14th Annual Report 2012-2013

b) Brief terms of reference:

1. To approve and register transfer and/or transmission of equity and preference shares and
debentures.
2. To subdivide, consolidate and issue equity and preference share certificates and/or
debenture certificate on behalf of the Company.
3. To affix or authorise fixation of common seal of the Company on the equity, preference share
certificates and debenture certificate of the Company.
4. To issue duplicate equity and preference share certificates and debenture certificate.
5. To apply for dematerialization of the equity, preference shares and debentures.
6. To do all such acts, deeds or things as may be necessary or incidental to the exercise of above
powers.
4. Subsidiary Companies:
None of the subsidiaries of the Company come under the purview of the material non-listed subsidiary as
per criteria given in Clause 49 of Listing Agreement. The Audit Committee of the Company reviews the
financial statements and investments made by unlisted subsidiary Companies and the minutes of the
unlisted subsidiary Companies are placed at the Board Meeting of the Company.
5. General Body Meetings:
a) Annual General Meetings:
The date, time and location of the Annual General Meetings held during the preceding 3 years and
special resolutions passed thereat are as follows:
Financial Date Location of Meeting Time No. of
Year special
Resolutions
passed
2009-2010 21-08-2010 J. B. Auditorium Hall, AMA Complex, 9:30 1
Atira, Dr. Vikram Sarabhai Marg, a.m.
Ahmedabad – 380 015
2010-2011 10-08-2011 J. B. Auditorium Hall, AMA Complex, 9:30 2
Atira, Dr. Vikram Sarabhai Marg, a.m.
Ahmedabad – 380 015
2011-2012 09-08-2012 J. B. Auditorium Hall, AMA Complex, 10.00 2
Atira, Dr. Vikram Sarabhai Marg, a.m.
Ahmedabad – 380 015.
b) Whether special resolutions were put through postal ballot last year, details of voting pattern:
No
c) Whether any resolutions are proposed to be conducted through postal ballot:
No Special Resolution requiring a Postal Ballot is being proposed at the ensuing Annual General
Meeting of the Company.
d) Procedure for postal ballot:
Prescribed procedure for postal Ballot as per the provisions contained in this behalf in the
Companies Act, 1956 and the rules made there under namely Companies (Passing of resolution by
Postal Ballot) Rules, 2011 as amended from time to time shall be complied with whenever
necessary.

22
6. Disclosures:
a) There were no materially significant Related Party Transactions and pecuniary transactions that
may have potential conflict with the interest of the Company at large. The details of Related Party
Transactions are disclosed in financial Section of this Annual Report.
b) In the preparation of the financial statements, the Company has followed the accounting policies
and practices as prescribed in the Accounting Standards.
c) The implementation of the risk assessment and minimization procedure containing the
project/potential risk areas, its intensity, its effects, causes and measures taken by the Company
are reviewed by the committee periodically.
d) Management Discussion and Analysis Report is set out in a separate Section included in this Annual
Report and forms part of this Report.
e) There has been no instance of non-compliance by the Company on any matter related to capital
markets during the last three years and no penalties or strictures have been imposed on the
Company by the Stock Exchanges or SEBI or any statutory authority.
f) The Chief Executive Officer and the Chief Financial Officer have furnished a Certificate to the
Board for the year ended on March 31, 2013 in compliance with Clause 49 of Listing Agreement.
g) A qualified Practicing Company Secretary carried out a reconciliation of Share Capital Audit to
reconcile the total admitted capital with National Securities Depository Limited (NSDL) and
Central Depository Services (India) Limited (CDSL) and the total issued and listed capital. The
secretarial audit confirms that the total issued/paid-up capital of the Company is in agreement with
the total number of shares in physical form and the total number of dematerialized shares held with
NSDL and CDSL.
h) The designated Senior Management Personnel of the Company have disclosed to the Board that no
material, financial and commercial transactions have been made during the year under review in
which they have personal interest, which may have a potential conflict with the interest of the
Company at large.
7. Means of Communication:
The quarterly, half-yearly and annual results are published in widely circulating national and local dailies
such as 'The Indian Express' in English and 'Financial Express' in Gujarati. These results are not sent
individually to the shareholders but are put on the website of the Company.
The Company's financial results, Press release, official news and presentations to investors are displayed
on the Company's web site www.adaniports.com
Your Company has maintained consistent communication with investors at various forums organized by
investment bankers and by organizing investors visit to the port and SEZ site.
8. General Shareholders Information:
a) Date, time and venue of the 14th Annual General Meeting:
Thursday, the August 8, 2013 at 9.30 a.m. at J. B. Auditorium, AMA Complex, Atira, Dr. Vikaram
Sarabhai Marg, Ahmedabad - 380 015.
b) Financial Year:
Financial year is 1st April to 31st March and financial results will be declared as per the following
schedule.

23
14th Annual Report 2012-2013

Particulars : Tentative Schedule

Quarterly Results
Quarter ending on June 30, 2013 : On or before August 14, 2013
Quarter ending on September 30, 2013 : On or before November 14, 2013
Quarter ending on December 31, 2013 : On or before February 14, 2014
Annual Result of 2013-14 : Within 60 days from March 31, 2014
c) Book closure date
The Register of Members and Share Transfer Books of the Company will be closed from Thursday,
August 1, 2013 to Thursday, August 8, 2013 (both days inclusive) for the purpose of 14th Annual
General Meeting and entitlement of dividend.
d) Unclaimed Shares Lying in the Escrow Account:
The Company entered the Capital Market with initial public offer through 100% book building
process for 4,02,50,000 equity shares of ` 10/- each at a premium of ` 430/- per share. In light of
SEBI's notification No. SEBI/CFD/DIL /LA/2009/24/04 on April 24, 2009, the Company has opened
separate demat account in the name of “Adani Ports and Special Economic Zone Limited – IPO
Escrow Account” in order to credit the unclaimed shares which could not be allotted to the rightful
shareholder due to insufficient/ incorrect information or any other reason. The voting rights in
respect of the said shares are frozen till the time rightful owner claims such shares. Details of
shares in Adani Ports and Special Economic Zone Limited - IPO Escrow Account are as under:
Sr. Particulars No. of No. of
No. shareholders shares
(i) Aggregate number of shareholders and the outstanding 375 28125
shares in the suspense account lying in IPO Escrow
Account as on April 1, 2012
(ii) Number of shareholders who approached issuer for 2 150
transfer of shares from suspense account during the year
(iii) Number of shareholders to whom shares were transferred 2 150
from suspense account during the year
(iv) Aggregate number of shareholders and the outstanding 373 27975
shares in the suspense account lying at the end of the year
the year
e) Listing on Stock Exchanges:
The Company's shares are listed on the following stock exchanges:
Name of Stock Exchange Address Code
BSE Limited Floor 25, P. J Towers, Dala 532921
Street, Mumbai - 400 001
National Stock Exchange of Exchange Plaza, Bandra ADANI PORTS
India Limited Kurla Complex,
Bandra (E), Mumbai – 400 051
Annual listing fees for the year 2013-14 have been paid by the Company to BSE and NSE.

24
 f) Market Price Data:
Month BSE NSE
High (`) Low (`) High (`) Low (`)
April, 2012 137.20 123.00 137.20 124.05
May,2012 129.90 109.80 129.00 109.10
June, 2012 127.30 112.25 127.45 112.45
July, 2012 126.80 110.00 126.90 110.00
August, 2012 130.30 105.15 130.40 105.65
September, 2012 128.45 110.10 128.50 109.80
October, 2012 135.00 117.80 132.90 118.00
November, 2012 136.45 121.60 136.70 121.55
December, 2012 147.00 129.15 146.40 129.00
January, 2013 155.80 126.35 156.25 126.05
February, 2013 162.40 132.15 162.65 131.90
March, 2013 147.75 119.45 148.25 119.10
g) Performance of the share price of the Company in comparison to BSE Sensex and S&P CNX
PRICE GRAPH Adani Port
PRICE GRAPH Adani Port
S&P CNX NIFTY BSE SENSEX
160 7000
160 25000.00
140 6000
140
120 20000.00
5000 120
APSEZL SHARE PRICE

100
APSEZL SHARE PRICE

4000 100
15000.00
NIFTY

80

SENSEX
80
3000
60 10000.00
60
2000
40 40
5000.00
20 1000
20

0 0 0.0 0.00
Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
MONTHS
MONTHS

h) Registrar & Transfer Agents:

Name & Address : Link Intime India Private Limited
C-13, Pannalal Silk Mills Compound,
LBS Marg, Bhandup (West),
Mumbai - 400 078
Tel. : 91 22 2594 6970
Fax. : 91 22 2594 6969
E-mail : rnt.helpdesk@linkintime.co.in
Contact Person : Ms. Chaitali Jadhav
Website : www.linkintime.co.in
i) Transfer to Investor Education and Protection Fund (IEPF)
In terms of the Section 205C of the Companies Act, 1956, the amount of dividend that remained
unclaimed for a period of seven years is required to be transferred to the Investor Education and
Protection Fund (IEPF) administered by the Central Government.
During the year under review, the unclaimed dividend amount for the year 2004-05 was transferred
to the IEPF established by the Central Government under section 205C of the Companies Act, 1956.
The unclaimed dividend for the year 2005-06 will be transferred to the IEPF.

25
14th Annual Report 2012-2013

j) Share Transfer Procedure:

All the transfers are processed by the Registrar and Share Transfer Agents and are approved by the
Transfer Committee.
Pursuant to Clause 47(c) of the Listing Agreement with the stock exchanges, the Company obtains
a Certificate from a Practicing Company Secretary on half yearly basis, for due compliance of share
transfer formalities. Pursuant to SEBI (Depositories and Participants) Regulations, 1996, a
certificate have also been obtained from a Practicing Company Secretary for timely
dematerialization of the shares of the Company and for conducting secretarial audit on a quarterly
basis for reconciliation of the share capital of the Company. The Company files copy of these
certificates with the stock exchange as required.
k) Shareholding as on March 31, 2013:
(a) Distribution of Shareholding as on March 31, 2013:
No. of shares No. of shares % to Shares Total no. of % total
accounts accounts
1-500 2,88,56,091 1.44 3,13,106 96.62
501-1000 45,81,932 0.23 6,022 1.86
1001-2000 33,88,539 0.17 2,337 0.72
2001-3000 20,19,954 0.10 805 0.25
3001-4000 11,62,248 0.06 334 0.10
4001-5000 16,80,969 0.08 352 0.11
5001-10000 32,02,133 0.16 451 0.14
10001 & above 1,95,85,02,234 97.76 661 0.20
Total 2,00,33,94,100 100.00 3,24,068 100.00
(b) Shareholding Pattern as on March 31, 2013:
Category No. of shares held Total No. of % of
Physical Electronic Shares Holding
Promoter Holding - 1,55,25,38,715 1,55,25,38,715 77.50
Mutual Funds/UTI - 3,88,84,983 3,88,84,983 1.94
Banks/FI/Central - 5,84,85,810 5,84,85,810 2.92
Govt./State Govt./Trusts
& Insurance Companies
Foreign Institutional - 21,85,97,591 21,85,97,591 10.91
Investors
NRI/Foreign Nationals - 30,73,301 30,73,301 0.15
Foreign Companies - 4,15,14,154 4,15,14,154 2.07
Other Corporate Bodies - 2,09,44,962 2,09,44,962 1.05
Clearing Member - 11,08,256 11,08,256 0.06
Directors/Relatives of - 14,64,890 14,64,890 0.07
Director
Indian Public 4,295 6,67,77,143 6,67,81,438 3.33
Total 4,295 2,00,33,89,805 2,00,33,94,100 100.00

26
 Categories of Shareholders as on March 31, 2013
Clearing Members Directors/Relatives
0.06% of Directors
Bodies Corporate 0.07% Indian Public
1.05% 3.33%
Foreign Companies
2.07%

N.R.I and Foreign Nationals

0.15%

Foreign Institutional
Investors
10.91%

Mutual Funds/UTI, Banks, FI,

Central Govt, State Govt, Trusts
and Insurance Companies
4.86%

Promoters
77.50%

l) Dematerialization of Shares and Liquidity:

The Company's shares are compulsorily traded in dematerialized form. Equity shares of the Company
representing 99.99% of the Company's share capital are dematerialized as on March 31, 2013.
The Company's shares are regularly traded on the 'BSE Limited' and 'National Stock Exchange of
India Limited'.
Under the Depository System, the International Securities Identification Number (ISIN) allotted to
the Company's shares is INE742F01042.
m) Listing of Debt Securities:
The Secured Redeemable Non-Convertible Debentures issued on private placement basis by the
Company are listed on the Wholesale Debt Market (WDM) of BSE Limited (BSE).
n) Debenture Trustees (for privately placed debentures)
IDBI Trusteeship Services Limited
Asian Building, Ground Floor,
17, R. Kamani Marg, Ballard Estate, Mumbai - 400 001
o) Outstanding GDRs/ADRs/Warrants or any convertible instrument, conversion and likely impact on
equity: Nil
p) Site location:
“Adani House”, Navinal Island,
Mundra - 370 421, Kutch, Gujarat.
q) Address for Correspondence:
i) Ms. Dipti Shah,
Company Secretary & Compliance Officer
“Adani House”, Nr. Mithakhali Six Roads,
Navrangpura, Ahmedabad -380 009
Tel.: 91 79 2656 5555, Fax: 91 79 2656 5500
E-mail: dipti.shah@adani.com, kamlesh.bhagia@adani.com

27
14th Annual Report 2012-2013

ii) For transfer/dematerialization of shares, change of address of members and other queries.
Ms. Chaitali Jadhav
Link Intime India Private Limited
C-13, Pannalal Silk Mills Compound,
LBS Marg, Bhandup (West),
Mumbai – 400 078
Tel. : 91 22 2594 6970
Fax. : 91 22 2594 6969
E-mail : rnt.helpdesk@linkintime.co.in
r) Non-mandatory Requirements:
The non-mandatory requirements have been adopted to the extent and in the manner as stated
under the appropriate headings detailed below:
1. The Board:
Your Company has an Executive Chairman and hence, the need for implementing this non-
mandatory requirements does not arise.
2. Remuneration Committee:
Your Company has a Remuneration Committee to recommend appointment/ re-appointment
and to recommend/review the remuneration of the Executive Chairman/Managing /Executive
Directors.
3. Shareholders Right:
The quarterly, half-yearly and annual financial results of your Company are published in
newspapers and posted on Company's website www.adaniports.com. The same are also
available on the sites of stock exchanges where the shares of the Company are listed i.e.
www.bseindia.com and www.nseindia.com.
4. Audit Qualifications:
There are no qualifications in the Auditor's Report on the financial statements to the
shareholders of the Company
5. Training of Board Members:
There is no formal policy introduced for the training of Board members of the Company as the
members of Board are eminent and experienced professional persons.
6. Whistle Blower Policy:
The employees of the Company have access to senior management for any counselling or
consultation in case they notice any fraud or misdoing by other employee.

DECLARATION
I, Gautam S. Adani, Chairman and Managing Director of Adani Ports and Special Economic Zone Limited
hereby declare that as of March 31, 2013, all the Board Members and Senior Management Personnel have
affirmed compliance with the Code of Conduct and Ethics for Directors and Senior Management Personnel
laid down by the Company.
For Adani Ports and Special Economic Zone Limited

Date : April 26, 2013 Gautam S. Adani

Place : Ahmedabad Chairman & Managing Director

28
 Certificate on Corporate Governance
To,
The Members of
Adani Ports and Special Economic Zone Limited
We have examined the compliance of Corporate Governance by Adani Ports and Special Economic Zone
Limited (“the Company”) for the year ended March 31, 2013 as stipulated in Clause 49 of the Listing Agreement
of the said Company with the Stock Exchanges.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our
examination was limited to review of procedures and implementations thereof adopted by the Company for
ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of
opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that
the Company has complied with the conditions of Corporate Governance as stipulated in the Clause 49 of the
above mentioned Listing Agreement.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
CS Ashwin Shah
Place: Ahmedabad Company Secretary
Date: May 15, 2013 C. P. No. 1640

Certificate of Chief Executive Officer and Chief Financial Officer

We have reviewed the financial statements and the cash flow statements for the year ended March 31, 2013
and that to the best of our knowledge and belief:
1. These statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
2. These statements together present a true and fair view of the Company's affairs and are in compliance
with existing accounting standards, applicable laws and regulations.
3. To the best of our knowledge and belief, no transactions entered into by the Company during the year
ended March 31, 2013 which are fraudulent, illegal or violation of the Company's Code of Conduct.
4. We accept responsibility for establishing and maintaining internal control system and that we have
evaluated the effectiveness of the internal control system of the Company and we have disclosed to the
auditors and the Audit Committee, deficiencies in the design or operation of internal control system, if
any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
5. We further certify that we have indicated to the auditors and the Audit Committee:
a) There have been no significant changes in internal control system during the year;
b) There have been no significant changes in accounting policies during the year and that the same
have been disclosed in the notes to the financial statements; and
c) There have been no instances of significant fraud of which we have become aware, involving
management or an employee having a significant role in the Company's internal control system.

Place : Ahmedabad Gautam S. Adani B. Ravi

Date: May 15, 2013 Chief Executive Officer Chief Financial Officer

29
14th Annual Report 2012-2013

Business Responsibility Report

Section A: General Information about the Company

1. Corporate Identity Number (CIN) :L63090GJ1998PLC034182
2. Name of the Company :Adani Ports and Special Economic Zone Limited
3. Registered Address :"Adani House", Nr. Mithakhali Six Roads,
Navrangpura, Ahmedabad 380 009, Gujarat, India
4. Website : www.adaniports.com
5. Email id : dipti.shah@adani.com
6. Financial Year reported : April 1, 2012 to March 31, 2013
7. Sector(s) that the Company is engaged in (industrial activity code-wise):
Service category (ITC 4 digit) code 9967
Service category (ITC 8 digit) code 99675111
Description of service category Port Services
As per National Industrial Classification - Ministry of Statistics and Programme Implementation
8. List three key products that the Company manufactures/provides (as in balance sheet):
The company is in the business of development, operations and maintenance of port infrastructure
facilities, multi product Special Economic Zone (SEZ) and related infrastructure.
9. Total number of locations where business activity is undertaken by the Company:
The Company's business activity is undertaken at Mundra Port (in Kutch, Gujarat). The Adani Group
companies have presence in a total of 32 locations in India and 7 international locations (including
offices).
10. Markets served by the Company : State, National, International
Section B: Financial Details of the Company
1. Paid up capital (INR) : ` 403.49 Crores
2. Total turnover (INR) : ` 3,564.29 Crores
3. Total profit after taxes (INR) : ` 1,754.18 Crores
4. Total spending on Corporate Social Responsibility (CSR) as percentage of profit after tax:
The Company has spent ` 25.73 Crores on CSR activities. This amounts to 1.47 % of Profit After Tax (PAT) of
the Financial Year 2012-13.
5. List of activities in which expenditure in 4 above has been incurred:
The major activities in which Corporate Social Responsibility was undertaken are Education Initiatives,
Community Health Initiatives, Water Resource Development, Sustainable Livelihood Development
Projects, Rural Infrastructure Development and Community Environment Projects.
Section C: Other Details
1. Does the Company have any subsidiary company / companies?
Yes, the Company has 13 subsidiary companies (including step-down subsidiaries).
2. Do the subsidiary company / companies participate in the Business Responsibility (BR) initiatives of the
parent Company?
Business Responsibility initiatives of the parent company are applicable to the subsidiary companies to
the extent that they are material in relation to the business activities of the subsidiaries.
3. Do any other entity / entities that the Company does business with participate in the BR initiatives
of the Company?
No other entity / entities participate in the BR initiatives of the Company.

30
 Section D: BR Information
1. Details of Director / Directors responsible for BR:
a) Details of the Director / Directors b) Details of the BR head:
responsible for implementation of the DIN Number (if applicable) : N.A.
BR policy/ policies: Name : Mr. Gudena Rao
DIN Number : 00064110 Designation : Designated Director (Ports)
Name : Dr. Malay Mahadevia Telephone Number : 079- 255558509
Designation : Whole Time Director Email Id : Gudena.Rao@adani.com

2. Principle-wise (as per NVGs) BR Policy / policies (Reply in Y/N):

Inclusive Growth
Policy Advocacy

Customer Value
Sr. Questions

Business Ethics

Responsibility

Human Rights
No.

Environment
Engagement
Product Life

Stakeholder
Wellbeing
Employee
P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/policies for.... Y Y* Y - - Y - - -
2 Has the policy been formulated in consultation Y Y Y - - Y - - -
with the relevant stakeholders?
3 Does the policy conform to any national Y Y Y - - Y - - -
/international standards? If yes, specify?
(The policies are based on the NVG-guidelines
in addition to conformance to the spirit of
international standards like ISO 9000,
ISO 14000, OHSAS 18000)
4 Has the policy being approved by the Board? Y - - - - - - - -
If yes, has it been signed by MD/owner/CEO/
appropriate Board Director?
5 Does the company have a specified committee Y Y Y - - Y - - -
of the Board/ Director/Official to oversee the
implementation of the policy?
6 Indicate the link for the policy to be viewed # - @ - - - - - -
online?
7 Has the policy been formally communicated to Y Y Y - - Y - - -
all relevant internal and external stakeholders?
8 Does the company have in-house structure to Y Y Y - - Y - - -
implement the policy/policies.
9 Does the Company have a grievance redressal Y Y Y - - Y - - -
mechanism related to the policy/policies to
address stakeholders' grievances related to
the policy/policies?
10 Has the company carried out independent audit/ Y Y Y - - Y - - -
evaluation of the working of this policy by an
internal or external agency?
* While the Company does not manufacture any products, the policy addresses the aspects of health, safety and
environmental protection in the Company's operations and services.
# http://www.adaniports.com/investor%20relations
@ Policies pertaining to our human resources are available on the Company's internal web portal.

31
14th Annual Report 2012-2013

2a. If answer to S. No. 1 against any principle, is 'No', please explain why: (Tick up to 2 options)

Sr. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1 The Company has not understood the principle - - - - - - - - -
2 The Company is not at stage where it finds itself - - - - - - - -
in a position to formulate and implement the
policies on specified principle
3 The company does not have financial or - - - - - - - - -
manpower resources available for the task
4 It is planned to be done within next six month - - - - - - - - -
5 It is planned to be done within next one year - - - - - - - - -
6 Any other reason (please specify) - - - 1* 2* - 3* 4* 5*

1* The Adani Foundation undertakes several programs for marginalized and vulnerable sections of local
communities, as identified in the needs assessment exercises.
2* The Company strictly adheres to all applicable labour laws and other statutory requirement in order to
uphold human rights within its organizational boundary.
3* As a relatively young business, the Company undertakes need-based advocacy on certain industry
specific issues. The Company currently does not have a stated policy; However it will continue to assess
the evolving business and regulatory environment in future in this regard.
4* The Company is committed to the development of its local communities. This is reflected in the
activities undertaken by the Adani Foundation, which is guided by a Group level mandate. The Company
is currently in the process of developing a formal CSR Policy.
5* The Company has processes in place for customer engagement and grievance redressal. Further, the
Company gives the highest priority to responsibility towards its customers.
3. Governance related to BR:
(i) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess
the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year:
The Board of Directors assesses the Company's Business Responsibility performance on a quarterly
basis.
(ii) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this
report? How frequently it is published?
This report comprises the Company's first Business Responsibility Report as per the National
Voluntary Guidelines on Social, Environmental and Economic Responsibility of Business (NVG). The
Company currently does not publish a separate Sustainability Report.
Section E: Principle-wise Performance
Principle 1: Business should conduct and govern themselves with Ethics, Transparency and Accountability
1. Does the policy relating to ethics, bribery and corruption cover only the Company? Yes/No. Does it
extend to the Group/Joint Ventures/Suppliers/Contractors/NGOs/Others?
The Company has adopted a Code of Conduct for its Directors and Senior Management. Additionally, the
Policy on Code of Conduct for Employees applies to all employees of Adani Group companies. It does not
extend to other entities.
2. How many stakeholder complaints have been received in the past financial year and what percentage
was satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so.
No stakeholder complaints pertaining to the above Codes were received in the past financial year.

32
Principle 2: Business should provide goods and services that are safe and contribute to sustainability
throughout their life cycle
1. List up to 3 of your products or services whose design has incorporated social or environmental
concerns, risks and/or opportunities.
The Company does not manufacture any product. However several of our port operations have
incorporated energy efficiency and conservation activities which are described under Principle 6 in this
section of the Business Responsibility Report. The Company has received various awards and recognition,
including:
i) Gold and Silver team medals at 23rd Gujarat Level Convention on Quality Circles (September, 2012)
ii) Par Excellence, Excellence, Distinguished and Meritorious team awards at 26th National Convention on
Quality Concepts (theme of 'Inclusive Growth Through Quality Concepts', December, 2012)
2. For each such product, provide the following details in respect of resource use (energy, water, raw
material etc) per unit of product (optional):
I.Reduction during sourcing / production / distribution achieved since the previous year through the value
chain:
The Company does not manufacture any product, hence this is not applicable.
II.Reduction during usage by consumers (energy, water) achieved since the previous year?
The Company does not manufacture any product, hence this is not applicable.
3. Does the Company have procedures in place for sustainable sourcing (including transportation)?
The Company does not have any manufacturing operations; hence procurement is not a material aspect
to its business.
4. Has the Company undertaken any steps to procure goods and services from local and small producers,
including communities surrounding their place of work? If yes, what steps have been taken to improve
the capacity and capability of local and small vendors?
The Company encourages procurement of goods from locally based vendors, thereby creating indirect
economic impact in the surrounding region. Additionally, the Company also procures various services
(civil work, man power supply, maintenance work etc) from local contractors, which has led to creation of
employment opportunities and skill development of the local population.
5. Does the company have a mechanism to recycle products and waste? If yes, what is the percentage of
recycling of products and waste? If yes, what is the percentage of recycling of products and waste
(Separately as < 5%, 5-10%, >10%). Also, provide details thereof, in about 50 words or so.
There are no specific initiatives to recycle waste, however the Company complies with all applicable
regulatory requirements pertaining to waste disposal as prescribed by the regulatory agencies.
Principle 3: Business should promote the wellbeing of all employees
1. Please indicate total number of employees:
The Company has a total of 1181 employees as of March 31, 2013.
2. Please indicate total number of employees hired on temporary/contractual/casual basis:
The Company has a total of 1945 employees hired on contractual basis as of March 31, 2013.
3. Please indicate the number of permanent women employees:
The Company has 8 women employees as of March 31, 2013.
4. Please indicate the number of permanent employees with disabilities.
The Company has one permanent employee with disabilities as of March 31, 2013.

33
14th Annual Report 2012-2013

5. Do you have an employee association that is recognized by the Management?

The Company does not have an employee association recognized by the Management.
6. What percentage of permanent employees who are members of this recognized employee association?
Not applicable.
7. Please indicate the number of complaints relating to child labour, forced labour, involuntary labour,
sexual harassment in the last financial year and those pending as on the end of the financial year.
There were no complaints of this nature during the financial year.
8. What percentage of under mentioned employees were given safety and skill up-gradation training in the
last year? (Permanent employees, permanent women employees, causal /subcontracted employees,
employees with disabilities).
Employee training and skills development is an integral aspect of the Company’s human resources
strategy. The Company’s training programs extend to all permanent and contractual employees, which are
rolled out as per the annual training calender and individual employee training needs, covering a
significant percentage of employees. All contractual employees are given mandatory safety training on
induction as well as on the job skills related training through the Contractors and the Company.
Principle 4: Business should respect the interest of, and be responsive towards all stakeholders, especially
those who are disadvantaged, vulnerable and marginalized
1. Has the company mapped its internal and external stakeholders?
Yes, the Company's key stakeholders include employees, suppliers, customers, business partners,
regulatory agencies and local communities around its sites of operations.
2. Out of the above, has the company identified the disadvantaged, vulnerable and marginalized
stakeholders?
Yes, the Company has identified the disadvantaged, vulnerable and the marginalized sections within the
local communities around its sites of operations.
3. Special initiatives taken by the Company to engage with the disadvantaged, vulnerable and marginalized
stakeholders:
The Company, through the Adani Foundation, has undertaken several initiatives to engage with and
ensure sustainable development of the marginalized groups in the local communities. Key initiatives
include:
(i) Adani Vidyamandir, Ahmedabad and Bhadreshwar for the students who come from economically
challenged background which provides excellent educational and extracurricular opportunities in
the state of art facility absolutely free of cost
(ii) Health Cards and cashless treatment for senior citizens in Mundra (Gujarat);
(iii) Support to malnourished kids, adolescent girls and women in terms of additional nutritional food,
awareness and medical care is provided at Mundra, Hazira and Dahej
(iv) Diagnosis, Treatment and Awareness building for kidney stone problem in the highly saline coastal
areas of Mundra (Gujarat);
(v) Infrastructure Development for basic amenities for, Education, Health Care, Potable water,
Solar Lights as well as Sustainable Livelihood Development support to improve the Quality of Life for
fishing communities in the coastal zones of Mundra, Dahej and Hazira (Gujarat).
(vi) Education grants and medical support to the needy
(vii) Support to government schools to improve the quality of education

34
Principle 5: Business should respect and promote human rights
1. Does the Company's policy on human rights cover only the company or extend to the Group / Joint
Ventures / Suppliers / Contractors / NGOs / others?
The Company currently does not have a policy on human rights, however the Company strictly adheres to
all applicable labour laws and other statutory requirements in order to uphold the human rights within its
organizational boundary.
2. How many stakeholder complaints have been received in the past financial year and what percent was
satisfactorily resolved by the Management?
No stakeholder complaints were received during the last financial year.
Principle 6: Business should respect, protect, and make effort to restore the environment
1. Does the policy pertaining to this Principle cover only the Company or extends to the Group / Joint
Ventures / Suppliers / Contractors / NGOs / others?
The Company has adopted an Occupational Health, Safety and Environment Policy as these aspects are
integral to the Company's business values. The Policy covers only the Company.
2. Does the company have strategies / initiatives to address global environmental issues such as climate
change, global warming, etc? Y / N. If yes, please give hyperlink for webpage etc.
Yes, the Company is committed to addressing global environmental issues such as climate change and
global warming through adoption of energy and resource efficient practices in its port operations. Some
of the key energy conservation initiatives undertaken by the Company during the reporting year are as
follows:
(i) At the recently commissioned tug berth at West Basin, tugs are operated using electric shore supply
instead of DG sets, leading to energy efficiency;
(ii) Provision has been made at MMPT tug berths to provide automated diesel supply to tug thus
minimizing unproductive movements of the tugs and saving fuel;
(iii) The free running of tugs is now always done at the economical RPM thus resulting in saving of fuel;
(iv) The percentage loading of identified transformers were found to be low and hence shifted load to
avoid no load and full load losses of transformers;
(v) The reciprocating compressor at SS3 was replaced with new energy efficient screw Compressor
along with change of cut in cut off pressure setting for efficient utilization;
(vi) Installation of lighting energy saver to lighting feeders with negligible effect on illumination level.
3. Does the Company identify and assess potential environmental risks? Y/N
Yes, the Company regularly identifies and assesses environmental risk during all stages of its existing and
planned projects.
4. Does the Company have any project related to Clean Development Mechanism (CDM)? If so provide
details thereof, in about 50 words or so. Also, If Yes, whether any environmental compliance report is
filed?
No, the Company does not have any projects related to Clean Development Mechanism (CDM).
5. Has the Company undertaken any other initiatives on - clean technology, energy efficiency, renewable
energy etc? Y/N. If yes, provide hyperlink to web page etc.
Yes, some of the key energy and resource conservation initiatives adopted by the Company include
conversion of several cranes from diesel to electric, non-mechanized coal handling as well as use of
electric yo-bikes and golf cars. Additionally, the Company has decreased natural resource consumption
and diesel usage through the use of dredge material instead of transporting river sand for reclamation.

35
14th Annual Report 2012-2013

6. Are the Emissions / Waste generated by the Company within the permissible limits given by CPCB / SPCB
for the financial year being reported?
Yes, the emissions / waste generated are within the permissible limits given by CPCB/SPCB.
7. Number of show cause / legal notices received from CPCB / SPCB which are pending as of end of
financial year.
There are no show cause / legal notices received from CPCB/SPCB which are pending as of end of financial
year.
Principle 7: Business, when engaged in influencing public and regulatory policy, should do so in a responsible
manner
1. Is your Company a member of any trade and chambers of association? If Yes, name only those major ones
that your business deals with.
Yes, the Company is a member of the following key associations, either directly or through its parent
company (Adani Enterprises Limited):
(i) Confederation of Indian Industry (CII)
(ii) Independent Power Producers Association of India
(iii) Gujarat Chamber of Commerce and Industry (GCCI)
(iv) Ahmedabad Management Association (AMA)
2. Have you advocated / lobbied through above associations for the advancement or improvement of public
good? Yes/No; If yes specify the broad areas (Governance and Administration, Economic Reform,
Inclusive Development Polices, Energy security, Water, Food Security, Sustainable Business Principles,
Others):
Yes, through its membership in the above bodies, the Company has advocated on the key areas of energy
security and electricity pricing, food security with respect to edible oil and pulses, increasing the
productivity of coal mining, and improving the logistics and rail connectivity of ports.
Principle 8: Business should support inclusive growth and equitable development
1. Does the company have specified programme / initiatives/ projects in pursuit of the policy related to
principle 8? If yes details thereof.
Adani Foundation, the Corporate Social Responsibility (CSR) wing of Adani Group, is devoted to undertake
various activities for the sustainable development of communities around the sites of operations of the
Group companies. The Foundation works in four core areas i.e. Education with special focus on quality
education and girl child education, Community Health, Sustainable Livelihood Development and Rural
Infrastructure Development. It lays a special focus on the marginalized sections of the communities.
Through its activities in the above areas, the Adani Foundation reaches to 6 States, more than 175
villages/towns and over 165000 families touching their lives to make a positive difference. Though the
Company has not adopted a formal CSR Policy yet, it has a mandate to work for and with communities
around its physical presence through a set of guiding principles defined by the promoters and senior
management of the Company.
2. Are the programmes/projects undertaken through in-house team / own foundation /external NGO/Govt.
structure /any other organisation?
Adani Foundation is the well structured and developed Corporate Social Responsibility (CSR) arm of
Adani Group. The CSR programs are carried out internally as well as in partnership with several
government agencies, government supported organizations, non-governmental organizations,
community service organizations and the CSR network of other corporate houses.

36
3. Have you done any impact assessment of your initiative?
Yes, impact assessments and SROI (Social Returns on Investment) analysis of the ongoing CSR programs
are conducted at regular intervals to evaluate and continually improve the program implementation and
outcomes.
4. What is the Company's direct monetary contribution to community development projects and details of
projects undertaken?
The Company's monetary contribution to community development projects in FY 2012-13 was ` 25.73
Crores. The focus areas of the Company's community development projects are outlined in response to
Question 5 under Section B.
5. Have you taken steps to ensure that community development initiative is successfully adopted by the
community? Please explain in 50 words.
Community participation is encouraged at all stages of our community development / CSR initiatives,
including program planning, monitoring, implementation and assessment / evaluation. Our community
engagement is strengthened through conducting third-party need assessment surveys, participatory
rural appraisals as well as formation of Village Development Committees (VDCs) and Cluster Development
Advisory Committee (CDAC), and Advisory Council with representation from the community, government
and the Company. This high level of engagement and participation of community members lead to a
greater sense of ownership among the people, ensuring successful adoption and sustained outcomes.
Principle 9: Business should engage with and provide value to their customers and consumers in a
responsible manner
1. What Percentage of customer complaints / consumer cases are pending as on the end of financial year
2012-13?
There are no customer complaints / consumer cases pending as of end of financial year 2012-13.
2. Does the company display product information on the product label, over and above what is mandated as
per local laws? Yes/No/N.A. /Remarks (additional information)
The Company does not manufacture any product, hence this is not applicable.
3. Is there any case filed by any stakeholder against the company regarding unfair trade practices,
irresponsible advertising and/or anti-competitive behavior during the last five years and pending as of
end of FY 2013?
There are no such pending cases against the Company in a court of law.
4. Did your company carry out any consumer survey / consumer satisfaction trends?
The Company conducted a Customer Satisfaction Survey in August - September 2012, covering a total of
95 customers in the dry cargo, liquid cargo and containers categories. The key objectives of this survey
were to assess customer satisfaction and expectations towards the port services provided by the
Company as well as to identify critical process improvement areas. The survey output will help the
Company identify competitive strengths and weaknesses, thereby providing a strategic tool for
developing an action plan to effectively grow and strengthen its current market position.

37
14th Annual Report 2012-2013

INDEPENDENT AUDITORS' REPORT

To
The Members of
Adani Ports and Special Economic Zone Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Adani Ports and Special Economic Zone Limited
(“the Company”), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of
the financial position, financial performance and cash flows of the Company in accordance with accounting
principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.
Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the Auditors' judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the Company's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial
statements give the information required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Emphasis of Matter
We draw attention to Note 40 to the financial statements recording sale of investments in Australia
subsidiaries, on the basis indicated in the note, whereby profit of ` 70.01 crores have been recognized in the
books. Our opinion is not qualified in respect of this matter.

38
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order, 2003 (“the Order”) issued by the Central
Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit;
(b) In our opinion proper books of account as required by law have been kept by the Company so far as
appears from our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report
are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply
with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act,
1956;
(e) On the basis of written representations received from the directors as on March 31, 2013, and taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956.

For S.R. Batliboi & Associates LLP

ICAI Firm Registration Number: 101049W
Chartered Accountants

per Arpit K. Patel

Place : Ahmedabad Partner
Date: May 15, 2013 Membership Number: 34032

39
14th Annual Report 2012-2013

Annexure referred to in paragraph 1 on other legal and regulatory requirement of our report of even date

Re: Adani Ports &Special Economic Zone Limited ('the Company')

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details
and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets through which all
the fixed assets are verified in a phased manner, over a period of three years. In our opinion physical
verification is reasonable having regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) As referred in note 33, the Company is holding assets of the value of ` 1,013.38 crores as held for
sale as at year end. Based on the information and explanations given by the management and on the
basis of audit procedures performed by us, we are of the opinion that fixed assets held for sale has
not affected the going concern status of the Company.
(ii) (a) The inventory of stores and spares, fuel and lubricants has been physically verified by the
management during the year. In our opinion, the frequency of such physical verification is
reasonable.
(b) The procedures of physical verification of inventory followed by the management are reasonable
and adequate in relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no material discrepancies were
noticed on physical verification.
(iii) (a) According to the information and explanations given to us, the Company has not granted any loans,
secured or unsecured to companies, firms or other parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (iii) (a) to (d) of the
Companies (Auditors Report) Order, 2003 (as amended), are not applicable to the Company and
hence not commented upon.
(e) According to the information and explanations given to us, the Company has not taken any loans,
secured or unsecured from companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (iii) (e) to (g)
of the Companies (Auditors Report) Order, 2003 (as amended), are not applicable to the Company
and hence not commented upon.
(iv) Part of the Company's purchases of fixed assets and sale of services are stated to be of unique and
specialized nature, and hence, in such cases, the comparison of prices with the market rates or with
purchases from/sales to other parties cannot be made. Read with the above, in our opinion and according
to the information and explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of services. The activities of the Company do not involve sale of goods.
During the course of our audit, we have not observed any major weakness or continuing failure to correct
major weakness in internal control system of the company in respect of these areas.
(v) (a) According to the information and explanations provided by the management, we are of the opinion
that there are no particulars of contracts or arrangements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4
(v)(b) of the Companies (Auditors Report) Order, 2003 (as amended), are not applicable to the
Company and hence not commented upon.
40
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its
business.
(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made
by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956, related to the processing activity pertaining to harboring, berthing, docking, elevating, towing,
handling and warehousing products, and are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained. We have not, however, made a detailed examination of the
same.
(ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues have generally been regularly deposited with the
appropriate authorities though there have been slight delay in deposit of service tax in few cases
and wealth-tax.
(b) According to the information and explanations given to us, no undisputed amounts payable in
respect of provident fund, investor education and protection fund, employees' state insurance,
income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty and other undisputed
statutory dues were outstanding, at the year end, for a period of more than six months from the date
they became payable.
(c) According to the information and explanation given to us, the dues outstanding of service tax,
customs duty and excise duty on account of any dispute, are as follows:

Name Nature of dues Amount Period to which Forum where

of the (` in Crores) the amount dispute is pending
statue relates

Customs Show cause notice from the Custom Authorities for 0.27 November, Customs, Excise and
Act, 1962 recovery of custom duty in relation to import of Crude 2004 Service tax, Appellate
Petroleum Oil Tribunal, Mumbai

Customs Show cause notice from the Custom Authorities for 0.14 July, 2003 Assistant Commissioner
Act, 1962 recovery of custom duty in relation to import of of Customs, Mundra
Acrylonitrile

Customs Demand Notice from Deputy Commissioner of Customs 0.25 August, Deputy Commissioner
Act, 1962 directing to pay duty by holding that Company wrongly 2007 of Customs, Mundra
availed duty benefit under DFCEC Scheme on import
of equipment

Finance Show Cause Notice from Commissioner of Customs and 6.72 December, High Court of Gujarat
Act, 1994 Central Excise disallowing and recovering duty, interest 2004 to
and penalty holding that Company wrongly availed March, 2006
Service Tax Credit/ Cenvat Credit and Education Cess
on steel and cement etc. (Net of deposit `4.50 crores)

41
14th Annual Report 2012-2013

Name Nature of dues Amount Period to which Forum where

of the (`in Crores) the amount dispute is pending
statue relates
Finance Show Cause Notice from Commissioner of Customs 46.09 April, 2006 to Commissioner of Customs
Act, 1994 and Central Excise disallowing and recovering duty, March, and Central Excise, Rajkot
interest and penalty holding that Company wrongly 2009
availed Service Tax Credit/ Cenvat Credit and Education
Cess on steel and cement etc. 7.98 April, 2009 to Commissioner of Service
March, 2010 Tax, Ahmedabad
0.81 October, 2009 Commissioner of Service
to March, 2010 Tax, Ahmedabad
1.14 April, 2010 to Commissioner of Service
September, Tax, Ahmedabad
2010
1.95 October, 2010 Commissioner of Service
to September, Tax, Ahmedabad
2011

Finance Show cause notices received from Commissioner of 6.73 April, 2004 to High Court of Gujarat
Act, 1994 Customs and Central Excise, Rajkot and Commissioner August, 2009
of Service Tax, Ahmedabad in respect of levy of service 0.15 April, 2009 Customs, Excise and
tax on various services provided by the Company and to March, 2010 Service Tax Appellate
wrong availment of CENVAT credit by the Company. Tribunal, Ahmedabad
0.02 2010-11 Commissioner of Service
Tax, Ahmedabad

Customs Demand Notice from Commissioner of Customs for 2.00 June, 2008 Commissioner of Customs
Act, 1962 recovery of penalty in connection with import of & Central Excise,
aircraft, owned by Karnavati Aviation Private Limited Ahmedabad
– Subsidiary of the Company.

Income Demand under section 156 of the Income tax Act, 6.48 AY 2010-11 Commissioner of
Tax Act, 1961 pursuant to order passed u/s 143(3) of the act by Income Tax Appeals,
1961 the Addl. Commissioner of Income Tax, Ahmedabad Ahmedabad

(x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash
losses in the current and immediately preceding financial year.
(xi) Based on our audit procedures and as per the information and explanations given by the management,
we are of the opinion that the Company has not defaulted in repayment of dues to banks or debenture
holders. The Company has not borrowed funds from financial institutions.
(xii) According to the information and explanations given to us and based on the documents and records
produced to us, the Company has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the
provisions of clause (xiii) of the Companies (Auditor's Report) Order, 2003 (as amended) are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other
investments. Accordingly, the provisions of clause (xiv) of the Companies (Auditor's Report) Order,
2003 (as amended) are not applicable to the Company.

42
(xv) According to the information and explanations given to us, the Company has given guarantee for loans
taken by others from banks, the terms and conditions whereof, in our opinion, are not prima-facie
prejudicial to the interest of the Company. According to the information and explanations given to us,
the Company has not given any guarantee for loans taken by others from financial institutions.
(xvi) Based on information and explanations given to us by the management, term loans were applied for
the purpose for which the loans were obtained, though idle/surplus funds which were not required for
immediate utilization have been invested in fixed deposits and given as Inter-Corporate deposits.
(xvii) According to the information and explanations given to us and on an overall examination of the
balance sheet of the Company, we report that no funds raised on short-term basis have been used for
long-term investment.
(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in
the register maintained under section 301 of the Companies Act, 1956.
(xix) According to information and explanation given to us and based on records, the Company has created
security in respect of debentures issued in earlier and current year except for debentures aggregating
to ` 989 crores issued during the year. We are informed by the management that the Company is
taking steps to create security for the debentures.
(xx) The Company has not raised any money through a public issue during the year.
(xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the
financial statements and as per the information and explanations given by the management, we
report that no fraud on or by the Company has been noticed or reported during the year.

For S.R. Batliboi & Associates LLP

ICAI Firm Registration Number: 101049W
Chartered Accountants

per Arpit K. Patel

Place : Ahmedabad Partner
Date: May 15, 2013 Membership Number: 34032

43
14th Annual Report 2012-2013

Balance Sheet as at March 31, 2013

PARTICULARS Notes As at March 31, 2013 As at March 31, 2012
(` in Crores) (` in Crores)
EQUITY AND LIABILITIES
SHAREHOLDERS' FUNDS
Share Capital 3 403.49 403.49
Reserves and Surplus 4 6,300.48 4,817.95
Sub Total 6,703.97 5,221.44
NON-CURRENT LIABILITIES
Long-term Borrowings 5 7,404.61 4,132.81
Deferred Tax Liabilities (Net) 6 552.97 429.75
Other Long term liabilities 7 569.95 603.51
Long-Term Provisions 8 46.58 -
Sub Total 8,574.11 5,166.07
CURRENT LIABILITIES
Short Term Borrowings 9 394.70 1,004.89
Trade Payables 10 134.62 182.33
Other Current Liabilities 11 2,149.05 1,343.84
Short Term Provisions 8 298.84 257.99
Sub Total 2,977.21 2,789.05
Total 18,255.29 13,176.56
ASSETS
NON CURRENT ASSETS
Fixed assets
Tangible Assets 12 7,709.37 5,742.89
Intangible Assets 12 59.05 62.18
Capital Work-In-Progress 34 1,131.69 2,189.84
Fixed asset held for sale 33 1,013.38 257.13
9,913.49 8,252.04
Non-Current Investments 13 1,207.29 1,837.55
Loans and Advances 14 2,067.38 1,770.78
Trade Receivables 17 73.99 91.78
Other Non-Current Assets 18 286.23 188.52
Sub Total 13,548.38 12,140.67
CURRENT ASSETS
Current Investments 15 120.01 -
Inventories 16 87.29 62.52
Trade Receivables 17 729.43 242.73
Cash and Bank Balances 19 593.59 535.99
Loans & Advances 14 1,645.35 156.89
Other Current Assets 18 1,531.24 37.76
Sub Total 4,706.91 1,035.89
Total 18,255.29 13,176.56
Summary of significant accounting policies. 2.1
The accompanying notes are an integral part of the financial statements
As per our report of even date
For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director

per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah

Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

44
 Statement Of Profit and Loss for the year ended March 31, 2013

PARTICULARS Notes For the Year For the Year

ended March 31, ended March 31,
2013 2012
(` in Crores) (` in Crores)
Revenue from Operations (net) 20 3,361.05 2,481.90
Other Income 21 203.24 40.25
Total Revenue 3,564.29 2,522.15
Expenses
Operating Expenses 22 648.78 536.81
Employee Benefits Expenses 23 104.38 89.42
Other Expenses 24 137.66 144.08
Finance Costs 25 441.90 208.75
Depreciation and Amortization Expense 342.38 273.50
Total Expenses 1,675.10 1,252.56
Profit for the year before taxation 1,889.19 1,269.59
Tax Expense:
- Current Tax (MAT) 377.36 254.33
- MAT Credit Entitlement (365.58) (242.17)
- Deferred Tax Charge 123.23 80.17
Profit for the year 1,754.18 1,177.26
Earning per Equity Share (in `) face value of ` 2 each 26
- Basic 8.76 5.88
- Diluted 8.76 5.88
Summary of significant accounting policies. 2.1

The accompanying notes are an integral part of the financial statements

As per our report of even date

For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director

per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah

Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

45
14th Annual Report 2012-2013

Cash Flow Statement for the year ended March 31, 2013

For the Year For the Year

PARTICULARS ended March 31, ended March 31,
2013 2012
(` in Crores) (` in Crores)
A. Cash Flow from Operating Activities
Net profit before tax 1,889.19 1,269.59
Adjustments for :
Depreciation 342.38 273.50
Sundry Balances written off (Net) - 3.97
Unclaimed liabilities / excess provision written back (1.25) -
Cost of Land Leased 2.57 1.13
Amortisation of Amounts Received under Long Term Land (28.40) (25.70)
Lease / Infrastructure Usage Agreements
Interest Expense 418.79 150.17
Unrealised Foreign Exchange (Gain) / Loss (26.99) 63.59
Interest Income (114.52) (28.94)
Profit on sale of Long term Investments (70.00) -
Dividend Income from long term and current investments (6.95) (2.00)
(Profit)/Loss on sale of Fixed Assets 5.27 (0.95)
Bad Debts/ Provision for Doubtful Debts (0.02) -
Profit on sale of Current Investments (0.03) -
Operating Profit before Working Capital Changes 2,410.04 1,704.36
Adjustments for :
(Increase) in Trade Receivables (468.88) (9.27)
(Increase) in Inventories (24.77) (21.37)
(Increase) in Other Current Assets (94.92) (66.53)
(Increase) in Other Non Current Assets (99.15) (97.62)
(Increase) in Short Term Loans and Advances (7.03) (25.56)
(Increase) in Long Term Loans and Advances (3.98) (5.14)
Increase in Provision 0.89 1.18
Increase in Trade Payables and Other Current Liabilities 16.91 60.80
(Decrease) in Other Long Term Liabilities (4.04) (3.32)
Cash Generated from Operations 1,725.07 1,537.53
Direct Taxes (paid) / Refund (Net) (355.23) (250.09)
Net Cash from Operating Activities 1,369.84 1,287.44
B. Cash Flow from Investing Activities
Purchase/Construction of Fixed Assets (918.05) (1,967.57)
Investments made in Subsidiaries / Associates / Share (639.90) (1,246.04)
application money paid (including acquisition from third parties)
Proceed from sale of Investments 0.34 -
Inter-corporate deposit/ loans given (3,250.37) (524.37)
Inter-corporate deposit/ loans received back 1,462.86 127.96
Proceeds from / (Deposits in) Fixed Deposits with a maturity 284.72 (249.85)
period of more than 90 days (net)
Purchase of Investments in Mutual Fund (2,393.84) -
Proceed from sale of Investments in Mutual Fund 2,273.85 -
Proceeds from sale of fixed assets / advance against sale of fixed 676.69 11.95
asset

46
 Cash Flow Statement for the year ended March 31, 2013

For the Year For the Year

PARTICULARS ended March 31, ended March 31,
2013 2012
(` in Crores) (` in Crores)

Dividend Income 6.95 2.00

Interest Received 50.89 26.75
Net Cash used in Investing Activities (2,445.86) (3,819.17)
C. Cash Flow from Financing Activities
Receipt of Long Term Borrowings 3,902.31 3,371.50
Repayment of Long Term Borrowings (including Debentures) (1,310.71) (642.16)
Receipt of Short Term Borrowings 1,767.12 3,004.09
Repayment of Short Term Borrowings (2,349.30) (2,649.62)
Inter-corporate deposit received 804.00 765.50
Inter-corporate deposit refund (804.00) (765.50)
Interest & Finance Charges Paid (392.86) (137.09)
Interest & Finance Charges Paid and Capitalised (36.75) (116.27)
Payment of Dividend (162.92) (149.87)
Net Cash Flow from/(used in) Financing Activities 1,416.89 2,680.58
D. Net Increase in Cash and Cash Equivalents (A+B+C) 340.87 148.85
E. Cash and Cash Equivalents at start of the year 213.62 64.77
F. Cash and Cash Equivalents at close of the year 554.49 213.62
Components of Cash & Cash Equivalents
Cash and Cheques on Hand 0.60 0.04
Balances with Scheduled Banks
- On Current Accounts 107.60 212.34
- On Current Accounts Earmarked for unpaid dividend and share 1.29 1.24
application refund money
- On Fixed Deposit Accounts 445.00 -
Cash and Cash Equivalents at close of the year (Refer note 19) 554.49 213.62
Notes:
1 The Cash Flow Statement has been prepared under the Indirect method as set out in Accounting
Standard-3 on Cash Flow Statements notified by Company Accounting Standard Rules, 2006
2 Previous year's figures have been regrouped where necessary to confirm to this year's classification.

As per our report of even date

For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director

per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah

Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

47
14th Annual Report 2012-2013

Notes to the Financial Statements for the year ended March 31, 2013
1. Corporate information
Adani Ports and Special Economic Zone Limited (‘the Company’, ‘APSEZL’) (formerly known as Mundra
Port and Special Economic Zone Ltd.) is in the business of development, operations and maintenance of
port infrastructure and linked multi product SEZ and related infrastructure contiguous to Mundra port.
The initial port infrastructure facilities at Mundra including expansion thereof through development of
additional terminals and south port infrastructure facilities are developed pursuant to the concession
agreement with the Government of Gujarat (GoG) and Gujarat Maritime Board (GMB) for 30 years
effective from February 17, 2001. The Company has expanded port infrastructure facilities through
proposed supplementary concession agreement, which will be effective till 2040, for coal terminal at
Wandh, Mundra with the right and authority to develop, design, finance, construct, operate and maintain
the port and related infrastructure. The said agreement is in the process of getting signed with GoG and
GMB as at the year end although the part of the Coal terminal at Wandh is recognised as commercially
operational w.e.f. February 1, 2011.
The Container terminal facilities (CT-1) initially developed by the Company was transferred under sub-
concession agreement between Mundra International Container Terminal Limited (MICTL) (erstwhile
Adani Container Terminal Limited) and APSEZL entered into, on January 7, 2003 wherein APSEZL has
given rights to MICTL to handle the container cargo for a period of 28 years i.e. up to February 17, 2031.
For the new container facilities developed as South Port (CT-3) has been agreed to be transferred to
Adani International Container Terminal Private Limited (AICTPL).
The Multi Product Special Economic Zone at Mundra and surrounding areas is developed by the Company
as per approval of the Government of India vide their letter no. F-2/11/2003/EPZ dated April 12, 2006 as
amended from time to time till date. The Company has also taken approval of Ministry of Commerce and
Industry to set up Free Trade and Warehousing Zone vide letter no. F.1/16/2011-SEZ dated March 26,
2012.
2. Basis of Preparation
The financial statements of the company have been prepared in accordance with generally accepted
accounting principles in India (Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified under the Companies (Accounting
Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The
financial statements have been prepared on an accrual basis under the historical cost convention. The
accounting policies have been consistently applied by the Company.
2.1 Summary of Significant Accounting Policies
a) Use of estimates
The preparation of financial statements in conformity with Indian GAAP requires the management
to make judgments, estimates and assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the
reporting period. Although these estimates are based on the management’s best knowledge of
current events and actions, uncertainty about these assumptions and estimates could result in the
outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future
periods.
b) Tangible Fixed Assets
i) Fixed assets are stated at cost net of accumulated depreciation and impairment losses, if any.
Cost comprises the purchase price, borrowing costs and any attributable cost of bringing the

48
 asset to its working condition for its intended use. Borrowing cost relating to acquisition /
construction of fixed assets which take substantial period of time to get ready for its intended
use are also included to the extent they relate to the period till such assets are ready to be put
to use.
ii) Subsequent expenditure related to an item of fixed asset is added to its book value only if it
increases the future economic benefits from the existing asset beyond its previously
assessed standard of performance. All other expenses on existing fixed assets, including day-
to-day repair and maintenance expenditure and cost of replacing parts, are charged to the
statement of profit and loss for the period during which such expenses are incurred.
iii) From accounting periods commencing on or after August 9, 2012, the company adjusts
exchange differences arising on translation / settlement of long-term foreign currency
monetary items pertaining to the acquisition of a depreciable asset to the cost of the asset
and depreciates the same over the remaining useful life of the asset.
iv) Gains or losses arising from derecognition / sale proceeds of fixed assets are measured as the
difference between the net disposal proceeds and the carrying amount of the asset and are
recognized in the statement of profit and loss when the asset is derecognized.
v) Insurance spares are capitalised as part of mother assets.
c) Expenditure on new projects and substantial expansion
Expenditure directly relating to construction / development activity (net of income, if any) is
capitalized. Indirect expenditure incurred during construction period is capitalized as part of the
indirect construction cost to the extent to which the expenditure is directly related to construction
or is incidental thereto. Other indirect expenditure (including borrowing costs) incurred during the
construction period which is not related to the construction activity nor is incidental thereto, is
charged to the statement of profit and loss.
d) Depreciation on tangible fixed assets
i) Depreciation on fixed asset is calculated on Straight Line Method (SLM) using the rates
arrived at based on the useful lives estimated by the management or those prescribed under
Schedule XIV to the Companies Act, 1956, whichever is higher. For assets stated in para (ii) to
(iv) below, higher depreciation rate has been used based on the useful life estimated by the
management.
ii) Assets Estimated Useful Life
Leasehold Land Development, Marine Over the balance period of Concession
Structure and Dredged Channel Agreement and proposed Supplementary
Concession Agreement with Gujarat
Maritime Board.
Dredging Pipes - Plant and Machinery 1.5 Years
Nylon and Steel coated belt on Conveyor - 4 Years and 10 Years respectively
Plant and Machinery
Inner Floating and outer floating hose, String of 5 Years
Single Point Mooring - Plant and Machinery
Fender, Buoy, Capstan installed at Jetty - 5 - 15 Years
Marine Structures

49
14th Annual Report 2012-2013

iii) Depreciation on individual assets costing up to ` 5,000 and mobile phones, included under
office equipments are provided at the rate of 100% in the month of purchase.
iv) Insurance spares, whose use is expected to be irregular, are depreciated prospectively over
the remaining useful lives of the respective mother assets.
e) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in an amalgamation in the nature of purchase is their fair value as at the
date of amalgamation. Following initial recognition, intangible assets are carried at cost less
accumulated amortization and accumulated impairment losses, if any.
Intangible assets are amortized on straight line basis over their estimated useful lives as follows:
Intangible Assets Estimated Useful Life
Leasehold Land – Right to Use Over the balance period of Concession Agreement and
proposed Supplementary Concession Agreement with
Gujarat Maritime Board.
Goodwill arising on the amalgamation of Over the balance period of Concession Agreement
Adani Port Limited computed from the Appointed Date of the Scheme
of Amalgamation i.e. 28 Years.
Softwares 3 Years
Gains or losses arising from derecognition of an intangible asset are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognized in the
statement of profit and loss when the asset is derecognized
f) Impairment of tangible and intangible assets
i) The company assesses at each reporting date whether there is an indication that an asset
may be impaired. If any indication exists, the company estimates the asset’s recoverable
amount. The asset's recoverable amount is the higher of the asset’s or cash generating unit's
(CGU), net selling price and value in use. The recoverable amount is determined for an
individual asset, unless the asset does not generate cash inflows that are largely independent
of those from other asset or groups of assets. Where the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is consider impaired and is written down to its
recoverable amount. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current market assessment of
the time value of money and risks specific to the asset.
ii) After impairment, depreciation is provided on the revised carrying amount of the asset over
its remaining useful life.
g) Borrowing Costs
Borrowing cost includes interest & amortization of ancillary costs incurred in connection with the
arrangement of borrowings over the loan period.
Borrowing costs directly attributable to the acquisition or construction of an assets that takes
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost
of the respective assets. All other borrowing costs are charged to the statement of profit and loss.
h) Leases
Where the Company is the lessee
Finance leases includes rights of use in leased land, which effectively transfer to the Company
substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at

50
 the lower of the fair value and present value of the minimum lease payments at the inception of the
lease term and disclosed as leased assets. Lease payments are apportioned between the finance
charges and reduction of the lease liability so as to achieve a constant rate of interest on the
remaining balance of the liabilities. Finance charges are charged as expense in the statement of
profit and loss.
If there is no reasonable certainty that the Company will obtain the ownership by the end of the
lease term the capitalized leased assets is depreciated on a straight line basis over the shorter of
the estimated useful life of the asset or the lease term.
Leases, wherein the lessor effectively retains substantially all the risks and benefits of ownership of
the leased item, are classified as operating leases. Operating lease payments are recognized as an
expense in the statement of profit and loss on a straight line basis over the lease term.
Where the Company is the lessor
Leases includes rights to use in leased / sub-leased land in which the company transfers
substantially all the risks and benefits of ownership of the asset are classified as finance leases.
Assets given under a finance lease are recognized as a receivable at an amount equal to the net
investment in the lease. After initial recognition, lease rentals are apportioned between principal
repayment and interest income so as to achieve a constant periodic rate of return on the net
investment outstanding in respect of the finance lease. The principal amount received reduces the
net investment in the lease and interest is recognized as revenue. Initial direct costs such as legal
costs, brokerage costs, etc. are recognized immediately in the statement of profit and loss.
Leases in which the company does not transfer substantially all the risks and benefits of ownership
of the asset are classified as operating leases. Assets subject to operating leases are included in
fixed assets. Lease income is recognized in the statement of profit and loss on a straight-line basis
over the lease term. Costs, including depreciation are recognized as an expense in the statement of
profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognized
immediately in the statement of profit and loss.
i) Investments
On initial recognition, all investments are measured at cost. The cost comprises purchase price and
directly attributable acquisition charges such as brokerage, fees and duties.
Investments, which are readily realizable and intended to be held for not more than a year from the
date on which such investments are made, are classified as current investments. All other
investments are classified as long - term investments. Current investments are carried in the
financial statements at lower of cost and fair value determined on an individual investment basis.
Long - term investments are carried at cost. However, provision for diminution in value is made to
recognize a decline other than temporary in the value of investments.
On disposal of an investment, the difference between its carrying amount and net disposal
proceeds is charged or credited to the statement of profit and loss.
j) Inventories
Stores and Spares: Valued at lower of cost and net realizable value. Cost is determined on a moving
weighted average basis. Cost of stores and spares lying in bonded warehouse includes custom
duty accounted for on an accrual basis.
Net Realizable Value is the estimated current procurement price in the ordinary course of the
business.

51
14th Annual Report 2012-2013

k) Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. The following specific recognition criteria
must also be met before revenue is recognised:
i) Port Operation Services
Revenue from port operation services including cargo handling, storage and rail
infrastructure are recognized on proportionate completion method basis based on service
performed. Revenue on take-or-pay charges are recognized for the quantity that is the
difference between annual agreed tonnage and actual quantity of cargo handled. The
amount recognised as a revenue is exclusive of service tax and education cess where
applicable.
Income in the nature of license fees / royalty is recognised as and when the right to receive
such income is performed as per terms and conditions of relevant agreement.
ii) Income from Long Term Leases
As a part of its business activity, the Company leases / sub-leases land on long term basis to its
customers. In some cases, the Company enters into cancellable lease / sub-lease transaction,
while in other cases, it enters into non-cancellable lease / sub-lease transaction apart from
other criteria to classify the transaction between the operating lease or finance lease. The
Company recognises the income based on the principles of leases as per Accounting Standard
–19, Leases and accordingly in cases where the land lease / sub-lease transaction are
cancellable in nature, the income in the nature of upfront premium received / receivable is
recognised on operating lease basis i.e. on a straight line basis over the period of lease / sub-
lease agreement / date of Memorandum of understanding takes effect over lease period and
annual lease rentals are recognised on an accrual basis. In cases where land lease / sub-lease
transaction are non-cancellable in nature, the income is recognised on finance lease basis i.e.
at the inception of lease / sub-lease agreement / date of Memorandum of understanding takes
effect over lease period, the income recognised is equal to the present value of the minimum
lease payment over the lease period (including non-refundable upfront premium) which is
substantially equal to the fair value of land leased / sub-leased. In respect of land given on
finance lease basis, the corresponding cost of the land and development costs incurred are
expensed off in the statement of profit and loss.
iii) Contract Revenue
Revenue from construction contracts is recognized on a percentage completion method, in
proportion that the contract costs incurred for work performed up to the reporting date stand
to the estimated total contract costs indicating the stage of completion of the project.
Contract revenue earned in excess of billing has been reflected under the head “Other Current
Assets” and billing in excess of contract revenue has been reflected under the head “Other
Current Liabilities” in the balance sheet. Full provision is made for any loss in the year in which
it is first foreseen.
Income from fixed price contract - Revenue from infrastructure development project/
services under fixed price contract, where there is no uncertainty as to measurement or
collectability of consideration is recognised based on milestones reached under the contract.
iv) Interest
Revenue is recognized on a time proportion basis taking into account the amount outstanding
and the applicable rate. Interest income on land leases is included under the head "Revenue
from operations" and other interest income is included under the head "Other income".

52
 v) Dividends
Revenue is recognized when the shareholders’ right to receive payment is established by the
balance sheet date.
l) Foreign Currency Translation
i) Initial Recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the
foreign currency amount the exchange rate between the reporting currency and the foreign
currency at the date of the transaction.
ii) Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items
which are carried in terms of historical cost denominated in a foreign currency are reported
using the exchange rate at the date of the transaction.
iii) Exchange Differences
The Company accounts for exchange difference arising on translation / settlement of foreign
currency monetary as below:
a) Exchange differences arising on long-term foreign currency monetary items related to
acquisition of a fixed asset are capitalized and depreciated over the remaining useful life
of the asset.
b) Exchange differences arising on other long-term foreign currency monetary items are
accumulated in the “Foreign Currency Monetary Item Translation Difference Account”
and amortized over the remaining life of the concerned monetary item.
c) All other exchange differences are recognized as income or as expenses in the period in
which they arise.
For the purpose of (a) and (b) above, the company treats a foreign monetary item as “long-
term foreign currency monetary item”, if it has a term of 12 months or more at the date of its
origination. In accordance with MCA circular dated August 09, 2012, exchange differences
for this purpose, are total differences arising on long-term foreign currency monetary items
for the period. In other words, the company does not differentiate between exchange
differences arising from foreign currency borrowings to the extent they are regarded as an
adjustment to the interest cost and other exchange difference.
iv) Forward Exchange Contracts entered into to hedge foreign currency risk of an existing asset
/ liability
The premium or discount arising at the inception of forward exchange contracts is amortized
as an expense / income over the life of the contract. Exchange differences on such contracts,
except the contracts which are long term foreign currency monetary items, are recognized in
the statement of profit and loss in the year in which the exchange rates change. Any profit or
loss arising on cancellation or renewal of forward exchange contract is recognized as income
or as expense for the period. Any gain / loss arising on forward contracts which are long term
foreign currency monetary items is recognized in accordance with paragraph (iii) above.
v) Derivative instruments
The Company uses derivative financial instrument, such as principal only swap i.e. INR to
foreign currency to take advantage of lower interest rate of foreign currency loan. In
accordance with the ICAI announcement, derivative contracts, other than foreign currency
forward contracts covered under AS 11, are marked to market on a portfolio basis, and the net
loss, if any, after considering the offsetting effect of gain on the underlying hedged item, is
charged to the statement of profit and loss. Net gain, if any, after considering the offsetting
effect of loss on the underlying hedged item, is ignored.

53
14th Annual Report 2012-2013

m) Retirement and Other Employee Benefits

i) Provident fund and superannuation fund
Retirement benefits in the form of Provident Fund and Superannuation Fund Schemes are
defined contribution schemes and the contributions are charged to the statement of profit
and loss of the year when the contributions to the respective funds are due. There are no
other obligations other than the contribution payable to the respective funds. If the
contribution payable to the scheme for service received before the balance sheet date
exceeds the contribution already paid, the deficit payable to the scheme is recognized as a
liability.
ii) Gratuity
Gratuity liability is defined benefit obligation and is provided for on the basis of an actuarial
valuation on projected unit credit method made at the end of each financial year. The
Company has taken an insurance policy under the Group Gratuity Scheme with the Life
Insurance Corporation of India (LIC) to cover the gratuity liability of the employees and
amount paid / payable in respect of the present value of liability for past services is charged to
the statement of profit and loss every year.
iii) Leave Benefits
Short term compensated absences are provided for based on estimates. Long term
compensated absences are provided for based on actuarial valuation as at the end of the
period. The actuarial valuation is done as per projected unit credit method. The company
presents the entire leave as a current liability in the balance sheet, since it does not have an
unconditional right to defer it's settlement for twelve month after the reporting date.
iv) Actuarial Gains / Losses
Actuarial gains / losses are immediately taken to the statement of profit and loss and are not
deferred.
n) Income Taxes
Tax expense comprises of current and deferred tax. Current income tax is measured at the amount
expected to be paid to the tax authorities in accordance with the Income-Tax Act, 1961 enacted in
India. The tax rate and tax laws used to compute the amount are those that are enacted or
substantially enacted, at the reporting date. Deferred income taxes reflects the impact of current
year timing differences between taxable income and accounting income for the year and reversal
of timing differences of earlier years. The Company is eligible and claims tax deductions available
under section 80IAB of the Income Tax Act, 1961.
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted
at the balance sheet date. In view of Company availing tax deduction under Section 80IAB of the
Income Tax Act, 1961, deferred tax has been recognized in respect of timing difference, which
originates during the tax holiday period but reverse after the tax holiday period. Deferred tax assets
are recognized only to the extent that there is reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be realized. In situations where
the company has carry forward unabsorbed depreciation or carry forward tax losses, all deferred
tax assets are recognized only if there is virtual certainty supported by convincing evidence that
they can be realised against future taxable profits. At each balance sheet date, unrecognized
deferred tax assets of earlier years are re-assessed and recognized to the extent that it has become
reasonably certain that future taxable income will be available against which such deferred tax
assets can be realized.

54
 The carrying amount of deferred tax assets are reviewed at each reporting date. The company
writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably
certain or virtually certain, as the case may be, that sufficient future taxable income will be
available against which deferred tax asset can be realized. Any such write-down is reversed to the
extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient
future taxable income will be available.
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current
tax. The company recognizes MAT credit available as an asset only to the extent that there is
convincing evidence that the company will pay normal income tax during the specified period, i.e.,
the period for which MAT credit is allowed to be carried forward. In the year in which the company
recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit
Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961, the said asset is
created by way of credit to the statement of profit and loss and shown as “MAT Credit Entitlement.”
The company reviews the “MAT Credit Entitlement” asset at each reporting date and writes down
the asset to the extent the company does not have convincing evidence that it will pay normal tax
during the specified period.
o) Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable
to equity shareholders (after deducting preference share dividends and attributable taxes) by the
weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of shares outstanding during
the period are adjusted for the effects of all dilutive potential equity shares.
p) Provisions
A provision is recognized when the company has a present obligation as a result of past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not
discounted to their present value and are determined based on best management estimate
required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and adjusted to reflect the current best management estimates.
q) Segment Reporting Policies
The Company’s operating businesses are organized and managed separately according to the
nature of services provided, with each segment representing a strategic business unit that offers
different services, the risk and return profile of individual business unit, the organisational
structure and internal reporting system of the Company. The analysis of geographical segments is
not required as the Company's operations are within single geographical segment i.e. India.
r) Cash and Cash equivalents
Cash and cash equivalents for the purpose of cash flow statement comprise of cash at bank and in
hand and short-term investments with an original maturity of three months or less.
s) Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized because it is not probable that
an outflow of resources will be required to settle the obligation. A contingent liability also arises in
extremely rare cases where there is a liability that cannot be recognized because it cannot be
measured reliably. The company does not recognize a contingent liabilities but discloses it's
existence in the financial statement.

55
14th Annual Report 2012-2013

(` In Crores)
3. Share capital March 31, 2013 March 31, 2012
Authorized shares
50,00,000 (Previous Year 50,00,000) Non Cumulative Redeemable 5.00 5.00
Preference Shares of ` 10 each
4,97,50,00,000 (Previous Year 4,97,50,00,000) Equity Shares of 995.00 995.00
` 2 each
1,000.00 1,000.00
Issued, subscribed and fully paid-up shares
28,11,037 (Previous Year 28,11,037) 0.01% Non-Cumulative 2.81 2.81
Redeemable Preference Shares of ` 10 each fully paid up
(Redeemable at a premium of ` 990 per Share on March 28, 2024).
2,00,33,94,100 (Previous Year 2,00,33,94,100) fully paid up Equity 400.68 400.68
Shares of ` 2 each.
Total issued, subscribed and fully paid-up share capital 403.49 403.49

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting year
Preference Shares March 31, 2013 March 31, 2012
No. ` In Crores No. ` In Crores
At the beginning of the year 28,11,037 2.81 28,11,037 2.81
Outstanding at the end of the year 28,11,037 2.81 28,11,037 2.81
Equity Shares March 31, 2013 March 31, 2012
No. ` In Crores No. ` In Crores
At the beginning of the year 2,00,33,94,100 400.68 2,00,33,94,100 400.68
Outstanding at the end of the year 2,00,33,94,100 400.68 2,00,33,94,100 400.68
b. Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of ` 2 per share. Each holder of
equity shares is entitled to one vote per share. The company declares and pays dividends in Indian
rupees. The final dividend recommended by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
For the current financial year 2012-13 the Company proposed a final dividend of ` 1.00 per share.
(For the previous financial year the Company declared and paid an Interim dividend of ` 0.30 per
share and proposed a final dividend of ` 0.70 per share).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
c. Terms of Non-cumulative redeemable preference shares
The Company has 28,11,037 outstanding 0.01 % Non-Cumulative Redeemable Preference Shares
('NCRPS') of ` 10 each issued at a premium of ` 990 per share. Each holder of preference shares has
a right to vote only on resolutions placed before the company which directly affects the right
attached to preference share holders. These shares are redeemable on March 28, 2024 at an
aggregate premium amount of ` 278.29 crores. The Company credits the redemption premium on
proportionate basis every year to Preference Share Capital Redemption Premium Reserve and
debits the same to Securities Premium Account as permitted by Section 78 of the Companies Act,
1956.
In the event of liquidation of the company the holder of NCRPS will have priority over equity shares
in the payment of dividend and repayment of capital.
56
d. Shares held by holding/ultimate holding company and/or their subsidiaries/associates
Out of equity shares issued by the company, shares held by its holding company, are as below:
(` In Crores)
March 31, 2013 March 31, 2012
Adani Enterprise Limited, the holding company 1,55,23,61,640 310.47 310.47
equity shares of ` 2 each fully paid (Previous year
1,55,23,61,640 equity share)

e. Aggregate number of bonus shares issued, during the period of five years immediately preceding the
reporting date: (` In Crores)
March 31, 2013 March 31, 2012
Equity shares allotted as fully paid bonus shares by 90.11 90.11
capitalization of securities premium and balance of profit and
loss carried forward in Financial Year 2007-08.

f. Details of shareholders holding more than 5% shares in the company

March 31, 2013 March 31, 2012
No. % Holding No. % Holding
in the Class in the Class
Equity shares of ` 2 each fully paid
Adani Enterprises Limited, holding 1,55,23,61,640 77.49% 1,55,23,61,640 77.49%
company
Non-Cumulative Redeemable Preference
Shares of ` 10 each fully paid up
Gujarat Ports Infrastructure and 3,09,213 11.00% 3,09,213 11.00%
Development Co. Ltd.
Priti G. Adani 5,00,365 17.80% 5,00,365 17.80%
Shilin R. Adani 5,00,364 17.80% 5,00,364 17.80%
Pushpa V. Adani 5,00,365 17.80% 5,00,365 17.80%
Ranjan V. Adani 5,00,455 17.80% 5,00,455 17.80%
Suvarna M. Adani 5,00,275 17.80% 5,00,275 17.80%
28,11,037 100.00% 28,11,037 100.00%
As per records of the 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.

57
14th Annual Report 2012-2013

(` In Crores)
4. Reserves and surplus March 31, 2013 March 31, 2012
Securities Premium Account
- Preference
Balance as per the last financial statements 166.98 180.89
Less: Transferred to Preference Share Capital Redemption Premium (13.91) (13.91)
Reserve
Closing Balance 153.07 166.98
- Equity
Balance as per the last financial statements 1,667.35 1,667.35
Closing Balance 1,667.35 1,667.35
Debenture Redemption Reserve
Balance as per the last financial statements 117.83 198.79
Less: Transferred to General Reserve (121.58) (127.95)
Add: Amount transferred from surplus balance in the statement of 69.10 46.99
profit and loss
Closing Balance 65.35 117.83
Capital Redemption Reserve
Balance as per the last financial statements 1.12 0.98
Add: Amount transferred from surplus balance in the statement of 0.14 0.14
profit and loss
Closing Balance 1.26 1.12
Preference Share Capital, Redemption Premium Reserve
Balance as per the last financial statements 111.32 97.41
Add: Transferred from Securities Premium Account 13.91 13.91
Closing Balance 125.23 111.32
General Reserve
Balance as per the last financial statements 499.87 254.19
Add: Amount transferred from surplus balance in the statement of 175.42 117.73
profit and loss
Add : Transferred from Debenture Redemption Reserve 121.58 127.95
Closing Balance 796.87 499.87
Foreign Currency Monetary Item Translation Difference Account
Balance as per the last financial statements (17.06) -
Add : Foreign Gain /(Loss) during the year (66.09) (25.63)
Less : Amortised in statement of profit and loss account 28.83 8.57
Closing Balance (54.32) (17.06)
Surplus in the statement of profit and loss
Balance as per last financial statements 2,270.54 1,490.98
Profit for the year 1,754.18 1,177.26
4,024.72 2,668.24
Less: Appropriations
Dividend on Preference Shares *- *-
Tax on Dividend on Preference Shares (including surcharge) *- *-
Interim Dividends on Equity Shares - 60.10
Tax on Interim Dividend (including surcharge) - 9.75
Proposed final dividend on Equity Shares 200.34 140.24
Tax on Final Dividend (including surcharge) 34.05 22.75
Transfer to Capital Redemption Reserve 0.14 0.14
Transfer to General Reserve 175.42 117.73
Transfer to Debenture Redemption Reserve 69.10 46.99
Net Surplus in the statement of profit and loss 3,545.67 2,270.54
* Figures being nullified on conversion to ` in crores.
Total Reserves and surplus 6,300.48 4,817.95

58
Note:
In the current year the Company has provided dividend distribution tax of ` 34.05 crores (Previous Year ` 32.50
crores).
(` In Crores)
5. Long-term borrowings Non-current portion Current maturities
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Debentures
9,890 (Previous Year Nil) 10.50% Secured Non 989.00 - - -
Convertible Redeemable Debenture of ` 10,00,000
each (Redeemable at three annual equal
installments commencing from February 25, 2021)
(secured)
3,000 (Previous Year Nil) 11.2% Secured Non 300.00 - - -
Convertible Redeemable Debenture of `10,00,000
each (Redeemable at par on September 19, 2015)
(secured)
7,600 (Previous Year Nil) 10.50% Secured Non 704.00 - 56.00 -
Convertible Redeemable Debenture of `10,00,000
each (Redeemable at 40 quarterly installments
commencing from December 27, 2012,
2 installments paid till March 31, 2013) (secured)
Nil (Previous Year 4,250) 7.50% Secured Non- - - - 425.00
Convertible Redeemable Debentures of `10,00,000
each (Redeemed at par on December 30, 2012)
(secured)
Nil (Previous Year 2,500) 8.75% Secured Non- - - - 46.30
Convertible Redeemable Debentures of `10,00,000
each (Redeemed on August 18, 2012) (secured)

Term loans
Foreign currency loans:
From banks (secured) 4,458.70 4,101.90 246.92 142.91
From banks (unsecured) 28.56 30.91 - 116.41
Other financial institutions (secured) 210.35 - 6.79 -

Rupee loans:
From banks (secured) 589.00 - 31.00 -
From banks (unsecured) 125.00 - 125.00 -
Suppliers bills accepted under foreign currency
letters of credit
From banks (secured) - - 70.23 304.37
7,404.61 4,132.81 535.94 1,034.99
The above amount includes
Secured borrowings 7,251.05 4,101.90 410.94 918.58
Unsecured borrowings 153.56 30.91 125.00 116.41
Amount disclosed under the head “other current
liabilities” (Refer note 11) - - (535.94) (1,034.99)
Net amount 7,404.61 4,132.81 - -

59
14th Annual Report 2012-2013

1. Debentures amounting to ` 989.00 crores (Previous Year ` Nil) and are proposed to secured by first
Pari-passu charge on all the immovable and movable assets of Multipurpose Terminal (MPT),
Terminal -II and Container Terminal - II Project Assets of Company. At the reporting date creation of
security is pending to be completed.
2. Debentures amounting to ` 300.00 crores (Previous Year ` Nil) are secured by first Pari-passu
charge on all the immovable and movable assets of Multipurpose Terminal (MPT), Terminal-II and
Container Terminal - II Project Assets of Company.
3. Debentures amounting to ` 760.00 crores (Previous Year ` Nil) are secured by exclusive mortgage
and charge on entire Single Point Mooring (SPM) facilities and the first charge over receivables from
Indian Oil Corporation Limited.
4. Debentures include Secured Non-Convertible Redeemable Debentures amounting to ` Nil (Previous
Year ` 425.00 crores) were secured by first Pari-passu charge on all the immovable and movable
assets of Multipurpose Terminal (MPT), Terminal -II and Container Terminal - II Project Assets.
5. Debentures include Secured Non-Convertible Redeemable Debentures aggregating to ` Nil
(Previous Year ` 46.30 crores) were secured by exclusive mortgage and charge on entire Single
Point Mooring (SPM) facilities the first charge over receivables from Indian Oil Corporation Limited.
6. Foreign currency loan from banks aggregating to ` Nil (Previous Year ` 1.93 crores) carried interest
@ 6M Libor plus 62.5 basis point. The loan was secured by exclusive charge on the Cranes procured
under the facility.
7. Foreign currency loan from banks aggregating to ` 132.56 crores (Previous Year ` 151.42 crores)
carries interest @ 6M libor plus basis point in range of 165 to 315. The loan is repayable in 6 Quarterly
installments of approx ` 22.09 crores from the balance sheet date. The loan is secured by exclusive
charge on the Dredgers procured under the facility.
8. Foreign currency loan from banks aggregating to ` 71.93 crores (Previous Year ` 89.23 crores)
carries interest @ 6M Euribor plus 140 basis point. Further, out of the above loan ` 22.91 crores is
repayable in 7 semiannual installments of ` 3.27 crores, ` 49.03 crores is repayable in 8 semiannual
installment of ` 6.13 crores from the balance sheet date. The loan is secured by exclusive charge on
the Dredgers procured under the facility.
9. Foreign currency loan aggregating to ` 291.69 crores (Previous year ` 268.73 crores) carries
interest @ 6M Euribor plus 95 basis point. The loan is repayable in 19 semiannual installments of
approx ` 15.35 crores from the date of balance sheet. The loan is secured by exclusive charge on the
Dredgers procured under the facility.
10. Foreign Currency loan from banks aggregating to ` 53.74 crores (Previous Year ` 63.31 crores)
carries interest @ 6M Libor plus 225 basis point. The loan is repayable in 16 quarterly installments of
` 3.36 crores from the balance sheet date. The loan are secured by exclusive charge on the dredgers
purchase under the facility and is further secured of second pari pasu charge on the entire movable
and immovable fixed assets pertaining to Multipurpose Terminal (MPT), Terminal-II and Container
Terminal - II Project Assets and SPM.
11. Foreign currency loan from banks aggregating to ` 135.79 crores (Previous year ` 148.61 crores)
carries interest @ 6M Euribor plus 75 basis point. The loan is repayable in 18 semi annually
installments of ` 7.54 crores from the balance sheet date. The loan are secured by exclusive charge
on the Cranes procured under the facility.
12. Foreign Currency loans from banks aggregating to ` 1,761.55 crores (Previous Year ` 1,688.16
crores) is secured by the first pari passu charge on all the immovable and movable assets pertaining

60
 to Multipurpose Terminal (MPT), Terminal -II and Container Terminal - II Project Assets of the
company. Further, out of the above loan as aggregating to ` 526.56 crores are repayable in 21
Quarterly installments of approx ` 25.07 crores from the balance sheet date carries interest @ 3M
Libor plus Basis point in range of 300 to 380, ` 814.28 crores are repayable in 3 annual installment
of ` 271.43 crores starting repayment year 2014-15 , ` 203.57 crores are repayable in 15 semi-annual
installments of ` 13.57 crores from the date of the balance sheet. The balance amount of ` 217.14
crores (Previous Year ` 204.63 crores ) is bullet repayable on maturity of the loan in 2016 and which
carries interest @ 6M Libor plus Basis point in range of 300 to 380.
13. Foreign currency loan from banks aggregating to ` 271.43 crores (Previous year ` 255.78 crores) are
secured by first pari pasu charge on all the movable and immovable assets pertaining to Coal
Terminal project assets at Wandh and carries interest @ 3M Libor plus basis point in range of 310 to
380. These loans are repayable in 24 quarterly installments of approx ` 11.31 crores from the balance
sheet date.
14. Foreign currency loans from banks aggregating to ` 1,628.56 crores (Previous year `1,406.80
crores) carries interest @ 1M Libor plus basis point in range of 310 to 370, is repayable in 3 equal
installments of ` 180.95 crores and ` 361.90 crores each starting repayment year 2015-16 and
2016-17 respectively. These loans are secured by first pari pasu charge on all the movable and
immovable assets pertaining to Coal Terminal at Wandh and specific charge over land admeasuring
to 175 hectares.
15. Foreign Currency loans from banks aggregating to ` 141.23 crores (Previous Year ` 170.83 crores)
carries interest @ 4.6% p.a. Out of these loans, ` 64.79 crores are repayable in 16 semiannual
installments of approx ` 4.05 crores, ` 23.71 crores are repayable in 17 semiannual installments of
` 1.39 crores, ` 26.24 crores are repayable in 18 semiannual installments of ` 1.46 crores, ` 26.50
crores are repayable in 19 semiannual installments of ` 1.39 crores from the date of balance sheet.
Suppliers bills accepted under foreign currency letter of credit from banks aggregating to ` Nil
(Previous Year ` 76.53 crores) were carrying interest @ 6M Libor plus basis point in range of 100 to
325.
These loans are secured by exclusive charge on the individual Tug procured under the facility.
16. Foreign currency loan from financial institutions aggregating to ` 217.14 crores (Previous year ` Nil)
carries interest @ 6M Libor plus basis point in range of 300 to 330. The loan is repayable in 32
quarterly installments of approx. ` 6.79 crores from the date of balance sheet and the same are
secured by first Pari-passu charge on all the immovable and movable assets of Multipurpose
Terminal (MPT), Terminal -II and Container Terminal - II Project Assets.
17. Foreign currency loans from bank aggregating to ` 217.14 crores (previous year ` Nil ) are proposed
to secured first pari passu charge on all the movable and immovable assets pertaining to Coal
Terminal at Wandh and carries interest @ 6M Libor Plus Basis point in range of 260 to 300. The Loan
is repayable on maturity in 2017-18. At the reporting date such security is pending to be completed.
18. Rupee Term loan from bank aggregating to ` 120 crores (previous year ` Nil) is secured by first pari
pasu charge on all the movable assets pertaining to agripark project assets and security creation on
immovable assets on agri park project assets is pending to be executed by the Company carries
interest @ 10.25% p.a. The loans are repayable in 24 quarterly installments of approx ` 5.00 crores
from December, 2013.
19. Rupee term loan amounting to ` 500.00 crores (Previous Year ` Nil) are proposed to secured by
exclusive charge on land parcel. As at March 31, 2013, security creation on land is pending to be

61
14th Annual Report 2012-2013

executed by the Company. The loan is repayable in 14 semi annual installment from September 30,
2013. At the reporting date such security is pending to be completed.
20. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` Nil
(Previous year ` 148.88 crores) carries interest @ 6M Libor plus basis point in range of 110 to 350.
The same were secured against subservient charge on movable fixed assets and current assets
except those secured by exclusive charge in favor of other lenders.
21. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 14.86
crores (Previous Year ` 53.60 crores); carries interest @ 6M Libor plus basis point in range of 100 to
310 which is repayable on maturity in 2014-15. The loan is secured against exclusive charge on the
goods, materials, assets acquired or procured under the facility.
22. Suppliers bills accepted under foreign Currency Loan from banks aggregating to ` Nil (Previous Year
` 25.36 crores) carries interest @ 6M Libor plus basis points in range of 25 to 140. Further, these
loans were secured by First Charge on goods procured under the facility and second pari pasu
charge on the entire movable and immovable fixed assets pertaining to Multipurpose Terminal
(MPT), Terminal-II and Container Terminal - II Project Assets and SPM.
23. Suppliers bills accepted under foreign currency letters of credit aggregating to ` 55.37 crores
(Previous Year ` Nil) carries interest @ 6M Libor plus basis point in range of 100 to 200 repayable in
2014-15. The loan is secured against exclusive charge on assets purchased under the facility.

(` In Crores)
6. Deferred tax liabilities (net) March 31, 2013 March 31, 2012
Deferred tax liability
Fixed assets: Impact of difference between tax depreciation 552.97 429.75
and depreciation/amortisation charged for the financial
reporting post tax holiday period
552.97 429.75

(` In Crores)
7. Other long-term liabilities March 31, 2013 March 31, 2012
Advance from customers 24.66 28.25
Deposits from customers 36.85 37.30
Unearned Income under Long Term Land Lease/Infrastructure 508.44 537.96
Usage Agreements

569.95 603.51

62
 (` In Crores)
8. Provisions Long Term Short Term
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Provision for employee benefits
Provision for gratuity - - 1.39 0.90
Provision for compensated absences - - 6.64 5.17
- - 8.03 6.07
Other provisions
Proposed equity dividend - - 200.34 140.24
Provision for tax on proposed equity dividend - - 34.05 22.75
Proposed preference dividend - - *- *-
Provision for tax on proposed preference dividend - - *- *-
Provision for Income Tax (Net of advance tax) - - 43.71 21.58
Provision for Derivative losses (Mark to market) 46.58 - 0.92 54.48
Provision for Operational Claims (Refer note below) - - 11.79 12.87
46.58 - 290.81 251.92
46.58 - 298.84 257.99
* Figures being nullified on conversion to ` in crores.
(` in Crores)
Description Opening Additions during Utilization during Closing
Balance the year the year Balance
Operational Claims 12.87 6.36 7.44 11.79
(11.68) (1.74) (0.55) (12.87)
Previous year figures are in bracket
Note: Operational Claims are the expected claims against outstanding receivables made / to be made by
the customers towards shortages of stock, handling losses, damages to the cargo, storage and other
disputes. The probability and the timing of the outflow / adjustment with regard to above depends on the
ultimate settlement / conclusion with the respective customer.
(` In Crores)
9. Short-term borrowings March 31, 2013 March 31, 2012
Suppliers bills accepted under foreign currency letters of 144.70 200.56
credit issued by Banks (secured)
Suppliers bills accepted under foreign currency letters of - 4.33
credit issued by Banks (unsecured)
Short Term Loan from Banks (secured) - 350.00
Short Term Loan from Banks (unsecured) - 250.00
Commercial Paper (unsecured) 250.00 200.00
394.70 1,004.89
The above amount includes
Secured borrowings 144.70 550.56
Unsecured borrowings 250.00 454.33

63
14th Annual Report 2012-2013

1. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 19.60
crores (Previous Year ` 9.88 crores) carries interest @ 6M Libor plus basis point in range of 100 to
175 which are repayable on maturity in 2013-14. The loan is secured against exclusive charge on
assets purchased under the facility.
2. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 48.80
crores (Previous year ` 146.20 crores) carries interest @ 6M Libor Plus basis point in range of 90 to
190 which are repayable on maturity in 2013-14. The loan is secured against exclusive charge on
assets purchased under the facility.
3. Suppliers bills accepted under foreign currency letters of credit aggregating to ` Nil (Previous Year
` 4.92 crores) carries interest @ 6M Libor plus basis points in range of 25 to 140. Further, these loans
were secured by first charge on goods procured under the facility and second pari pasu charge on
the entire movable and immovable fixed assets pertaining to Multipurpose Terminal (MPT), Terminal
-II and Container Terminal - II Project Assets and SPM.
4. Suppliers bills aggregating to ` 66.80 crores (Previous year ` 30.20 crores) carries interest @ 6M
Libor plus basis point in range of 65 to 170 and 1 year Libor plus basis point in range of 100 to 225
which is repayable on maturity in 2013-14. The loan is secured against subservient charge on
movable fixed assets and current assets except those secured by exclusive charge in favor of other
lenders.
5. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 9.50
crores (Previous Year ` 9.36 crores); carries interest @ 6M Libor plus basis point in range of 100 to
185 which is repayable on maturity in 2013-14. The loan is secured against exclusive charge on the
goods, materials, assets acquired or procured under the facility.
6. Short Term loan aggregating to ` Nil (previous year ` 350.00 crores ) were secured by first pari pasu
charge on Multipurpose Terminal (MPT), Terminal -II and Container Terminal - II Project Assets of
company.

(` In Crores)

10. Trade payables March 31, 2013 March 31, 2012

Trade payables (Refer note 31 for details of dues to micro, 134.62 182.33
small and medium enterprises)
134.62 182.33
Dues to related parties included in above (refer note 29)
Trade payables 11.27 6.50

64
 (` In Crores)
11. Other current liabilities March 31, 2013 March 31, 2012
(a) Current maturities of long-term borrowings (secured) 535.94 918.58
(refer note 5)
(b) Current maturities of long-term borrowings (unsecured) - 116.41
(refer note 5)
(c) Interest accrued but not due on borrowings 56.55 38.34
#
(d) Unclaimed dividend
- Equity Shares 0.82 0.76
- Preference Shares *- *-
(e) Application money received for allotment of securities 0.47 0.48
#
pending refund to applicants
(f) Unearned revenue 27.78 23.00
(g) Current maturities of Unearned Income under Long 29.52 29.52
Term Land Lease/ Infrastructure Usage Agreements
(h) Other liabilities:
Advance towards sale of assets (Including payable ` 587.34 1,260.15 -
crores)**
Advance from customers 80.46 47.46
Deposits from customers 32.76 9.24
Obligation under leasehold land 6.87 6.81
Statutory liabilities 4.62 4.27
Capital creditors, retention money and other payable 112.72 148.97
Book Overdraft 0.39 -
2,149.05 1,343.84
# Not due for credit to “Investors Education & Protection Fund“
* Figures being nullified on conversion to ` in crores.
** Advance received / payable to Adani International Container
Terminal Pvt. Ltd. (AICTPL) towards asset held for sale.
Dues to related parties included in above (refer note 29)
Advance received from / payable against assets held for sale 1,260.15 -
Advances 34.00 9.75
Deposits 1.75 1.75

65
 Note 12 - Fixed Asset (` in Crores)

66
Particulars Gross Block Depreciation / Amortization Net Block
As at Additions Deductions Adj for Adj for As at As at During Deductions As at As at As at
01-04-2012 foreign Borrowing 31-03-2013 01-04-2012 the year 31-03-2013 31-03-2013 31-03-2012
Exchange

Tangible Assets
Land
Freehold Land 351.13 24.67 0.09 - - 375.71 - - - - 375.71 351.13
Land Development cost on Leasehold 99.57 86.21 2.06 - - 183.72 20.19 5.45 - 25.64 158.08 79.38
Land
Buildings, Roads and Civil Infrastructure 952.54 322.91 - 60.60 18.79 1,354.84 73.30 26.20 - 99.50 1,255.34 879.24
14th Annual Report 2012-2013

Plant & Machinery 1,832.39 572.10 8.66 87.52 24.93 2,508.28 386.74 124.57 2.80 508.51 1,999.77 1,445.65
Furniture & Fixtures 16.10 1.39 - - - 17.49 7.65 0.99 - 8.64 8.85 8.45
Office Equipments 12.90 1.60 - - - 14.50 3.85 0.61 - 4.46 10.04 9.05
Computer Hardware 26.99 12.53 0.06 1.57 0.44 41.47 11.46 5.38 0.04 16.80 24.67 15.53
Vehicles 37.49 7.15 1.30 - - 43.34 7.98 4.25 0.57 11.66 31.68 29.51
Tugs and Boats 564.42 0.18 0.67 11.53 - 575.46 88.57 41.29 0.28 129.58 445.88 475.85
Railway Tracks 208.34 118.13 - 20.50 7.29 354.26 66.58 12.80 - 79.38 274.88 141.76
Marine Structures 1,014.67 149.72 - 46.93 15.67 1,226.99 165.69 45.82 - 211.51 1,015.48 848.98
Dredged Channels 873.22 269.29 - 34.12 10.18 1,186.81 144.23 38.72 - 182.95 1,003.86 728.99
Project Assets 1,043.76 423.40 - 44.20 31.13 1,542.49 314.39 122.97 - 437.36 1,105.13 729.37
TOTAL 7,033.52 1,989.28 12.84 306.97 108.43 9,425.36 1,290.63 429.05 3.69 1,715.99 7,709.37 5,742.89
Intangible Assets
Goodwill 78.59 - - - - 78.59 25.29 2.81 - 28.10 50.49 53.30
Software 22.19 3.02 - - - 25.21 18.75 2.55 - 21.30 3.91 3.44
Rights of use in Leased Land 6.03 - 0.51 - - 5.52 0.59 0.28 - 0.87 4.65 5.44
TOTAL 106.81 3.02 0.51 - - 109.32 44.63 5.64 - 50.27 59.05 62.18
Total 7,140.33 1,992.30 13.35 306.97 108.43 9,534.68 1,335.26 434.69 3.69 1,766.26 7,768.42 5,805.07
Previous Year 6,306.62 694.41 11.78 137.21 13.87 7,140.33 1,000.98 335.06 0.78 1,335.26 5,805.07

i) Depreciation of ` 92.31 crores (Previous Year ` 61.57 crores) relating to the project assets has been transferred to Expenditure During Construction Period, pending
capitalisation.
ii) Freehold Land includes land development cost of ` 10.21 crores (Previous Year ` 10.21 crores)
iii) Plant and Machinery includes cost of Water Pipeline amounting to ` 6.65 crores (Gross) (Previous Year ` 6.65 crores), accumulated depreciation ` 2.57 crores (Previous Year
` 2.25 crores) which is constructed on land not owned by the Company.
iv) Buildings includes 516 flats valuing ` 99.29 crores (Previous Year ` 82.19 crores) at Samudra Township, Mundra, which are pending to be registered in the name of Company.
Further an advance of ` 45.79 crores (Previous year ` 24.88 crores) is also paid to purchase additional Flats.
v) As a part of concession agreement for development of port and related infrastructure at Mundra the Company has been allotted land on lease basis by Gujarat Maritime Board
(GMB).
vi) Land development cost on leasehold land includes costs incurred towards reclaimed land of ` 84.83 crores (Previous Year ` 35.37 crores). The cost has been estimated by the
management, out of the dredging activities which is not materially different from the actual cost.
 (` In Crores)
13. Non-current investments March 31, 2013 March 31, 2012
Trade investments (valued at cost unless stated otherwise)
Unquoted
In Equity Shares of Company
5,00,00,000 (Previous Year - 5,00,00,000) fully paid Equity 40.00 40.00
Shares of ` 10 each of Kutch Railway Company Limited.
In Equity Shares of subsidiaries -
32,50,00,000 (Previous Year - 31,17,90,000) fully paid Equity 325.07 311.86
Shares of ` 10 each of Adani Logistics Limited
25,61,53,846 (Previous Year - 25,61,53,846) fully paid Equity 256.15 256.15
Shares of ` 10 each of Adani Petronet (Dahej) Port Private Limited
24,50,000 (Previous Year - 24,50,000) fully paid Equity Shares of 2.45 2.45
`10 each of Mundra SEZ Textile and Apparel Park Private Limited
50,00,000 (Previous Year - 50,00,000) fully paid Equity Shares 5.00 5.00
of ` 10 each of Karnavati Aviation Private Limited
1,31,35,000 (Previous Year - 1,31,35,000)fully paid Equity Shares 52.51 52.51
of ` 10 each of MPSEZ Utilities Private Limited
Nil (Previous Year - 10,000) fully paid Equity Shares of ` 10 each - 0.01
of Rajasthan SEZ Private Limited
8,57,57,500 (Previous Year - 3,28,19,000) fully paid Equity Shares 85.76 32.82
of ` 10 each of Adani Murmugao Port Terminal Private Limited
5,00,000 (Previous Year - 5,00,000) fully paid Equity Shares 0.50 0.50
of ` 10 each of Mundra International Airport Private Limited
36,91,50,000 (Previous Year - 16,41,00,000) fully paid Equity 369.15 164.10
Shares of ` 10 each of Adani Hazira Port Private Limited
48,00,000 (Previous Year - 5,00,000) fully paid Equity Shares of 4.80 0.50
` 10 each of Adani Vizag Coal Terminal Private Limited
1,000 (Previous Year - 1000) fully paid Equity Shares of AUD 1 *- *-
each of Mundra Port Pty Ltd.
25,500 (Previous Year - 25,500) fully paid Equity Shares of ` 10 0.03 0.03
each of Adani Kandla Bulk Terminal Private Limited
Nil (Previous Year - 13,06,45,885) fully paid Equity Shares of - 687.38
AUD 1 each of Adani Abbot Point Terminal Holding Pty Ltd.
50,000 (Previous Year - NIL) fully paid Equity Shares of `10 0.05 -
each of Adani Warehousing Service Pvt Ltd.
1,141.47 1,553.31
In Equity Shares of joint venture
2,71,82,925 (Previous Year - 5,00,000) fully paid Equity Shares of 27.18 0.50
` 10 each of Adani International Container Terminal Private Limited
27.18 0.50

67
14th Annual Report 2012-2013

(` In Crores)
March 31, 2013 March 31, 2012
In Preference Shares of subsidiaries
Nil (Previous Year - 4,64,97,933) fully paid Non Cumulative - 245.10
Optionally Convertible Redeemable Preference Share of
AUD 1 each of Mundra Port Pty Ltd.
- 245.10
Acquisition of Controlling Interest in Equity Shares of Company
11,850 (Previous Year - 11,850) fully paid Equity Shares of ` 100 38.51 38.51
each of Adinath Polyfills Private Limited
Non trade investments (valued at cost unless stated otherwise)
In Equity Shares of an Associate Company
Unquoted
4,900 (Previous Year - 4,900 ) fully paid Equity Shares of ` 10 *- *-
each of Dholera Infrastructure Private Limited
In Preference Shares of a Company
1,30,000 (Previous Year - 1,30,000) 0.01% Non Cumulative 0.13 0.13
Optionally Convertible Preference Shares of ` 10 each of Adani
Shipyard Private Limited
1,207.29 1,837.55
* Figures being nullified on conversion to ` in crores.
Note:
1) Aggregate cost of unquoted investments as at March 31, 2013 ` 1,207.29 crores (Previous year-
` 1,837.55 crores).
2) 10,38,45,494 equity shares (Previous year - 1,92,33,000 equity shares) of Adani Petronet (Dahej)
Port Private Limited, 1,33,05,000 equity shares (Previous year-15,000 equity shares) of Adani
Murmugao Port Terminal Private Limited, 4,92,30,000 equity shares (Previous year - 72,00,000
equity shares) of Adani Hazira Port Private Limited, subsidiary companies, and 1,64,59,755 equity
shares (previous year – Nil) of Adani International Container Terminal Pvt. Ltd, joint venture, has
been pledged with banks against borrowings by the respective companies.
3) During the year company has reduced its holding in equity share of Adani International Container
Pvt Ltd., to 50% on proportionate allotment to Global Terminal Ltd and transfer of 1% holding to
Adani Enterprises Ltd, the ultimate holding Company.
4) Company has dissolved Rajasthan SEZ Privite Limited during the year.
5) During the year, the company has invested ` 332.21 crores in Non Cumulative Optionally Convertible
Redeemable Preference Share of AUD 1 each of Mundra Port Pty Ltd., Australia
(` In Crores)
14. Loans and advances Non-Current Current
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Capital advances
Unsecured, considered good 155.33 539.69 - -
(A) 155.33 539.69 - -
Capital advance includes ` 57.72 crores (Previous year ` 67.36 crores) paid to various parties for
acquisition of land for development of Special Economic Zone at Mundra
The Company has received bank guarantees of ` 5.43 crores (Previous year ` 389.48 crores) against
capital advances given.

68
 (` In Crores)
Non-Current Current
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Loan and advances to related parties
Unsecured considered good (refer note 29) 959.41 652.94 386.53 -
Share Application Money (Pending allotment) 308.87 303.95 - -
(refer note 29)
(B) 1,268.28 956.89 386.53 -
Advances recoverable in cash or kind
Unsecured, considered good - - 28.98 29.32
(C) - - 28.98 29.32
Other loans and advances (Unsecured)
MAT Credit Entitlement 607.76 242.17 - -
Advance Fringe Benefit Tax 0.06 0.06 - -
Prepaid expenses - - 9.06 11.60
Loans & Advances to employees 2.57 3.28 1.81 1.72
Balances with statutory/ Government authorities 4.50 4.50 11.09 0.49
Inter Corporate Deposit 4.38 - 1,207.60 113.00
Deposit - Others 24.50 24.19 0.28 0.76
(D) 643.77 274.20 1,229.84 127.57
Total (A + B + C + D) 2,067.38 1,770.78 1,645.35 156.89

(` In Crores)
15. Current Investments March 31, March 31,
(valued at lower of cost and fair value, unless stated otherwise) 2013 2012
Unquoted mutual funds
2,58,435.92 Units (Previous year Nil) of ` 10 each in Reliance Liquid Fund-
Treasury Plan-Daily Dividend Option. 39.51 -
49,876.02 Unit (Previous year Nil) of ` 10 each in SBI Premier Liquid Fund-
Regular Plan-Daily Dividend. 5.00 -
7,54,90,871.49 Unit (Previous year Nil) of ` 10 each in Peerless Liquid Fund 75.50 -
- Super Institutional Daily Dividend Reinvestment.
120.01 -
Aggregate amount of unquoted investments 120.01 -

(` In Crores)

16. Inventories (valued at lower of cost and net realizable value) March 31, March 31,
2013 2012
Stores and spares 87.29 62.52

87.29 62.52

69
14th Annual Report 2012-2013

(` In Crores)

17. Trade receivables Non-Current Current

(Unsecured considered good except to the March 31, March 31, March 31, March 31,
extent stated below) 2013 2012 2013 2012
Outstanding for a period exceeding six months
from the date they are due for payment
Considered good - - 81.00 44.44
Considered doubtful - - 1.45 1.48
- - 82.45 45.92
Provision for doubtful receivables - - (1.45) (1.48)
A) - - 81.00 44.44
Other receivables* (B) 73.99 91.78 648.43 198.29
Total (A + B) 73.99 91.78 729.43 242.73

Includes due from related parties (current)

(refer note 29)
Considered good 367.83 54.13
* Includes ` 85.75 crores (Previous year ` 85.75 crores) contractually due over a period.

(` In Crores)

18. Other assets Non-Current Current

March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Unsecured, considered good unless
stated otherwise
Non-current bank balances (Refer note 19) - 1.44 - -
(A) - 1.44 - -
Other receivable - Sale of Investments - 0.40 1,335.30 1.80
(refer note 40)
Interest accrued on deposits and loans - - 68.89 5.24
Accrued Revenue - - 107.52 22.10
Ancillary cost of arranging the borrowings 72.19 50.71 19.53 8.62
Land Lease Receivables 214.04 135.97 - -
(B) 286.23 187.08 1,531.24 37.76
Total (A + B) 286.23 188.52 1,531.24 37.76

70
 (` In Crores)
19. Cash and bank balance Non-Current Current
March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012
Cash and cash equivalents
Balances with banks:
On current accounts - - 107.60 212.34
Deposits with original maturity of less - - 445.00 -
than three months
Earmarked balances with banks
In Current Account (earmarked for - - 0.82 0.76
Unpaid Dividend)
In Current Account (earmarked for - - 0.47 0.48
share application Refund a/c)
Cheques/drafts on hand - - 0.54 -
Cash on hand - - 0.06 0.04
- - 554.49 213.62
Other bank balances
Deposits with original maturity for more - 0.32 - 0.89
than 12 months
Deposits with original maturity for more - - - 291.07
than 3 months but less than 12 months
Margin money deposit - 1.12 39.10 30.41
- 1.44 39.10 322.37
Amount disclosed under non-current - (1.44) - -
assets (Refer note 18)
- - 593.59 535.99
Note: Margin Money and Fixed Deposit includes ` 39.10 crores (Previous Year ` 31.53 crores) pledged /
lien against bank guarantees, letter of credit and cash credit facilities.

(` In Crores)
20. Revenue from operations (net) March 31, 2013 March 31, 2012
a) Income from Port Operations (including related infrastructure) 2,729.38 2,195.20
b) Land Lease, Upfront Premium and Deferred Infrastructure Income 381.76 175.20
(includes Annual Discounting Income of ` 14.97 crores (Previous Year
` 7.27 crores in respect of land lease))
c) Other operating income including construction, Infrastructure 249.91 111.50
development support services and related income
3,361.05 2,481.90

71
14th Annual Report 2012-2013

(` In Crores)

21. Other Income March 31, 2013 March 31, 2012

Interest income on
Bank Deposits, Inter Corporate Deposits etc. 99.57 26.64
Customers 14.95 2.30
Dividend income on
Current investments 1.95 -
Long-term investments 5.00 2.00
Scrap sales 1.20 1.75
Profit on sale of long term investments (net) (Refer note no. 40) 70.03 -
Profit on Sale of Fixed Asset (net) - 0.95
Unclaimed Liabilities / Excess Provision written back 1.25 1.12
Miscellaneous Income 9.29 5.49
203.24 40.25
(` In Crores)
22. Operating Expenses March 31, 2013 March 31, 2012
Handling Expenses to contractors 188.34 175.90
Customer Claims 2.59 0.20
Railway Operating Expenses 74.02 62.36
Tug and Pilotage Charges 14.22 12.27
Maintenance Dredging 18.17 12.17
Other expenses including customs establishment charges 6.30 5.67
Repairs to Plant & Machinery (including stores and spares ` 46.78 99.75 76.68
crores; Previous Year ` 49.46 crores)
Repairs to Buildings 6.85 6.14
Power & Fuel 102.55 101.55
Waterfront Charges 122.12 69.09
Construction Contract Expenses* 11.30 13.65
Cost of Land Leased / Sub-Leased 2.57 1.13
648.78 536.81
*Includes material of ` 8.56 crores (Previous year ` 7.86 crores) and services ` 2.74 crores (Previous year
` 5.79 crores)
(` In Crores)
23. Employee benefits expense March 31, 2013 March 31, 2012
Salaries, Wages and Bonus 90.51 76.80
Contribution to Provident & Other Funds 5.04 4.69
Gratuity 1.90 1.14
Workmen and Staff Welfare Expenses 6.93 6.79
104.38 89.42

72
 (` In Crores)
24. Other Expenses March 31, 2013 March 31, 2012
Rent (including land lease discounting charge of ` 0.07 crores; 3.57 2.74
Previous Year ` 0.14 crores) (Refer note (a) below)
Rates and Taxes 5.42 2.28
Insurance 9.95 5.98
Advertisement and Publicity 2.60 9.33
Other Repairs and Maintenance 5.56 5.66
Legal and Professional Expenses 29.64 21.09
Payment to auditors (refer note (b) below) 0.75 0.59
Security Expenses 7.82 5.54
Communication Expenses 1.54 1.29
Electric Power Expenses 3.12 1.83
Office Expenses 0.32 0.29
Travelling and Conveyance 11.25 10.09
Directors Sitting Fee 0.13 0.14
Commission to Non-executive Directors 0.47 0.57
Charity & Donations 25.73 14.12
Loss on Foreign Exchange Variation (net) 14.11 45.40
Loss on sale of fixed assets (net) 5.27 -
Sundry Balances Written off 0.07 5.06
Miscellaneous Expenses 10.34 12.08
137.66 144.08

Note: a) Assets taken under Operating Leases – office space and residential houses for staff
accommodation are obtained on operating leases. The lease rent terms are generally for eleven
months period and are renewable by mutual agreement. There are no sub-leases and leases are
cancellable in nature. There are no restrictions imposed by the lease arrangements. There is no
contingent rent in the lease agreements and there is no escalation clause in the lease agreements.
Expenses of ` 2.79 crores (Previous Year ` 1.84 crores) incurred under such leases have been
expensed in the statement of profit & loss.
(` In Crores)
b) Payment to Auditor March 31, 2013 March 31, 2012
As auditor:
Audit fee 0.37 0.32
Limited review 0.17 0.17
In other capacity:
Certification fees 0.08 0.09
Other services 0.12 -
Reimbursement of expenses 0.01 0.01
0.75 0.59
(` In Crores)
25. Finance costs March 31, 2013 March 31, 2012
Interest
Debentures 91.74 60.57
Fixed Loans, Buyer's Credit, Short Term etc. 274.68 87.70
Others 2.24 2.43
Bank and other finance charges 30.82 13.17
Loss on Derivatives / Swap Contracts (net) 42.42 44.88
441.90 208.75

73
14th Annual Report 2012-2013

(` In Crores)
26. Earnings per share (EPS) March 31, 2013 March 31, 2012
Profit after tax 1,754.18 1,177.26
Less: Dividends on Non-Cumulative Redeemable Preference *- *-
Shares & tax thereon
Net profit for calculation of basic and diluted EPS 1,754.18 1,177.26
* Figures being nullified on conversion to ` in crores.
No. No.
Weighted average number of equity shares in calculating 2,00,33,94,100 2,00,33,94,100
basic and diluted EPS
Basic and Diluted Earnings per Share in Rupees 8.76 5.88

27. Details of employee benefits

1. The company has recognised, in the statement of profit and loss for the current year, an amount of
` 3.81 crores (Previous Year ` 3.56 crores) as expenses under the following defined contribution
plan.
(` In Crores)
Contribution to 2012-13 2011-12
Provident Fund 3.55 3.29
Superannuation Fund 0.26 0.27
Total 3.81 3.56
2. The Company has a defined gratuity plan. Every employee gets a gratuity on departure at 15 days
salary (last drawn basic salary) for each completed year of service. The scheme is funded with Life
Insurance Corporation of India (LIC) in the form of a qualifying insurance policy.
The following tables summarise the components of net benefit expense recognised in the
statement of profit and loss and the funded status and amounts recognised in the balance sheet
for the respective plans.
Statement of Profit and Loss
a) Net Employee benefit expense (recognised in Employee Cost)
(` In Crores)
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Current Service cost 1.14 0.99
Interest Cost on benefit obligation 0.46 0.34
Expected return on plan assets (0.38) (0.29)
Actuarial loss / (gain) recognised in the year 0.68 0.10
Net benefit expense 1.90 1.14

Note: Actual return on plan assets ` 0.42 crores (Previous Year ` 0.36 crores)

74
Balance Sheet
b) Details of Provision for gratuity (` In Crores)
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Present value of defined benefit obligation 6.99 5.39
Fair value of plan assets 5.60 4.49
Surplus / (deficit) of funds (1.39) (0.90)
Net asset / (liability) (1.39) (0.90)

c) Changes in Present Value of the defined benefit obligation are as follows: (` In Crores)
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Defined benefit obligation at the beginning of the period 5.39 4.19
Current Service cost 1.14 0.99
Interest Cost 0.46 0.35
Actuarial (gain) / loss on obligations 0.72 0.16
Benefits paid (0.72) (0.30)
Defined benefit obligation at the end of the period 6.99 5.39

d) Changes in Fair Value of Plan Assets are as follows: (` In Crores)

Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Opening fair value of plan assets 4.49 3.52
Expected return 0.38 0.29
Contributions by employer 0.68 0.91
Benefits Paid *- (0.30)
Actuarial gains / (losses) 0.05 0.07
Closing fair value of plan assets 5.60 4.49
* Figures being nullified on conversion to ` in crores.
Note:
1) The present value of the plan assets represents the balance available with the LIC as at the end of
the period. The total value of plan assets amounting to ` 5.60 crores (Previous year ` 4.49 crores) is
as certified by the LIC.
2) The Company's expected contribution to the fund in the next financial year is ` 2.56 crores
(Previous year `1.25 crores).

e) The major categories of plan assets as a percentage of the fair value of total plan assets are as
follows:
Benefit Contribution to 2012-13 2011-12
% %
Investments with insurers 100.00 100.00
The overall expected rate of return on assets is determined based on the market price prevailing on that
date, applicable to the period over which the obligation has to be settled.

75
14th Annual Report 2012-2013

f) The principle assumptions used in determining Gratuity obligations are as follows:

Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Discount rate 8.25% 8.50%
Expected rate of return on plan assets 8.70% 8.50%
Rate of Escalation in Salary (per annum) 8.50% 8.50%
Mortality India Assured Lives Mortality LIC (1994-96)
(2006-08) Ultimate Ultimate
Attrition rate 10% for 4 years &below and 1% at each age + 10%
1% thereafter service related
The estimates of future salary increases considered in actuarial valuation and take account of inflation,
seniority, promotion and other relevant factors such as supply and demand in the employment market.
g) Amounts for the current and previous four periods are as follows:
(` In Crores)
Gratuity March, 2013 March, 2012 March, 2011 March, 2010 March, 2009
Defined benefit obligation (6.99) (5.39) (4.19) (3.19) (1.95)
Plan Assets 5.60 4.49 3.52 2.45 2.45
Surplus / (deficit) (1.39) (0.90) (0.67) (0.74) 0.50
Experience adjustments on
plan liabilities 0.72 0.16 0.15 0.95 (0.06)
Experience adjustments on (0.05) (0.07) (0.10) (0.04) 0.03
plan assets

28. Segment Information

The Company is primarily engaged in the business of developing, operating and maintaining the Port and
Port based related infrastructure facilities including Multi product Special Economic Zone. The entire
business has been considered as a single segment in terms of Accounting Standard (AS) 17 on Segment
Reporting notified under the Companies (Accounting Standard) Rule 2006 (as amended). There being
no business outside India, the entire business has been considered as single geographic segment.

29. Related Party Disclosures

The Management has identified the following entities and individuals as related parties of the Company
for the year ended March 31, 2013 for the purposes of reporting as per Accounting Standard (AS) 18 –
Related Party Disclosures notified under the Companies (Accounting Standard) Rule 2006 (as
amended), which are as under:
Holding Company Adani Enterprises Ltd.
Subsidiary Companies Mundra SEZ Textile and Apparel Park Pvt. Ltd.
MPSEZ Utilities Pvt. Ltd.
Rajasthan SEZ Pvt. Ltd. (upto February 9, 2013)
Adani Logistics Ltd.
Karnavati Aviation Pvt. Ltd.
Adani Murmugao Port Terminal Pvt. Ltd.
Mundra International Airport Pvt. Ltd.
Adani Hazira Port Pvt. Ltd.

76
 Adani Petronet (Dahej) Port Pvt. Ltd.
Adani Vizag Coal Terminal Pvt. Ltd.
Adani Kandla Bulk Terminal Pvt. Ltd.
Mundra Port Pty Ltd. (upto March 30, 2013)
Adani Abbot Point Terminal Holdings Pty Ltd. (upto March 30, 2013)
Adani Warehousing Service Pvt. Ltd. [w.e.f. April 19, 2012]*
Entity held through Controlling Adinath Polyfills Pvt. Ltd.
Interest
Joint Venture Adani International Container Terminal Pvt. Ltd.
Associate Dholera Infrastructure Pvt. Ltd.
Step down Subsidiary Hazira Infrastructure Pvt. Ltd.
Hazira Road Infrastructure Pvt. Ltd.
Mundra Port Holdings Trust (trust entity) (upto March 30, 2013)
Mundra Port Holdings Pty Ltd. (upto March 30, 2013)
Adani Abbot Point Terminal Pty Ltd. (upto March 30, 2013)
Fellow Subsidiary Adani Power Ltd.
Adani Agri Logistics Ltd.
Adani Power Dahej Ltd.
Adani Gas Ltd.
Chemoil Adani Pvt. Ltd.
Adani Global FZE, Dubai.
Adani Global Pte Ltd.
Adani Infra (India) Ltd.
Adani Power Rajasthan Ltd.
Adani Welspun Exploration Ltd.
Kutchh Power Generation Ltd.
Adani Agri Fresh Ltd.
Adani Energy Ltd.
Mundra LNG Ltd.
Adani Power Maharashtra Ltd.
Adani Mundra SEZ Infrastructure Pvt. Ltd. (upto June 29, 2012)
Adani Agro Pvt. Ltd. (upto June 29, 2012)
Adani Properties Pvt. Ltd. (upto June 29, 2012)
Key Management Personnel Mr. Gautam S. Adani, Chairman and Managing Director
Mr. Rajeeva Ranjan Sinha, Whole time Director
Dr. Malay R. Mahadevia, Whole time Director
Relative of Key Management Mr. Rajesh S. Adani, Director
Personnel
Entities over which Key Management Gujarat Adani Institute of Medical Science
Personnel, Directors and their Adani Wilmar Ltd.
relatives are able to exercise Shanti Builders
Significant Influence Adani Foundation
Dholera Port and Special Economic Zone Ltd.
Ezy Global
Ignite Foundation
Mundra Port Pty Ltd. (From March 30, 2013)
Adani Abbot Point Terminal Pty Ltd, Australia (From March 30, 2013)
Abbott Point Port Holdings Pte Ltd, Singapore
* These entities have been incorporated/formed during the year.

77
14th Annual Report 2012-2013

Aggregate of transactions for the year ended with these parties have been given below.
Sub Notes:
1 The names of the related parties and nature of the relationships where control exists are disclosed
irrespective of whether or not there have been transactions between the related parties. For others, the
names and the nature of relationships is disclosed only when the transactions are entered into by the
Company with the related parties during the existence of the related party relationship.
2 Pass through payable relating to railway freight and other payable to third parties have not been
considered for the purpose of related party disclosure.
3 For the purpose of comparison, the previous year’s transactions have been re-classified in the current
year.
Detail of Related Party Transactions for the year ended March 31, 2013
(` In Crores)
Category Name of Ralated Party March 31, March 31,
2013 2012
Rendering of Services Adani Enterprises Ltd. 119.32 91.17
(including reimbursement Adani International Container Terminal Pvt. Ltd. 150.31 -
of expenses) Adani Kandla Bulk Terminal Pvt. Ltd. 1.35 *-
Adani Hazira Port Pvt. Ltd. 60.22 36.63
Adani Petronet (Dahej) Port Pvt. Ltd. 0.17 0.21
Adani Murmugao Port Terminal Pvt. Ltd. 0.91 -
Adani Logistics Ltd. 28.46 5.98
Adani Vizag Coal Terminal Pvt. Ltd. 0.75 0.14
MPSEZ Utilities Pvt. Ltd. 0.14 1.25
Mundra SEZ Textile and Apparel Park Pvt. Ltd. - 0.08
Adani Abbot Point Terminal Pty Ltd, Australia 3.36 -
Adani Global F.Z.E. 0.08 0.02
Adani Global Pte Ltd. - 0.02
Adani Power Rajasthan Ltd. 1.47 0.90
Adani Power Dahej Ltd. 15.56 3.79
Adani Power Ltd. 361.95 220.61
Adani Infra (India) Ltd. 0.67 4.67
Chemoil Adani Pvt. Ltd. 29.33 27.33
Adani Wilmar Ltd. 14.47 21.79
Adani Foundation 0.03 0.07
Adani Mundra SEZ Infrastructure Pvt. Ltd. 0.03 0.81
Mundra Port Pty Ltd, Australia - 2.41
Lease & Infrastructure Adani International Container Terminal Pvt. Ltd. 205.87 -
Usage Charge or Adani Logistics Ltd. *- -
Upfront Premium Mundra SEZ Textile and Apparel Park Pvt. Ltd. 3.81 2.47
MPSEZ Utilities Pvt. Ltd. 1.88 1.71
Adani Power Ltd. 12.82 1.45
Chemoil Adani Pvt. Ltd. 0.01 0.07
Adani Wilmar Ltd. 0.52 5.82
Adani Foundation *- -
Adani Mundra SEZ Infrastructure Pvt. Ltd. 0.72 30.88

78
Category Name of Ralated Party March 31, March 31,
2013 2012
Purchase of Goods Adani International Container Terminal Pvt. Ltd. 572.89 -
Adani Hazira Port Pvt. Ltd. 0.13 -
Adani Petronet (Dahej) Port Pvt. Ltd. 0.71 -
MPSEZ Utilities Pvt. Ltd. 40.89 -
Adani Power Rajasthan Ltd. 1.02 -
Adani Power Ltd. 0.35 -
Chemoil Adani Pvt. Ltd. 88.15 181.84
Adani Wilmar Ltd. 0.02 -
Adani Logistics Ltd. - 0.04
Adani Gas Ltd. - 0.01
Services Availed Adani Enterprises Ltd. 2.48 -
(including reimbursement Adani Hazira Port Pvt. Ltd. 0.01 -
of expenses) Adani Murmugao Port Terminal Pvt. Ltd. - -
Mundra SEZ Textile and Apparel Park Pvt. Ltd. - -
MPSEZ Utilities Pvt. Ltd. 0.60 28.83
Karnavati Aviation Pvt. Ltd. 7.60 3.40
Adani Gas Ltd. *- -
Adani Power Ltd. 2.36 -
Chemoil Adani Pvt. Ltd. 0.86 -
Adani Welspun Exploration Ltd. 0.01 -
Shanti Builders 4.35 -
Adani Mundra SEZ Infrastructure Pvt. Ltd. - 0.83
Adani Agri Logistics Ltd. - 0.07
Rent Expense Adani Enterprises Ltd. 0.01 0.24
Adani Petronet (Dahej) Port Pvt. Ltd. 0.04 -
Adani Logistics Ltd. 0.01 -
Adani Properties Pvt. Ltd. 0.06 0.06
Adani Wilmar Ltd. - 0.12
Interest Income Adani Petronet (Dahej) Port Pvt. Ltd. 0.30 1.17
Adani Logistics Ltd. 9.78 -
Mundra SEZ Textile and Apparel Park Pvt. Ltd. 0.74 0.37
Adani Power Ltd. 27.41 -
Interest Expense Adani Enterprises Ltd. 1.25 5.48
Other Income Adani Enterprises Ltd. 0.01 -
Adani Kandla Bulk Terminal Pvt. Ltd. 2.22 -
Adani Hazira Port Pvt. Ltd. 0.03 -
Adani Petronet (Dahej) Port Pvt. Ltd. 1.17 -
Adani Murmugao Port Terminal Pvt. Ltd. 0.77 -
Adani Logistics Ltd. 1.76 -
Adani Vizag Coal Terminal Pvt. Ltd. 0.24 -
MPSEZ Utilities Pvt. Ltd. 0.13 0.86
Adani Power Dahej Ltd. 0.52 -
Adani Power Ltd. 0.99 0.02

79
14th Annual Report 2012-2013

Category Name of Ralated Party March 31, March 31,

2013 2012
Chemoil Adani Pvt. Ltd. 0.02 -
Adani Wilmar Ltd. 0.01 0.16
Adani Foundation 0.03 -
Adani Mundra SEZ Infrastructure Pvt. Ltd. 0.17 0.31
Mundra SEZ Textile and Apparel Park Pvt. Ltd. - 0.09
Borrowings (Loan Taken) Adani Enterprises Ltd. 804.00 765.50
Addition
Borrowings (Loan Repaid) Adani Enterprises Ltd. 804.00 765.50
Repaid
Loans Given Mundra Port Pty Ltd, Australia 60.32 -
Adani International Container Terminal Pvt. Ltd. 78.18 5.50
Adani Hazira Port Pvt. Ltd. 125.31 308.20
Adani Petronet (Dahej) Port Pvt. Ltd. - 38.25
Adani Murmugao Port Terminal Pvt. Ltd. 103.06 18.35
Adani Logistics Ltd. 293.49 41.95
Adani Vizag Coal Terminal Pvt. Ltd. 124.90 -
Mundra International Airport Pvt. Ltd. 0.49 1.52
Mundra SEZ Textile and Apparel Park Pvt. Ltd. 8.38 2.78
MPSEZ Utilities Pvt. Ltd. 15.85 27.68
Karnavati Aviation Pvt. Ltd. 50.92 80.15
Adani Power Ltd. 392.00 -
Loans Received back Adani International Container Terminal Pvt. Ltd. 83.68 -
Adani Hazira Port Pvt. Ltd. 48.60 38.59
Adani Petronet (Dahej) Port Pvt. Ltd. 20.41 17.84
Adani Murmugao Port Terminal Pvt. Ltd. 7.00 -
Adani Logistics Ltd. 34.34 25.05
MPSEZ Utilities Pvt. Ltd. 17.55 25.98
Karnavati Aviation Pvt. Ltd. 10.42 10.50
Adani Power Ltd. 338.00 -
Mundra SEZ Textile and Apparel Park Pvt. Ltd. - 2.00
Share Application Money Mundra Port Pty Ltd, Australia 332.21 245.10
Paid / Investment Adani International Container Terminal Pvt. Ltd. 195.90 42.15
Adani Kandla Bulk Terminal Pvt. Ltd. 97.74 0.03
Adani Logistics Ltd. 14.00 -
Adani Abbot Point Terminal Pty Ltd, Australia - 687.38
Adani Hazira Port Pvt. Ltd. - 205.05
Adani Murmugao Port Terminal Pvt. Ltd. - 54.11
Adani Petronet (Dahej) Port Pvt. Ltd. - 7.43
Adani Vizag Coal Terminal Pvt. Ltd. - 4.80
Share Application Money Dholera Infrastructure Pvt. Ltd. - 0.01
Received
Donation Adani Foundation 20.20 5.20
Gujarat Adani Institute of Medical Sciences 4.00 7.00

80
Category Name of Ralated Party March 31, March 31,
2013 2012

Purchase of Asset Adani Mundra SEZ Infrastructure Pvt. Ltd. 17.09 4.70
Adani International Container Terminal Pvt. Ltd. 1.36 -
Adani Enterprises Ltd. - 1.74
Adani Hazira Port Pvt. Ltd. - 2.50
Adani Petronet (Dahej) Port Pvt. Ltd. - 1.33
Shanti Builders - 1.32
Adani Power Ltd. - 0.17
Sale or Redemption / Rajasthan SEZ Pvt. Ltd. 0.01 -
Written Off of Investment
Sale of Asset Adani Hazira Port Pvt. Ltd. 0.40 -
Adani Petronet (Dahej) Port Pvt. Ltd. 0.44 -
Adani Global FZE 0.01 -
Mundra SEZ Textile and Apparel Park Pvt. Ltd. - 5.71
MPSEZ Utilities Pvt. Ltd. - 2.57
Remuneration Mr. Gautam S. Adani 1.65 1.20
Mr. Rajeeva Ranjan Sinha 1.93 1.81
Dr. Malay Mahadevia 7.52 2.37
Commission to Director Mr. Gautam S. Adani 1.00 1.00
Sitting Fees Mr. Rajesh S. Adani 0.06 0.06
Sale of Investments Adani Enterprises Ltd. 0.54 0.02
Mundra Port Pty Ltd., Australia - *-
Abbot Point Port Holdings Pte Ltd. - Singapore 1,334.70 -
Closing Balance
Trade Receivable Adani Enterprises Ltd. 1.03 6.86
Adani International Container Terminal Pvt. Ltd. 179.33 -
Adani Kandla Bulk Terminal Pvt. Ltd. 2.59 -
Adani Hazira Port Pvt. Ltd. 14.28 2.24
Adani Petronet (Dahej) Port Pvt. Ltd. 0.13 0.21
Adani Murmugao Port Terminal Pvt. Ltd. 0.87 -
Adani Logistics Ltd. 1.16 0.63
Adani Vizag Coal Terminal Pvt. Ltd. 0.83 -
Mundra SEZ Textile and Apparel Park Pvt. Ltd. 8.49 9.80
MPSEZ Utilities Pvt. Ltd. 0.15 1.31
Adani Global FZE 0.10 0.03
Adani Power Rajasthan Ltd. 1.58 0.05
Adani Power Dahej Ltd. 15.74 -
Adani Power Ltd. 138.21 29.44
Adani Infra (India) Ltd. 0.13 0.58
Chemoil Adani Pvt. Ltd. 0.37 0.48
Adani Wilmar Ltd. 2.82 1.85
Adani Foundation 0.02 0.02
Shanti Builders *- -
Adani Mundra SEZ Infrastructure Pvt. Ltd. - 0.61

81
14th Annual Report 2012-2013

Category Name of Ralated Party March 31, March 31,

2013 2012

Adani Global Pte Ltd. - 0.02

367.83 54.13
Loans & Advances Mundra Port Pty Ltd., Australia 60.55 2.41
(including advance Adani Abbot Point Terminal Pty Ltd, Australia 3.30 -
receivable in cash or kind) Adani International Container Terminal Pvt. Ltd. - 47.15
Adani Kandla Bulk Terminal Pvt. Ltd. - *-
Adani Hazira Port Pvt. Ltd. 346.32 474.66
Adani Petronet (Dahej) Port Pvt. Ltd. 0.07 20.41
Adani Murmugao Port Terminal Pvt. Ltd. 114.41 71.30
Adani Logistics Ltd. 462.52 203.36
Adani Vizag Coal Terminal Pvt. Ltd. 124.90 4.43
Mundra International Airport Pvt. Ltd. 8.46 7.97
Mundra SEZ Textile and Apparel Park Pvt. Ltd. 13.66 5.28
MPSEZ Utilities Pvt. Ltd. 5.41 5.70
Karnavati Aviation Pvt. Ltd. 152.50 112.00
Adani Power Ltd. 54.00 -
Dholera Infrastructure Pvt. Ltd. 8.76 8.76
Chemoil Adani Pvt. Ltd. 0.04 0.01
Adani Properties Pvt. Ltd. 1.00 1.00
Adani Mundra SEZ Infrastructure Pvt. Ltd. - 24.88
Shanti Builders - 1.16
1,355.90 990.48
Capital Advances Shanti Builders 0.47 -
0.47 -
Share Application Adani International Container Terminal Pvt. Ltd. 210.33 -
Money Outstanding Adani Kandla Bulk Terminal Pvt. Ltd. 97.74 -
Adani Murmugao Port Terminal Pvt. Ltd. 0.01 -
Adani Logistics Ltd. 0.79 -
308.87 -
Trade Payable Adani Enterprises Ltd. 2.41 0.18
(including provisions) Adani International Container Terminal Pvt. Ltd. 2.28 -
Adani Hazira Port Pvt. Ltd. 0.12 2.50
Adani Logistics Ltd. 0.01 *-
MPSEZ Utilities Pvt. Ltd. 4.19 1.06
Karnavati Aviation Pvt. Ltd. 1.43 0.29
Adani Gas Ltd. - *-
Adani Power Ltd. 0.36 0.22
Chemoil Adani Pvt. Ltd. - 0.87
Adani Welspun Exploration Ltd. 0.01 -
Shanti Builders 0.46 0.38
Adani Mundra SEZ Infrastructure Pvt. Ltd. - 1.00
11.27 6.50
Advances from Customer Adani Enterprises Ltd. 2.48 1.99
Adani International Container Terminal Pvt. Ltd. 672.81 -

82
Category Name of Ralated Party March 31, March 31,
2013 2012
Adani Hazira Port Pvt. Ltd. 24.07 -
Adani Logistics Ltd. 0.04 0.05
Mundra SEZ Textile and Apparel Park Pvt. Ltd. 0.91 0.05
MPSEZ Utilities Pvt. Ltd. 0.01 -
Kutchh Power Generation Ltd. 3.21 3.21
Adani Power Ltd. 0.78 2.12
Chemoil Adani Pvt. Ltd. 2.25 2.32
Adani Wilmar Ltd. 0.23 0.01
Adani Foundation 0.01 *-
Shanti Builders 0.01 -
706.81 9.75
Other Current Assets Adani Logistics Ltd. 8.80 -
Adani Power Ltd. 19.67 -
Abbot Point Port Holdings Pte Ltd. - Singapore 1,334.70 -
1,363.17 -
Other Current Liabilities Adani Enterprises Ltd. 1.00 1.00
Adani International Container Terminal Pvt. Ltd. 587.34 -
Chemoil Adani Pvt. Ltd. 0.25 0.25
Adani Wilmar Ltd. 0.50 0.50
Shanti Builders 0.33 -
Adani Power Ltd. 1.61 -
591.03 1.75
Corporate Guarantee Mundra Port Pty Ltd., Australia USD USD
807.00mio 800.00mio
Mundra Port Pty Ltd., Australia AUD AUD
22.03mio 51.75 mio
Adani Murmugao Port Terminal Pvt. Ltd. 24.09 24.09
Karnavati Aviation Pvt. Ltd. 285.12 112.32
Adani Logistics Ltd. 20.02 19.96
Adani Hazira Port Pvt. Ltd. 434.46 -
Adani Petronet (Dahej) Port Pvt. Ltd. 22.18 -
Adani Vizag Coal Terminal Pvt. Ltd. 16.16 16.16
Adani International Container Terminal Pvt. Ltd. USD USD
65.00 mio 65.00 mio
Adani Kandla Bulk Terminal Pvt. Ltd. 41.00 -
MPSEZ Utilities Pvt. Ltd. 7.50 -
Gujarat Adani Institute of Medical Sciences 13.50 13.50

* Figures being nullified on conversion to ` in crores.

83
14th Annual Report 2012-2013

30. The Company takes various types of derivative instruments to hedge its future loans & interest liabilities.
The category-wise outstanding position of derivative instruments is as under:

Nature Particulars of Derivatives Purpose

As at March 31, 2013 As at March 31, 2012
(Amount in Million) (Amount in Million)
INR - Foreign USD 224.28 USD 95.00 Hedging of equivalent rupee non
Currency Swap convertible debentures aggregate of
`1,116.39 crores and `76.82 crores of
long term loan (previous year `427.10
crores) to mitigate higher interest rate
of INR loans against foreign currency
loans with possible risk of principal
currency losses.
Forward Contract JPY 235.05 JPY 1,817.38 Hedging of loan and interest liability
`13.56 crores (previous year `121.24 crores)
USD 8.99 Nil Hedging of foreign currency letter of
credit liability of ` 48.80 crores (previous
year ` Nil).
EUR 8.82 Nil Hedging of foreign currency term loan
installment liability of `61.29 crores
(previous year ` Nil)

The details of foreign currency exposures those are not hedged by a derivative instrument or otherwise are as under:
Nature As at March 31, 2013 As at March 31, 2012
Amount Foreign Currency Amount Foreign Currency
(` In Crores) (in Million) (` In Crores) (in Million)
Foreign Currency Loan 4,282.11 USD 788.82 3,567.41 USD 697.35
438.13 EUR 63.04 506.57 EUR 74.12
156.23 JPY 2,708.63 206.15 JPY 3,302.08
Buyer's Credit 82.34 USD 15.17 454.15 USD 88.78
82.25 EUR 11.84 53.57 EUR 7.84
1.55 GBP 0.19 1.54 GBP 0.19
Trade Payables 23.99 USD 4.42 21.10 USD 4.13
10.38 EUR 1.49 24.61 EUR 3.60
0.06 AUD 0.01 0.08 AUD 0.02
0.17 GBP 0.02 0.21 GBP 0.03
*- JPY 0.01 Nil Nil
Interest accrued but not due 20.58 USD 3.79 21.85 USD 4.27
3.90 EUR 0.56 4.23 EUR 0.62
#
0.03 GBP 0.02 GBP 0.00
1.50 JPY 25.97 1.89 JPY 30.29
Other Receivable 1,334.70 AUD 235.71 Nil Nil
* Figures being nullified on conversion to ` in crores.
# Figures being nullified on conversion to foreign currency in million.
Closing rates as at March, 31 :
2013 2012
INR / USD = 54.29 51.16
INR / EUR = 69.50 68.34
INR / GBP = 82.23 81.80
INR / JPY = 0.58 0.62
INR / AUD = 56.63 52.92

84
31. Information required to be furnished as per Section 22 of the Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED Act) for the year ended March 31, 2013. This information has been
determined to the extent such parties have been identified on the basis of information available with the
Company.
(` In Crores)
S.No. Particulars Year ended Year ended
March 31, 2013 March 31, 2012
1 Principal amount and interest due thereon remaining unpaid
to any supplier as at the end of each accounting year.
Principal 0.15 0.11
Interest Nil Nil
2 The amount of interest paid by the buyer in terms of section Nil Nil
16, of the Micro Small and Medium Enterprise Development
Act, 2006 along with the amounts of the payment made to
the supplier beyond the appointed day during each
accounting year
3 The amount of interest due and payable for the period of Nil Nil
delay in making payment (which have been paid but beyond
the appointed day during the year) but without adding the
interest specified under Micro Small and Medium Enterprise
Development Act, 2006.
4 The amount of interest accrued and remaining unpaid at the Nil Nil
end of each accounting year; and
5 The amount of further interest remaining due and payable Nil Nil
even in the succeeding years, until such date when the
interest dues as above are actually paid to the small
enterprise for the purpose of disallowance as a deductible
expenditure under section 23 of the MSMED Act 2006.
Total 0.15 0.11

32. The Company has been availing benefit u/s 80IAB of the Income Tax Act, 1961 on the taxable income. In
view of the amendment in Income Tax Act, 1961 w.e.f. April 1, 2011 by Finance Act 2011, the Company is
liable to pay Minimum Alternate Tax (MAT) on income from the financial year 2011-12. Based on the
amendment, the Company has made provision of ` 377.36 crores (Previous year ` 254.33 crores) for
current taxation based on its book profit for the financial year 2012-13 and considered credit for MAT of
` 365.58 crores (Previous year ` 242.17 crores) as the management believes, it has convincing evidence
in the nature of strategic volumes of cargo available with the Company and higher depreciation charge
for accounting purposes than the depreciation for income tax purposes in the future period, thereby, the
MAT credit will be utilized post tax holiday period.
33. Fixed assets held for sale represent new container terminal at Mundra (CT-3), pending transfer to Adani
International Container Terminal Private Limited (AICTPL), a Joint Venture entity between the Company
and Global Terminal Limited. The container terminal will get transferred to AICTPL on receiving the
necessary regulatory approvals from the government authorities. Further till the time the asset are
transfer to AICTPL, the company continues to operate the asset.

85
14th Annual Report 2012-2013

The movement of assets during the year is as follows: (` In Crores)

Particulars As at
March 31, 2013
Project Expenditure
Opening Balance 257.13
Additions during the year 694.43
Expenditure during construction period 21.54
Closing Balance 973.10
Add: Borrowing Cost 9.19
Exchange differences on long term borrowing 31.09
Total 1,013.38

34. Capital Work in Progress includes Expenditure during Construction Period/New Projects and Capital
Inventory, details of which are as follows:
(` In Crores)
Particulars Year ended Year ended
March 31, 2013 March 31, 2012
A. Project Expenditure 961.73 1,772.93
B. Capital Inventory 167.80 253.17
C. Expenditure during Construction Period :
Personnel Expenses
Salaries, Wages & Bonus 2.76 5.51
Contribution to Provident Fund 0.11 0.22
Sub Total 2.87 5.73
Other Expenses
Legal and Professional Expenses 0.53 0.25
Travelling and Conveyance 0.02 2.50
Security Charges 0.16 0.35
Sub Total 0.71 3.10
Financial Expenses
Interest on Borrowings 33.72 61.38
Bank Charges 0.46 10.11
Ancillary Cost of Borrowings 3.03 54.88
Sub Total 37.21 126.37
Interest Income on Bank Deposits (1.24) (27.16)
Depreciation 92.31 61.56
Total Expenditure 131.86 169.60
Brought Forward from Previous Year 163.74 0.95
Total 295.60 170.55
Capitalized / allocation during the year 293.44 6.81
Balance Carried Forward Pending Allocation/Capitalization 2.16 163.74
Total Capital Work In Progress (A + B + C) 1,131.69 2,189.84
Note:
The above expenditure excludes operational expenditure related to project assets, such as fuel and
stores & spares consumption.

86
35. Capital Commitments and Other Commitments
Capital Commitments (` In Crores)

Particulars As at As at
March 31, 2013 March 31, 2012
Estimated amount of contracts (Net of advances) remaining to be 233.05 661.02
executed on capital account and not provided for

Other Commitments
a) The port projects of subsidiary companies viz. Adani Hazira Port Private Limited, Adani Petronet
(Dahej) Port Private Limited and Adani Murmugao Port Terminal Private Limited has been funded
through various credit facility agreements with banks. Against the said facilities availed by the
subsidiary companies from the banks, the Company has executed a Sponsor Undertaking and
Pledge Agreement whereby 51% of the holding would be retained by the Company at all points of
time of which 30% holding is pledged and for the balance 21% holding, the Company has given a
non-disposal undertaking to the lenders of respective subsidiary companies.
b) As per terms of sanction of US$ 800 millions facility by State Bank of India (SBI) to Mundra Port Pty
Limited (MPPL), an entity in which company remain invested through 1000 Equity Share of AUD 1
each at the reporting date. The Company has pledged its Equity holding in MPPL in favour of SBI.
(Also Refer Note 40)
c) The Company has entered into an “Equity Subscription Agreement” to contribute equity in Mundra
Port Pty Limited (MPPL), in which company has transferred substantial voting right to promoter
entity during the year, for meeting capital expenditure requirements of Abbot Point Terminal
assets, as and when required. In order to ensure timely subscription to equity, the bankers to the
MPPL had required a stand by letter of credit facility. Accordingly, APSEZL procured stand by letter
of credit from Standard Chartered Bank and State Bank of India, which in-turn is backed by a
corporate guarantee issued by the Company in favor of Standard Chartered Bank and State Bank of
India amounting to AUD 22.03 millions and USD 800.00 millions respectively. As at March 31, 2013,
MPPL has availed loan of USD 800.00 millions from State Bank of India but no financing facility has
been availed from Standard Chartered Bank.

36. Disclosure pursuant of Accounting Standard (AS) – 7 (revised) – Construction Contracts are as under
A) (` In Crores)
Particulars As at As at
March 31, 2013 March 31, 2012
a) Contract revenue recognized during the year 67.08 57.53
b) Aggregate amount of contract costs incurred during the year 13.04 13.65
c) Customer advances outstanding for contracts in progress - 5.48
d) Retention money due from customers for contracts in progress. 8.19 8.00
e) Receivable from customers 18.32 0.83

B)
Contract revenue accrued in excess of billing amounting ` Nil (Previous Year ` 8.17 crores) has been
reflected under the head “Other Current Assets” and billing in excess of contract revenue amounting to
` 1.37 crores (Previous Year Nil) has been reflected under the head “Other Current Liabilities”.

87
14th Annual Report 2012-2013

37. Contingent Liabilities not provided for (` In Crores)

Sr. Particulars As at As at
No. March 31, 2013 March 31, 2012

a. Corporate Guarantees given to banks and financial 5,604.18 4,733.24

institutions against credit facilities availed by the
subsidiaries and an entity over which key management
personnel, directors and their relatives are able to exercise
significant influence - Amount outstanding there against
` 4,608.89 crores (Previous Year ` 4,148.99 crores)
b. Bank Guarantees given to Government Authorities 39.02 -
c. Civil suits have been filed by the Customers for recovery of 30.49 7.52
damages caused to machinery in earthquake ` 0.37 Crores
(Previous Year ` 0.37 crores), to cargo stored in Company's
godown ` 0.94 crores (Previous Year ` 0.94 crores), loss
due to mis-handling of wheat cargo ` 6.20 crores (Previous
Year ` 6.20 crores) and loss due to non-performance of
dredging contract ` 22.98 crores (Previous Year ` Nil). The
said civil suits are currently pending with various Civil
Courts in Gujarat. The management is reasonably
confident that no liability will devolve on the Company in
this regard and hence no provision is made in the books of
accounts towards these suits.
d. In earlier years, the Company had received show cause 0.41 2.58
notices from the Custom Authorities for recovery of
custom duty and interest thereon on the import of a tug
and bunkers by the Company ` Nil (Previous Year ` 2.07
crores), import of various Cargos at Port ` 0.41 crores
(Previous Year ` 0.50 crores). The Customs cases are
currently pending with, Assistant Commissioner of
Customs, Mundra (` 0.14 crores), Customs, Excise and
Service Tax Appellate Tribunal, Mumbai (` 0.27 crores),
respectively. The management is reasonably confident
that no liability will devolve on the Company and hence no
liability has been recognised in the books of accounts.
e. Deputy Commissioner of Customs, Mundra and Assistant 0.25 0.26
Commissioner of Customs, Mumbai have held that the
Company wrongly availed duty benefit exemption under
DFCEC Scheme on import of equipment and demanded
duty payment of ` 0.25 crores (Previous Year ` 0.26
crores). The Company has filed its reply to the show cause
notice with Deputy Commissioner of Customs, Mundra and
Commissioner of Customs, Mumbai against order in
original. The management is of view that no liability shall
arise on the Company.

88
 (` In Crores)

Sr. Particulars As at As at
No. March 31, 2013 March 31, 2012

f. Various show cause notices received from Commissioner/ 69.19 67.23

Additional Commissioner/ Joint Commissioner/ Deputy
Commissioner of Customs and Central Excise, Rajkot and
Commissioner of Service Tax, Ahmedabad, for wrongly
availing of Cenvat credit/ Service tax credit and Education
Cess credit on input services and steel, cement and other
misc. fixed assets. The Excise department has demanded
recovery of the duty along with penalty and interest
thereon. The Company has given deposit of ` 4.50 crores
(Previous Year: ` 4.50 crores) against the demand. The
matters are pending before High Court of Gujarat,
Commissioner of Central Excise (Appeals), Rajkot and
Commissioner of Service Tax, Ahmedabad. The Company
has taken an external opinion in the matter based on
which the management is of the view that no liability shall
arise on the Company.
g. Show cause notices received from Commissioner of 6.90 6.90
Customs and Central Excise, Rajkot in respect of levy of
service tax on various services provided by the Company
and wrong availment of CENVAT credit by the Company.
The matter is currently pending at High Court of Gujarat
` 6.72 crores (Previous Year ` 6.72 crores); and Customs,
Excise and Service Tax Appellate Tribunal, Ahmedabad
` 0.15 crores (Previous Year ` 0.15 crores) and
Commissioner of Service Tax Ahmedabad ` 0.02 crores
(Previous Year ` 0.02 crores). The Company has taken an
external opinion in the matter based on which the
management is of the view that no liability shall arise on
the Company.
h. Commissioner of Customs, Ahmedabad has demanded 2.00 2.00
vide letter no.4/Comm./SIIB/2009 dated 25/11/2009 for
recovery of penalty in connection with import of Air Craft
which is owned by Karnavati Aviation Private Limited
(Formerly Gujarat Adani Aviation Private Limited.),
subsidiary of the Company. Company has filed an appeal
before the Customs, Excise and Service Tax Appellate
Tribunal against the demand order, the management is
reasonably confident that no liability will devolve on the
Company and hence no liability has been recognized in the
books of account.

89
14th Annual Report 2012-2013

38. Additional Information pursuant to the provisions of Revised Schedule VI to the Companies Act, 1956 to
the extent applicable:
a) Expenditure in Foreign Currency (accrual basis) (` In Crores)
Particulars Year ended Year ended
March 31, 2013 March 31, 2012
Travelling Expenses 0.57 0.30
Interest 162.69 42.42
Bank Charges 9.05 2.79
Fees and Legal Expenses 0.06 0.48
Others - 0.27
Repairs & Maintenance 4.18 1.45

b) Earnings in Foreign Currency (accrual basis) (` In Crores)

Particulars Year ended Year ended

March 31, 2013 March 31, 2012
Storage Rental 4.93 -

c) CIF value of imports: (` In Crores)

Particulars Year ended Year ended
March 31, 2013 March 31, 2012
Stores & Spares 15.79 33.91
Fuel 89.38 219.81
Capital goods 739.50 529.02

d) Imported and indigenous stores and spares consumed (` In Crores)

Particulars Consumption % of Consumption

2012-13 2011-12 2012-13 2011-12
Imported 6.37 18.92 13.90 37.59
Indigenous 39.45 31.42 86.10 62.41
Total 45.82 50.34 100.00 100.00

e) Net dividend remitted in foreign exchange

Particulars Year ended March 31, 2013 Year ended March 31, 2012
Final Interim Interim
Number of non-resident shareholders 1 1 1
Number of equity shares held on which dividend 20,00,000 20,00,000 20,00,000
was due
Amount remitted (USD in Million) 0.03 0.01 0.02
Equivalent ( ` in crores) 0.14 0.06 0.08
Year to which it relates 2011-12 2011-12 2010-11

90
39. The following are the details of loans and advances in the nature of loans given to subsidiaries, associates
and other entities in which directors are interested in terms of clause 32 of listing agreement.

(` In Crores)
Name of Entities Outstanding amount as at Maximum amount outstanding
during the year
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Mundra International Airport Pvt. Ltd. 8.46 7.97 8.46 7.97
Mundra SEZ Textile and Apparel Park 13.66 5.28 13.66 5.28
Pvt. Ltd.
Adani Logistics Ltd. 462.52 203.36 473.92 209.65
Karnavati Aviation Pvt. Ltd. 152.50 112.00 154.07 116.50
Adani Murmugao Port Terminal Pvt. Ltd. 114.41 18.35 121.41 18.35
Adani Petronet (Dahej) Port Pvt. Ltd. Nil 20.41 15.41 28.75
MPSEZ Utilities Pvt. Ltd. Nil 1.70 5.33 8.05
Dholera Infrastructure Pvt. Ltd. 8.76 8.76 8.76 8.76
Adani Power Ltd. 54.00 Nil 250.00 Nil
Adani Hazira Port Pvt. Ltd. 346.32 269.61 346.32 297.43
Adani International Container Nil 5.50 76.80 5.50
Terminal Pvt. Ltd.
Mundra Port Pty Ltd (in USD) 0.20 Nil 0.20 Nil
Mundra Port Pty Ltd (in AUD) 0.90 Nil 0.90 Nil
Adani Vizag Coal Terminal Pvt Ltd. 124.90 Nil 124.90 Nil

Note :
All loans are given on interest free basis except loan to Adani Petronet (Dahej) Port Pvt. Ltd., Adani Power
Ltd, Adani Logistics Ltd. and Mundra SEZ Textiles and Apparel Park Pvt. Ltd.

40. During the year, the Company had initiated and recorded the divestment of its entire equity holding in
Adani Abbot Point Terminal Holdings Pty Limited (AAPTHPL) and entire Redeemable Preference Shares
holding in Mundra Port Pty Ltd (MPPL) representing Australia Abbot Point operations to promoter
Company, Abbot Point Port Holdings Pte Ltd, Singapore for consideration of AUD 235.71 millions. The
Company entered Share Purchase Agreement (‘SPA’) on March 30, 2013 to sell its holdings in AAPTHPL
and MPPL. In terms of the SPA the conditionality as regards regulatory and lenders approvals was
obtained except in respect of approval from one of the lenders who have given specific line of credit to
MPPL, which the Company is following up with the lender and is confident of obtaining the same.
The Company, based on the legal counsel opinion, concluded that on the date of signing of SPA,
AAPTHPL and MPPL cease to be subsidiaries of the Company w.e.f. March 31, 2013. The Company has
accounted income of ` 70.01 crores against the sale of said investment which is included under the head
“Other Income”.

91
14th Annual Report 2012-2013

41. During the year, the Company has applied to Ministry of Commerce, SEZ Division for re-notification of
1840 hectare of land which was earlier denotified by the authorities, for the technical reasons.
42. Interest in a joint venture
The company holds 50% interest in Adani International Container Terminal Private Limited, a joint
controlled entity which is developing container terminal and associated facility.
The company’s share of the assets, liabilities, income and expenses of the jointly controlled entity for the
year ended March 31, 2013
(` In Crores)
Particulars March 31, 2013
Equity 27.18
Share application money pending allotment 105.16
Non-current liabilities 356.76
Current liabilities 354.69
Non-current assets 525.46
Current assets 317.05
Revenue 10.20
Depreciation of plant and machinery (1.40)
Other expense (0.71)
Finance charges (9.36)
Profit / (Loss) before tax (1.27)
Income-tax expense -
Profit / (Loss) after tax (1.27)

43. Previous year figures

Previous year's figures have been regrouped wherever necessary to conform to this year's classification.

As per our report of even date

For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director

per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah

Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

92
 Statement pursuant to approval u/s 212(1)(e) of the Companies Act, 1956
(` in Crores)
Sr. Name of the Subsidiaries Financial Year Share of subsidiary Net aggregate amount of profit/ Net aggregate amount of profit/
No. of subsidiary Company held on the above (loss) of the subsidiary for the (loss) of the subsidiary for the
ended on date and the extent of financial year so far as they previous financial year so far as
holding concern members of Adani Ports they concern members of Adani
and Special Economic Zone Ports and Special Economic
Zone Limited Zone Limited
Number of Extent of Dealt with the Not dealt with Dealt with the Not dealt with
Shares holding accounts of the accounts accounts of the accounts of
Adani Ports Adani Ports Adani Ports Adani Ports and
and Special and Special and Special Special
Economic Economic Zone Economic Economic
Zone Limited Limited Zone Limited Zone Limited

1 Mundra SEZ Textile and Apparel Park Pvt. Ltd. March 31, 2013 24,50,000 56.98% (2.54) Nil (1.61) Nil

2 MPSEZ Utilities Pvt. Ltd. March 31, 2013 1,31,35,000 100% 0.56 Nil (0.51) Nil

3 Adani Logistics Ltd. March 31, 2013 32,50,00,000 100% 10.05 Nil (6.51) Nil

4 Karnavati Aviation Pvt. Ltd. March 31, 2013 50,00,000 100% (5.32) Nil (7.05) Nil

5 Adani Petronet (Dahej) Port Pvt. Ltd. March 31, 2013 25,61,53,846 74% 49.97 Nil (23.05) Nil

6 Adani Murmugao Port Terminal Pvt. Ltd. March 31, 2013 8,57,57,500 74% (0.08) Nil (0.22) Nil

7 Mundra International Airport Pvt. Ltd. March 31, 2013 5,00,000 100% (0.43) Nil *- Nil

8 Adani Hazira Port Port Pvt. Ltd. March 31, 2013 36,91,50,000 100% 0.64 Nil (1.75) Nil

9 Hazira Infrastructure Pvt. Ltd. March 31, 2013 2,42,00,000 100% (0.01) Nil (0.18) Nil

10 Hazira Road Infrastructure Pvt. Ltd. March 31, 2013 50,000 100% (0.01) Nil *- Nil

11 Adani Vizag Coal Terminal Pvt. Ltd. March 31, 2013 48,00,000 100% (0.06) Nil (0.02) Nil

12 Adani Kandla Bulk Terminal Pvt. Ltd. March 31, 2013 25,500 51% (0.01) Nil *- Nil

13 Adani Warehousing Services Pvt. Ltd. March 31, 2013 50,000 100% *- Nil - Nil

* Figures being nullified on conversion to ` in crores

93
14th Annual Report 2012-2013

INDEPENDENT AUDITOR'S REPORT

To
The Board of Directors of
Adani Ports and Special Economic Zone Limited

We have audited the accompanying consolidated financial statements of Adani Ports and Special Economic
Zone Limited (”the Company”) and its subsidiaries, associate and joint venture company (together referred to
as 'the Group’), which comprise the consolidated Balance Sheet as at March 31, 2013, and the consolidated
Statement of Profit and Loss and the consolidated Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation of these consolidated financial statements that give a true and
fair view of the consolidated financial position, consolidated financial performance and consolidated cash
flows of the Company in accordance with accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control relevant to the preparation and
presentation of the consolidated financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditor's judgement, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers internal control relevant to the
Company's preparation and presentation of the consolidated financial statements that give a true and fair
view in order to design audit procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall presentation of the consolidated financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the
consolidated financial statements give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the consolidated Balance Sheet, of the state of affairs of the Company as at March
31, 2013;
(b) in the case of the consolidated Statement of Profit and Loss, of the profit for the year ended on that date;
and
(c) in the case of the consolidated Cash Flow Statement, of the cash flows for the year ended on that date.

94
Emphasis of Matter
We draw attention to Note 41 to the consolidated financial statements recording sale of investments in
Australia subsidiaries, on the basis indicated in the note, whereby gain of ` 419.57 crores have been
recognized in the books. Our opinion is not qualified in respect of this matter.
Other Matter
We did not audit total assets of ` 1,816.18 crores as at March 31, 2013, total revenues of ` 345.67 crores and
net cash outflows amounting to ` 52.36 crores for the year then ended, net of inter-company eliminations,
included in the accompanying consolidated financial statements in respect of certain subsidiaries and of an
associate, whose financial statements and other financial information have been audited by other auditors
and whose reports have been furnished to us. Our opinion, in so far as it relates to the affairs of such
subsidiaries and an associate are based solely on the report of other auditors. Our opinion is not qualified in
respect of this matter.

For S.R. Batliboi & Associates LLP

ICAI Firm Registration Number: 101049W
Chartered Accountants

per Arpit K. Patel

Partner
Membership Number: 34032
Place : Ahmedabad
Date: May 15, 2013

95
14th Annual Report 2012-2013

Consolidated Balance Sheet as at March 31, 2013

PARTICULARS Notes As at March 31, 2013 As at 31 March 2012
` in Crores ` in Crores
EQUITY AND LIABILITIES
SHAREHOLDERS' FUNDS
Share Capital 4 403.49 403.49
Reserves and Surplus 5 5,992.78 4,411.79
Sub Total 6,396.27 4,815.28
Minority Interest 142.31 134.88
NON-CURRENT LIABILITIES
Long-Term Borrowings 6 10,257.50 15,446.24
Deferred Tax Liabilities (Net) 7 552.97 1,520.32
Other Long Term Liabilities 8 586.99 618.73
Long-Term Provisions 9 104.25 136.12
Sub Total 11,501.71 17,721.41
CURRENT LIABILITIES
Short Term Borrowings 10 404.70 1,005.20
Trade Payables 11 174.22 402.52
Other Current Liabilities 12 2,140.34 1,575.86
Short-Term Provisions 9 300.05 260.92
Sub Total 3,019.31 3,244.50
Total 21,059.60 25,916.07
ASSETS
NON CURRENT ASSETS
Fixed assets
Tangible assets 13 11,217.93 17,045.05
Intangible assets 13 124.18 270.36
Capital work-in-progress 36 2,951.22 3,637.71
14,293.33 20,953.12
Goodwill on consolidation 40.35 1,112.52
Non-current investments 14 77.08 69.74
Deferred Tax Assets (net) 7 24.39 2.41
Loans and Advances 15 1,151.05 1,219.27
Trade Receivables 18 73.99 91.78
Other Non-Current Assets 19 299.91 481.05
Sub Total 15,960.10 23,929.89
CURRENT ASSETS
Current Investment 16 144.51 -
Inventories 17 97.95 69.10
Trade Receivables 18 728.28 302.22
Cash & Bank Balances 20 830.55 1,118.42
Loans and Advances 15 1,747.15 191.18
Other Current Assets 19 1,551.06 305.26
Sub Total 5,099.50 1,986.18
Total 21,059.60 25,916.07
Summary of significant accounting policies. 3.1

The accompanying notes are an integral part of the consolidated financial statements
As per our report of even date
For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director

per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah

Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

96
Consolidated Statement of Profit and Loss for the year ended March 31, 2013
PARTICULARS Notes For the Year For the Year
ended March 31, ended March 31,
2013 2012
` in Crores ` in Crores
Continuing operations
Revenue from Operations (net) 21 3,576.63 2,697.26
Other Income 22 264.44 51.50
Total Revenue 3,841.07 2,748.76
Expenses
Operating Expenses 23 912.86 673.52
Employee Benefits Expense 24 130.75 109.75
Other Expenses 25 157.04 167.38
Depreciation and Amortization Expense 13 421.97 315.93
Finance Costs 26 541.84 281.46
Total Expenses 2,164.46 1,548.04
Profit from ordinary activities before tax 1,676.61 1,200.72
Tax Expense:
- Current Tax (Including MAT) 387.42 254.33
- MAT Credit Entitlement (365.58) (242.17)
- Deferred Tax Charge 101.24 80.59
Profit After Tax from continuing operations (A) 1,553.53 1,107.97
Discontinuing operations
(Loss) from ordinary activities attributable to discontinued (369.09) (18.47)
operations before tax (Refer Note 41)
Tax Expenses:
- Current Tax 6.22 2.36
- Deferred Tax Charge / (Credit) (41.04) (5.54)
(Loss) after tax from ordinary activities attributable to discontinued (334.27) (15.29)
operations.
Gain on sale of discontinued operations (Refer Note 41) 419.57 -
Profit After Tax from discontinued operations (B) 85.30 (15.29)
Profit after tax for the year (A+B) 1,638.83 1,092.68
Add / (Less):- Share of minority shareholders in (profit) / (15.61) 9.39
loss of subsidiaries
Net Profit 1,623.22 1,102.07
Basic and Diluted Earning per Equity Share (in `) face
value of ` 2 each 27
- From continuing operations 7.68 5.58
- From total operations 8.10 5.50

Summary of significant accounting policies. 3.1

The accompanying notes are an integral part of the consolidated financial statements
As per our report of even date
For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director

per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah

Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

97
14th Annual Report 2012-2013

Consolidated Cash Flow Statement for the year ended March 31, 2013
For the Year ended For the Year ended
PARTICULARS March 31, 2013 March 31, 2012
(` in Crores) (` in Crores)
A. Cash Flow from Operating Activities
Net profit before tax (from Continuing Operations) 1,676.61 1,200.72
Profit / (Loss) from ordinary activities attributable to 50.48 (18.47)
discontinued operations before tax
Adjustments for :
Gain on sale of discontinued operations (419.57) -
Depreciation on Continuing operations 421.97 315.93
Depreciation on Discontinued operations 334.41 147.10
Sundry Balances written off (Net) - 4.37
Unclaimed liabilities / excess provision written back (1.40) (0.08)
Land Lease Income on Present Value Basis (52.49) (48.44)
Cost of Land Leased 2.57 1.13
Amortisation of Amounts Received under Long Term Land (28.96) (32.76)
Lease/ Infrastructure Usage Agreements
Interest Expense 489.41 381.87
Service Line Contribution amortized during the year (0.13) (0.22)
Unrealised Foreign Exchange (Gain) / Loss 8.88 (0.86)
Unrealised derivative (Gain) / Loss 9.85 97.75
Interest Income (108.52) (49.15)
Dividend Income from long term and current investments (7.50) (2.00)
(Profit)/Loss on sale of Fixed Assets 5.53 (0.95)
Operating Profit before Working Capital Changes 2,381.14 1,995.94
Adjustments for :
(Increase) in Trade Receivables (466.37) (226.54)
(Increase) in Inventories (28.85) (26.76)
Decrease / (Increase) in Other Non Current Assets 210.55 (319.33)
Decrease / (Increase) in Other Current Assets (273.03) (265.30)
(Increase) in Long term Loans and Advances (20.62) 85.44
(Increase) in Short term Loans and Advances (451.80) (178.15)
Increase in Provision (85.45) 1.98
Increase in Long term Trade Payables and Other Liabilities 2.78 0.82
Increase in Short term Trade Payables and Other Liabilities 484.25 383.99
Cash Generated from Operations 1,752.60 1,452.09
Direct Taxes (paid) / Refund (Net) (373.50) (252.38)
Net Cash from Operating Activities 1,379.10 1,199.71
B. Cash Flow from Investing Activities
Purchase/Construction of Fixed Assets (3,836.65) (4,559.99)
Investments made in Associates / Subsidiaries / Share application (7.34) (312.63)
paid (including acquisition from third parties)
Investment in discontinued operations - (8,472.75)
Investment in Mutual Funds (144.51) -
Inter-corporate deposit/ loans given (1,881.33) -
Inter-corporate deposit/ loans received back 418.03 8.00
Proceeds from / (Deposits in)Fixed Deposits with a maturity 692.01 (590.77)
period of more than 90 days (net)
Proceeds from sale of fixed assets 5.25 12.79
Dividend Income 7.50 2.00
Interest Received 57.24 37.32
Net Cash used in Investing Activities (4,689.80) (13,876.03)

98
 Consolidated Cash Flow Statement for the year ended March 31, 2013
For the Year ended For the Year ended
PARTICULARS March 31, 2013 March 31, 2012
(` in Crores) (` in Crores)
C. Cash Flow from Financing Activities
Capital contribution received 18.60 45.56
Minority Adjustment on conversion of Subsidiary to JV (26.64) -
Receipt of Long Term Borrowings 8,271.33 14,010.55
Repayment of Long Term Borrowings (including Debentures) (2,726.86) (710.99)
Receipt of Short Term Borrowings 1,811.70 3,022.23
Repayment of Short Term Borrowings (2,412.20) (2,728.35)
Inter-corporate deposit received 804.00 765.50
Inter-corporate deposit refund (804.00) (765.50)
Interest & Finance Charges Paid (474.07) (355.05)
Interest & Finance Charges Paid and Capitalised (163.25) (168.42)
Payment of Dividend and Dividend Distribution Tax (162.99) (149.87)
Service Line Contribution received 2.07 8.35
Government Grant received - 2.28
Net Cash Flow from/(used in) Financing Activities 4,137.69 12,976.29
D Exchange Difference arising on conversion debited to Foreign 73.42 -
Currency Translation Reserve
E Net Increase in Cash and Cash Equivalents (A+B+C+D) 900.41 299.97
F Cash and Cash Equivalents at start of the year 374.74 74.77
G Cash and Cash Equivalents on disposal of subsidiary (519.35) -
H Cash and Cash Equivalents at close of the year 755.80 374.74
I Components of Cash & Cash Equivalents
Cash and Cheques on Hand 0.69 0.08
Balances with Scheduled Banks
- On Current Accounts 135.43 318.42
- On Current Accounts Earmarked for unpaid dividend and 1.29 1.24
share application refund money
- On Fixed Deposit Accounts 618.39 55.00
J Cash and Cash Equivalents at close of the year (refer note 20) 755.80 374.74
Add:
Fixed Deposits pledged (restricted Cash) 48.94 276.11
Fixed Deposits with original maturity of more than 90 days 25.81 467.57
830.55 1,118.42
Notes:
1 The Cash Flow Statement has been prepared under the Indirect method as set out in Accounting Standard-
3 on Cash Flow Statements notified by Company Accounting Standard Rules, 2006
2 Previous year's figures have been regrouped where necessary to confirm to this year's classification.

As per our report of even date

For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director

per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah

Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

99
14th Annual Report 2012-2013

Notes to the Consolidated Financial Statements for the year ended March 31, 2013

1. Corporate information
Adani Ports and Special Economic Zone Limited (‘the Company’, ‘APSEZL’) (formerly known as Mundra
Port and Special Economic Zone Ltd.) is in the business of development, operations and maintenance of
port infrastructure and linked multi product SEZ and related infrastructure contiguous to Mundra port.
The initial port infrastructure facilities at Mundra including expansion thereof through development of
additional terminals and south port infrastructure facilities are developed pursuant to the concession
agreement with Government of Gujarat (GoG) and Gujarat Maritime Board (GMB) for 30 years effective
from February 17, 2001. The Company has expanded port infrastructure facilities through proposed
supplementary concession agreement, which will be effective till 2040, for coal terminal at Wandh,
Mundra with the right and authority to develop, design, finance, construct, operate and maintain the port
and related infrastructure. The said agreement is in the process of getting signed with GoG and GMB as
at the year end although the part of the Coal terminal at Wandh is recognised as commercially
operational w.e.f. February 1, 2011.
The Container terminal facilities (CT-1) initially developed by the Company was transferred under sub-
concession agreement between Mundra International Container Terminal Limited (MICTL) (erstwhile
Adani Container Terminal Limited) and APSEZL entered into, on January 7, 2003 wherein APSEZL has
given rights to MICTL to handle the container cargo for a period of 28 years i.e. up to February 17, 2031.
For the new container facilities developed as South Port (CT-3) has been agreed to be transferred to
Adani International Container Terminal Private Limited (AICTPL).
The Multi Product Special Economic Zone at Mundra and surrounding areas is developed by the
Company as per approval of Government of India vide their letter no. F-2/11/2003/EPZ dated April 12,
2006 as amended from time to time till date. The Company has also taken approval of Ministry of
Commerce and Industry to set up Free Trade and Warehousing Zone vide letter no. F.1/16/2011-SEZ dated
March 26, 2012.
The entities considered for consolidation and their nature of operations are as follows:
i) Adani Logistics Limited (ALL), a 100% subsidiary of APSEZL, has developed multi-modal cargo
storage-cum-logistics services through development of inland container depots at various
strategic locations and operates container trains on specific railway routes as per concession
agreement entered into with Ministry of Railways, Government of India.
ii) MPSEZ Utilities Private Limited (MUPL), is a 100% subsidiary of APSEZL, has developed
infrastructure including operation, development, maintenance, improvement, and extension of
utility services (including power distribution) of every description at Mundra Special Economic
Zone in Kutch district (Gujarat).
iii) Mundra SEZ Textile and Apparel Park Private Limited, a 51.41% subsidiary of APSEZL & 5.57%
investment held through ALL (a 100% subsidiary of APSEZL), has set up an integrated textile park
under the scheme of Ministry of Textiles, Government of India in Special Economic Zone at Mundra,
Kutch district (Gujarat).
iv) Karnavati Aviation Private Limited (KAPL – erstwhile Gujarat Adani Aviation Private Limited), a
100% subsidiary of APSEZL, is engaged in providing non scheduled (passenger) services through
its aircrafts.
v) Adani Petronet (Dahej) Port Private Limited (APPPL), a 74% subsidiary of APSEZL, has developed
port infrastructure facilities of bulk cargo at Dahej, (Gujarat).

100
vi) Adani Murmugao Port Terminal Private Limited, a 74% subsidiary of APSEZL, is in the process of
setting up coal handling terminal at Murmugao, Goa.
vii) Mundra International Airport Private Limited, a 100% subsidiary of APSEZL, has plan to set up air
cargo operations at Mundra, district Kutch (Gujarat).
viii) Adani Hazira Port Private Limited, a 100% subsidiary of APSEZL, has developed multi – cargo
terminal and related infrastructure at Hazira - Surat (Gujarat). The further expansion of port
facilities is under development.
ix) Hazira Infrastructure Private Limited, a step down subsidiary of APSEZL, a 100% subsidiary of Adani
Hazira Port Private Limited has plans to develop and construct rail corridor between Surat and
Hazira along with related infrastructure subject to approval by Railway Board and Government of
Gujarat.
x) Hazira Road Infrastructure Private Limited, a step down subsidiary of APSEZL, a 100% subsidiary of
Adani Hazira Port Private Limited has plan to develop and operate road and highway project subject
to approved of local authority, State Government and national highway authority of India.
xi) The Company has strategically acquired controlling interest in Adinath Polyfills Private Limited.
xii) Adani Abbot Point Terminal Holdings Pty Ltd (AAPTHPL), was 100% subsidiary of APSEZL up to
March 30, 2013. AAPTHPL is Holding 100% of Adani Abbot Point Terminal Pty Ltd.
xiii) Adani Abbot Point Terminal Pty Ltd, was step down subsidiary of APSEZL upto March 30, 2013, a
100% subsidiary of Adani Abbot Point Terminal Holdings Pty Ltd (earlier a 100% subsidiary of
Mundra Port Pty Ltd (MPPL) up to March 5, 2012) is operating X50 coal terminal with 50 Million
Tonnes capacity at Queensland, Australia.
xiv) Mundra Port Pty Ltd. was a 100% subsidiary of APSEZL upto March 30, 2013. APSEZ through sale of
Optionally Convertible Redeemable Preference Share of MPPL transferred majority of voting rights
in MPPL although it continues to hold legal ownership of MPPL equity shares. It is the 100% Unit
Holder of Mundra Port Holding Trust and also has 100% shares in Mundra Port Holding Pty Ltd, the
Trustee Company.
xv) Mundra Port Holding Pty Ltd was a step down subsidiary of APSEZL upto March 30, 2013 and a
100% subsidiary of Mundra Port Pty Ltd. The Company is a trustee to Mundra Port Holding Trust.
xvi) Mundra Port Holding Trust (Trust), held by Mundra Port Pty Ltd. The trust hold immovable asset of
X50 Coal Terminal at Abbot Point.
xvii) Adani Vizag Coal Terminal Pvt. Ltd., is a 100% subsidiary of APSEZL. The company is developing Port
facilities at East Quay for handling steam coal at Visakhapatnam Port.
xviii) Adani International Container Terminal Private Limited, is a 50% joint venture of APSEZL. The
Company is a special purpose entity incorporated to develop / acquire container terminal and
associated facility at Mundra South Zone. During the year, the holding of company reduce to 50%
on proportionate allotment of shares to joint venture partner and transfer of 1% holding to parent
Company, Adani Enterprises Ltd.
xix) Adani Kandla Bulk Terminal Pvt. Ltd., is a 51% subsidiary of APSEZL. The Company is developing a
Dry Bulk terminal off Tekra near Tuna outside Kandla Creek at Kandla Port.
xx) Adani Warehousing Services Pvt. Ltd., is a 100% subsidiary of APSEZL. The Company is formed to
provide warehousing / storage facilities and other related services.
xxi) Rajasthan SEZ Private Limited (RSEZ), was a 100% subsidiary of APSEZL up to February 9, 2013 was
engaged in the business establishing and developing Special Economic Zone and Industrial Estates
/ Parks in the state Rajasthan.

101
14th Annual Report 2012-2013

2. Principles of consolidation
The Consolidated financial statements relate to the Adani Ports Group which comprises the financial
statements of APSEZL and its subsidiaries, associates and joint venture as at March 31, 2013. In the
preparation of consolidated financial statements, investment in the subsidiaries, associates and joint
venture have been accounted for in accordance with Accounting Standard (AS) 21 - ‘Consolidated
Financial Statements’, AS 23 – ‘Accounting for Investments in Associates in Consolidated Financial
Statements’ and AS 27 - 'Financial Reporting of Interests in Joint Ventures', as notified accounting
standard by Companies Accounting Standards Rules, 2006 (as amended). Consolidated financial
statements have been prepared on the following basis:
i) Subsidiaries are fully consolidated from the date of acquisition and incorporation, being the date
on which the Group obtains control, and continues to be consolidated until the date that such
control ceases (including through voting rights). Subsidiaries have been consolidated on a line-by-
line basis by adding together the book values of the like items of assets, liabilities, income and
expenses after eliminating all significant intra-group balances and intra-group transactions. The
unrealized profits resulting from intra-group transactions that are included in the carrying amount
of assets are eliminated in full. Unrealized losses resulting from intra-group transactions that are
deducted in arriving at the carrying amount of assets are also eliminated unless cost cannot be
recovered.
ii) The excess of the cost to the Company of its investment in subsidiaries over the Company’s portion
of equity on the acquisition date is recognized in the financial statements as goodwill and is tested
for impairment annually. When there is excess of Company’s portion of equity of the Subsidiary
over the cost of the investment then it is treated as Capital Reserve.
iii) Minority interests represent the portion of profit or loss and net assets not held by the Group and
are presented separately in the statement of profit and loss and consolidated balance sheet,
separately from parent shareholders’ equity. Where accumulated losses attributable to the
minorities are in excess of their equity, in the absence of the contractual obligation on the
minorities, the same is accounted for by the Parent Company.
iv) Translation of the financial statements of non integral foreign subsidiaries for incorporation in the
consolidated financial statements have been done using the following exchange rates:
(a) Assets and liabilities have been translated by using the rates prevailing as on the date of the
balance sheet.
(b) Income and expense items have been translated by using the average rate of exchange
prevailing during the year, which approximates to the exchange rate prevailing at the
transaction date.
(c) Exchange difference arising on translation of financial statements of non integral operations
as specified above is recognised in the Foreign Currency Translation Reserve until the
disposal of net investment.
v) The difference of the proceed from disposal of investment in subsidiaries and the carrying amount
of its assets less liabilities as of the date of disposal is recognised in the consolidated statement of
profit and loss being the profit or loss on disposal of investment in subsidiary.
vi) Financial statements of the subsidiaries are prepared for the same reporting year as the parent
company using consistent accounting policies. As far as possible, the consolidated financial
statements have been prepared using uniform accounting policies, consistent with the Company’s

102
 stand-alone financial statements for like transactions and other events in similar circumstances
and are presented, to the extent possible, in the same manner as the Company's standalone
financial statements. Any deviation in accounting policies is disclosed separately.
vii) In case of associates where the Company has significant influence or hold directly or indirectly
through subsidiaries 20% or more of equity shares, investment in associates are accounted for
using equity method in accordance with AS 23 – ‘Accounting for Investments in Associates in
Consolidated Financial Statements’, as notified accounting standard by Companies Accounting
Standards Rules, 2006 (as amended). The Company accounts for its share in the change in the net
assets of the associates, post acquisition, after eliminating unrealized profits and losses resulting
from transactions between the Company and its associates in the statement of profit and loss. The
difference between the cost of investment in the associates and the share of net assets, at the time
of acquisition of shares in the associates, is identified in the financial statements as Goodwill or
Capital Reserve, as the case may be.
viii) In case of joint venture, the interest in the assets, liability, income and expense are consolidated
using proportionate consolidation method. Intra group balances, transactions and unrealized profit
/ losses are eliminated to the extent of companies proportionate share.
ix) The consolidated financial statements are prepared using uniform accounting policies for like
transactions and other events in similar circumstances and are presented in the same manner as
the Company's separate financial statements.
3. Basis of Preparation
The financial statements of the company have been prepared in accordance with generally accepted
accounting principles in India (Indian GAAP). The Company has prepared these financial statements to
comply in all material respects with the accounting standards notified under the Companies (Accounting
Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The
financial statements have been prepared on an accrual basis under the historical cost convention. The
accounting policies have been consistently applied by the Company.
3.1 Summary of Significant Accounting Policies
a) Use of estimates
The preparation of consolidated financial statements in conformity with Indian GAAP requires the
management to make judgments, estimates and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the management’s best knowledge of
current events and actions, uncertainty about these assumptions and estimates could result in the
outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future
periods.
b) Tangible Fixed Assets
i) Fixed assets are stated at cost net of accumulated depreciation and impairment losses, if any.
Cost comprises the purchase price, borrowing costs and any attributable cost of bringing the
asset to its working condition for its intended use. Borrowing cost relating to acquisition /
construction of fixed assets which take substantial period of time to get ready for its intended
use are also included to the extent they relate to the period till such assets are ready to be put
to use.
ii) Subsequent expenditure related to an item of fixed asset is added to its book value only if it
increases the future economic benefits from the existing asset beyond its previously assessed

103
14th Annual Report 2012-2013

standard of performance. All other expenses on existing fixed assets, including day-to-day
repair and maintenance expenditure and cost of replacing parts, are changed to the
consolidated statement of profit and loss for the period during which such expenses are
incurred.
iii) From accounting periods commencing on or after August 9, 2012, the Company adjusts
exchange differences arising on translation/settlement of long-term foreign currency
monetary items pertaining to the acquisition of a depreciable asset to the cost of the asset
and depreciates the same over the remaining useful life of the asset.
iv) Gains or losses arising from derecognition/ sale proceeds of fixed assets are measured as the
difference between the net disposal proceeds and the carrying amount of the asset and are
recognized in the consolidated statement of profit and loss when the asset is derecognized.
v) Insurance spares are capitalised as part of mother assets.
c) Expenditure on new projects and substantial expansion
Expenditure directly relating to construction / development activity (net of income, if any) is
capitalized. Indirect expenditure incurred during construction period is capitalized as part of the
indirect construction cost to the extent to which the expenditure is directly related to construction
or is incidental thereto. Other indirect expenditure (including borrowing costs) incurred during the
construction period which is not related to the construction activity nor is incidental thereto, is
charged to the consolidated statement of profit and loss.
d) Depreciation on tangible fixed assets
i) Depreciation on fixed asset is calculated on Straight Line Method (SLM) using the rates
arrived at based on the useful lives estimated by the management or those prescribed under
Schedule XIV to the Companies Act, 1956, whichever is higher. For assets stated in para (ii) to
(v) below, higher depreciation rate has been used based on the useful life estimated by the
management.
ii) Assets Estimated Useful Life
Leasehold Land Development, Marine Over the balance period of Concession
Structure and Dredged Channel Agreement or Sub-Concession Agreement and
proposed Supplementary Concession Agreement
with Gujarat Maritime Board.
Dredging Pipes - Plant and Machinery 1.5 Years
Nylon and Steel coated belt on Conveyor 4 Years and 10 Years respectively
- Plant and Machinery
Inner Floating and outer floating hose, 5 Years
String of Single Point Mooring - Plant
and Machinery
Fender, Buoy, Capstan installed at Jetty 5 - 15 Years
- Marine Structures
iii) Depreciation on individual assets costing up to ` 5,000 and mobile phones, included under
office equipments are provided at the rate of 100% in the month of purchase.
iv) Insurance spares, whose use is expected to be irregular, are depreciated prospectively over the
remaining useful lives of the respective mother assets.

104
 v) Depreciation on Fixed Assets, in case of non integral foreign operations, is calculated on SLM
basis over the estimated useful life of the assets as follow:
Assets Estimated Useful Life
Plant and Machinery 5 to 40 Years
Buildings 15 to 20 Years
Marine Assets 20 to 50 Years
Electric Installations 20 to 50 Years
Vehicles 6 Years
e) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in an amalgamation in the nature of purchase is their fair value as at the
date of amalgamation. Following initial recognition, intangible assets are carried at cost less
accumulated amortization and accumulated impairment losses, if any.
Intangible assets are amortized on straight line basis over their estimated useful lives as follows:
Intangible Assets Estimated Useful Life (Years)
Leasehold Land – Right to Use Over the balance period of Concession
Agreement or Sub-Concession Agreement and
proposed Supplementary Concession Agreement
with Gujarat Maritime Board.
Goodwill arising on the amalgamation of Over the balance period of Concession
Adani Port Limited Agreement computed from the Appointed Date
of the Scheme of Amalgamation i.e. 28 years.
Softwares 3 Years
License Fees paid to Ministry of Railway Over the license period of 20 years.
(MOR) for approval for movement of
Container Trains
Rights for expansion of existing assets Over the period of 5 years.
Right of use to develop and operate the port Over the balance period of Sub-Concession
facilities Agreement.
User agreements and customers relationships Over the period of 5 to 10 years.
Gains or losses arising from derecognition of an intangible asset are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognized in the
consolidated statement of profit and loss when the asset is derecognized.
The above also includes assets held by non-integral foreign operations.
f) Impairment of tangible and intangible assets
i) The company assesses at each reporting date whether there is an indication that an asset may
be impaired. If any indication exists, the company estimates the asset’s recoverable amount.
The asset's recoverable amount is the higher of the asset’s or cash generating unit's (CGU), net
selling price and value in use. The recoverable amount is determined for an individual asset,
unless the asset does not generate cash inflows that are largely independent of those from
other asset or groups of assets. Where the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is consider impaired and is written down to its recoverable
amount. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessment of the
time value of money and risks specific to the asset.

105
14th Annual Report 2012-2013

ii) After impairment, depreciation is provided on the revised carrying amount of the asset over its
remaining useful life.
g) Borrowing Costs
Borrowing cost includes interest & amortization of ancillary costs incurred in connection with the
arrangement of borrowings over the loan period.
Borrowing costs directly attributable to the acquisition or construction of an assets that takes
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost
of the respective assets. All other borrowing costs are charged to the consolidated statement of
profit and loss.
h) Leases
Where the Company is the lessee
Finance leases includes rights of use in leased land, which effectively transfer to the Company
substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at
the lower of the fair value and present value of the minimum lease payments at the inception of the
lease term and disclosed as leased assets. Lease payments are apportioned between the finance
charges and reduction of the lease liability so as to achieve a constant rate of interest on the
remaining balance of the liabilities. Finance charges are charged as expense in the consolidated
statement of profit and loss.
If there is no reasonable certainty that the Company will obtain the ownership by the end of the
lease term the capitalized leased assets is depreciated on a straight line basis over the shorter of
the estimated useful life of the asset or the lease term.
Leases, wherein the lessor effectively retains substantially all the risks and benefits of ownership of
the leased item, are classified as operating leases. Operating lease payments are recognized as an
expense in the consolidated statement of profit and loss on a straight-line basis over the lease
term.
Where the Company is the lessor
Leases includes rights to use in leased / sub leased land in which the Company transfers
substantially all the risks and benefits of ownership of the asset are classified as finance leases.
Assets given under a finance lease are recognized as a receivable at an amount equal to the net
investment in the lease. After initial recognition, lease rentals are apportioned between principal
repayment and interest income so as to achieve a constant periodic rate of return on the net
investment outstanding in respect of the finance lease. The principal amount received reduces the
net investment in the lease and interest is recognized as revenue. Initial direct costs such as legal
costs, brokerage costs, etc. are recognized immediately in the consolidated statement of profit and
loss.
Leases in which the company does not transfer substantially all the risks and benefits of ownership
of the asset are classified as operating leases. Assets subject to operating leases are included in
fixed assets. Lease income is recognized in the consolidated statement of profit and loss on a
straight-line basis over the lease term. Costs, including depreciation are recognized as an expense
in the consolidated statement of profit and loss. Initial direct costs such as legal costs, brokerage
costs, etc. are recognized immediately in the consolidated statement of profit and loss.
i) Investments
On initial recognition, all investments are measured at cost. The cost comprises purchase price and
directly attributable acquisition charges such as brokerage, fees and duties.

106
 Investments, which are readily realizable and intended to be held for not more than a year from the
date on which such investments are made, are classified as current investments. All other
investments are classified as long - term investments. Current investments are carried in the
financial statements at lower of cost and fair value determined on an individual investment basis.
Long - term investments are carried at cost. However, provision for diminution in value is made to
recognize a decline other than temporary in the value of investments.
On disposal of an investment, the difference between its carrying amount and net disposal
proceeds is charged or credited to the consolidated statement of profit and loss.
j) Inventories
Stores and Spares: Valued at lower of cost and net realizable value. Cost is determined on a moving
weighted average basis. Cost of stores and spares lying in bonded warehouse includes custom
duty accounted for on an accrual basis.
Net Realizable Value is the estimated current procurement price in the ordinary course of the
business.
k) Government Grant
Government Grants available to the enterprise are accounted where there is reasonable assurance
that the enterprise will comply with the conditions attached to them.
In accordance with the Accounting Standard 12 “Accounting for Government Grants”, grants in the
nature of promoter's contribution are credited to the Capital Reserve and shown under the head
Reserves & Surplus.
l) Initial Contribution for Services
Initial contribution received from consumers against services by the subsidiary company MPSEZ
Utilities Private Limited, are treated as capital receipt and accounted as Capital Reserve. During the
year, the subsidiary company has received ` Nil (Previous year ` 8.35 crores as contribution).
m) Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. The following specific recognition criteria
must also be met before revenue is recognised:
i) Port Operation Services
Revenue from port operation services including cargo handling, storage and rail
infrastructure are recognized on proportionate completion method basis based on service
performed. Revenue on take-or-pay charges are recognized for the quantity that is the
difference between annual agreed tonnage and actual quantity of cargo handled. The
amount recognised as a revenue is exclusive of service tax and education cess where
applicable.
Income in the nature of license fees / royalty is recognised as and when the right to receive
such income is performed as per terms and conditions of relevant agreement.
ii) Income from Long Term Leases
As a part of its business activity, the Company leases/ sub-leases land on long term basis to its
customers. In some cases, the Company enters into cancellable lease / sub-lease transaction,
while in other cases, it enters into non-cancellable lease / sub-lease transaction apart from
other criteria to classify the transaction between the operating lease or finance lease. The
Company recognises the income based on the principles of leases as per Accounting Standard

107
14th Annual Report 2012-2013

– 19, Leases and accordingly in cases where the land lease / sub-lease transaction are
cancellable in nature, the income in the nature of upfront premium received / receivable is
recognised on operating lease basis i.e. on a straight line basis over the period of lease / sub-
lease agreement / date of Memorandum of understanding takes effect over lease period and
annual lease rentals are recognised on an accrual basis. In cases where land lease / sub-lease
transaction are non-cancellable in nature, the income is recognised on finance lease basis i.e.
at the inception of lease / sub-lease agreement / date of Memorandum of understanding takes
effect over lease period, the income recognised is equal to the present value of the minimum
lease payment over the lease period (including non-refundable upfront premium) which is
substantially equal to the fair value of land leased / sub-leased. In respect of land given on
finance lease basis, the corresponding cost of the land and development costs incurred are
expensed off in the consolidated statement of profit and loss. In case of Subsidiary Mundra
SEZ Textile and Apparel Park Private Limited (MITAP), the upfront premium
received/receivable under Long Term Leases / Infrastructure Usage Agreement is recognized
as income pro-rata over the period of sub-lease agreement. (This income pertaining to MITAP
in the books of APSEZL constitutes 4.14% of the total unamortized amount under Long Term
Lease/Infrastructure Usage Agreements.)
iii) Income from Multi-modal Cargo Storage cum Logistics Services
Multi-modal and transportation income are recognized on the basis of proportionate services
provided as per the contractual terms.
iv) Non Scheduled Aircraft Services
Revenue from chartered services is recognized when the service is performed under
contractual obligations.
v) Utilities Services
Revenue is recognized as and when the service performed under contractual obligations and
the right to receive such income is established. Delayed payment charges are accounted as
and when received.
vi) Contract Revenue
Revenue from construction contracts is recognized on a percentage completion method, in
proportion that the contract costs incurred for work performed up to the reporting date stand
to the estimated total contract costs indicating the stage of completion of the project.
Contract revenue earned in excess of billing has been reflected under the head “Other Current
Assets” and billing in excess of contract revenue has been reflected under the head “Other
Current Liabilities” in the balance sheet. Full provision is made for any loss in the year in which
it is first foreseen.
Income from fixed price contract - Revenue from infrastructure development project /
services under fixed price contract, where there is no uncertainty as to measurement or
collectability of consideration is recognised based on milestones reached under the contract.
vii) Interest
Revenue is recognized on a time proportion basis taking into account the amount outstanding
and the applicable rate. Interest income on land leases is included under the head "Revenue
from operations" and other interest income is included under the head "Other income".
viii) Dividends
Revenue is recognized when the shareholders’ right to receive payment is established by the
balance sheet date.

108
n) Foreign Currency Translation
i) Initial Recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the
foreign currency amount the exchange rate between the reporting currency and the foreign
currency at the date of the transaction.
ii) Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items
which are carried in terms of historical cost denominated in a foreign currency are reported
using the exchange rate at the date of the transaction.
iii) Exchange Differences
a) Exchange differences arising on long-term foreign currency monetary items related to
acquisition of a fixed asset are capitalized and depreciated over the remaining useful life
of the asset.
b) Exchange differences arising on other long-term foreign currency monetary items are
accumulated in the “Foreign Currency Monetary Item Translation Difference Account”
and amortized over the remaining life of the concerned monetary item.
c) All other exchange differences are recognized as income or as expenses in the period in
which they arise.
For the purpose of (a) and (b) above, the company treats a foreign monetary item as “long-term
foreign currency monetary item”, if it has a term of 12 months or more at the date of its
origination. In accordance with MCA circular dated August 09, 2012, exchange differences for
this purpose, are total differences arising on long-term foreign currency monetary items for
the period. In other words, the company does not differentiate between exchange differences
arising from foreign currency borrowings to the extent they are regarded as an adjustment to
the interest cost and other exchange difference.
iv) Forward Exchange Contracts entered into to hedge foreign currency risk of an existing
asset/ liability
The premium or discount arising at the inception of forward exchange contracts and
recognised is amortized as an expense/ income over the life of the contract. Exchange
differences on such contracts, except the contracts which are long term foreign currency
monetary items, are recognized in the statement of profit and loss in the year in which the
exchange rates change. Any profit or loss arising on cancellation or renewal of forward
exchange contract is recognized as income or as expense for the period. Any gain/loss arising
on forward contracts which are long term foreign currency monetary items is recognized in
accordance with paragraph (iii) above.
v) Translation of integral and non-integral foreign operation
The assets and liabilities of a non-integral foreign operation are translated into the reporting
currency at the exchange rate prevailing at the reporting date. Their statement of profit and
loss are translated at exchange rates prevailing at the dates of transactions or weighted
average weekly rates, where such rates approximate the exchange rate at the date of
transaction. The exchange differences arising on translation are accumulated in the foreign
currency translation reserve. On disposal of a non-integral foreign operation, the
accumulated foreign currency translation reserve relating to that foreign operation is
recognized in the consolidated statement of profit and loss.

109
14th Annual Report 2012-2013

vi) Derivative transactions

The Company uses derivative financial instrument, such as principal only swap i.e. INR to
foreign currency to take advantage of lower interest rate of foreign currency loan. In
accordance with the ICAI announcement, derivative contracts, other than foreign currency
forward contracts covered under AS 11, are marked to market on a portfolio basis, and the net
loss, if any, after considering the offsetting effect of gain on the underlying hedged item, is
charged to the consolidated statement of profit and loss. Net gain, if any, after considering
the offsetting effect of loss on the underlying hedged item, is ignored.
In case of non integral foreign subsidiary companies:
Derivatives are initially recognised at fair value on the date a derivative contract is entered
into and are subsequently remeasured to their fair value at the end of each reporting period.
The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. The
Company designates certain derivatives as hedges of the cash flows of recognised assets and
liabilities ("cash flow hedges")
At inception, the Company documents the relationship between hedging instruments and
hedged items, as well as its risk management objective and strategy for undertaking various
hedge transactions. The company also documents its assessment, both at hedge inception
and on an ongoing basis, of whether the derivatives that are used in hedging transactions
have been, and will continue to be, highly effective in offsetting future cash flows of hedged
items.
The full fair value of a hedging derivative is classified as a non-current asset or liability when
the remaining maturity of the hedged item is more than twelve months, it is classified as a
current asset or liability when the remaining maturity of the hedged item is less than twelve
months.
o) Retirement and Other Employee Benefits
i) Provident fund and superannuation fund
Retirement benefits in the form of Provident Fund and Superannuation Fund Schemes are
defined contribution schemes and the contributions are charged to the consolidated
statement of profit and loss of the year when the contributions to the respective funds are
due. There are no other obligations other than the contribution payable to the respective
funds. If the contribution payable to the scheme for service received before the balance sheet
date exceeds the contribution already paid, the deficit payable to the scheme is recognized as
a liability.
ii) Gratuity
Gratuity liability is defined benefit obligation and is provided for on the basis of an actuarial
valuation on projected unit credit method made at the end of each financial year. The
Company has taken an insurance policy under the Group Gratuity Scheme with the Life
Insurance Corporation of India (LIC) to cover the gratuity liability of the employees and
amount paid/payable in respect of the present value of liability for past services is charged to
the consolidated statement of profit and loss every year.
iii) Leave Benefits
Short term compensated absences are provided for based on estimates. Long term
compensated absences are provided for based on actuarial valuation as at the end of the

110
 period. The actuarial valuation is done as per projected unit credit method. The company
presents the entire leave as a current liability in the balance sheet, since it does not have an
unconditional right to defer it's settlement for twelve month after the reporting date.
iv) Actuarial Gains/ Losses
Actuarial gains/losses are immediately taken to the consolidated statement of profit and loss
and are not deferred.
p) Income Taxes
Tax expense comprises of current and deferred tax. Current income tax is measured at the amount
expected to be paid to the tax authorities in accordance with the Income-Tax Act, 1961 enacted in
India and tax laws prevailing in the respective tax jurisdictions where the company operates. The
tax rate and tax laws used to compute the amount are those that are enacted or substantially
enacted, at the reporting date. Deferred income taxes reflects the impact of current year timing
differences between taxable income and accounting income for the year and reversal of timing
differences of earlier years. The Company is eligible and claims tax deductions available under
section 80IAB of the Income Tax Act, 1961. Some of the Subsidiaries are eligible for section 80IA
benefits.
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted
at the balance sheet date. In view of Company availing tax deduction under Section 80IAB / 80IA
of the Income Tax Act, 1961, deferred tax has been recognized in respect of timing difference,
which originates during the tax holiday period but reverse after the tax holiday period. Deferred tax
assets are recognized only to the extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets can be realized. In
situations where the company has carry forward unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognized only if there is virtual certainty supported by
convincing evidence that they can be realised against future taxable profits. At each balance sheet
date, unrecognized deferred tax assets of earlier years are re-assessed and recognized to the
extent that it has become reasonably certain that future taxable income will be available against
which such deferred tax assets can be realized.
The carrying amount of deferred tax assets are reviewed at each reporting date. The Company
writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably
certain or virtually certain, as the case may be, that sufficient future taxable income will be
available against which deferred tax asset can be realized. Any such write-down is reversed to the
extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient
future taxable income will be available.
Minimum alternate tax (MAT) paid in a year is charged to the consolidated statement of profit and
loss as current tax. The Company recognises MAT credit available as an asset only to the extent that
there is convincing evidence that the Company will pay normal income tax during the specified
period, i.e. the period for which MAT credit is allowed to be carried forward. In the year in which the
Company recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting
for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961, the said
asset is created by way of credit to the consolidated statement of profit and loss and shown as
“MAT Credit Entitlement.” The Company reviews the “MAT Credit Entitlement” asset at each
reporting date and writes down the asset to the extent the Company does not have convincing
evidence that it will pay normal tax during the specified period.

111
14th Annual Report 2012-2013

q) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable
to equity shareholders (after deducting preference share dividends and attributable taxes) by the
weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of shares outstanding during
the period are adjusted for the effects of all dilutive potential equity shares.
r) Provisions
A provision is recognized when the company has a present obligation as a result of past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not
discounted to their present value and are determined based on best management estimate
required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and adjusted to reflect the current best management estimates.
s) Segment Reporting Policies
i) Identification of segments:
The Company’s operating businesses are organized and managed separately according to the
nature of services provided, with each segment representing a strategic business unit that
offers different services, the risk and return profile of individual business unit, the
organisational structure and internal reporting system of the Group. The analysis of
geographical segments is based on the geographical location of the customers.
ii) Inter segment transfers:
The Company generally accounts for intersegment sales and transfers as if the sales or
transfers were to third parties at current market prices.
iii) Unallocated Items:
Includes general corporate income and expense items which are not allocated to any business
segment.
t) Cash and Cash equivalents
Cash and cash equivalents for the purpose of cash flow statement comprise of cash at bank and in
hand and short-term investments with an original maturity of three months or less.
u) Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the
control of the Company or a present obligation that is not recognized because it is not probable that
an outflow of resources will be required to settle the obligation. A contingent liability also arises in
extremely rare cases where there is a liability that cannot be recognized because it cannot be
measured reliably. The Company does not recognize a contingent liabilities but discloses it's
existence in the financial statement.

112
 (` In Crores)
4. Share capital March 31, 2013 March 31, 2012
Authorized shares
50,00,000 (Previous Year 50,00,000) Non Cumulative Redeemable 5.00 5.00
Preference Shares of ` 10 each
4,97,50,00,000 (Previous Year 4,97,50,00,000) Equity Shares of 995.00 995.00
` 2 each
1,000.00 1,000.00
Issued, subscribed and fully paid-up shares
28,11,037 (Previous Year 28,11,037) 0.01% Non-Cumulative 2.81 2.81
Redeemable Preference Shares of ` 10 each fully paid up
(Redeemable at a premium of ` 990 per Share on March 28, 2024).
2,00,33,94,100 (Previous Year 2,00,33,94,100) fully paid up Equity 400.68 400.68
Shares of ` 2 each.
Total issued, subscribed and fully paid-up share capital 403.49 403.49

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Preference Shares March 31, 2013 March 31, 2012
No. ` In Crores No. ` In Crores
At the beginning of the year 28,11,037 2.81 28,11,037 2.81
Outstanding at the end of the year 28,11,037 2.81 28,11,037 2.81
Equity Shares March 31, 2013 March 31, 2012
No. ` In Crores No. ` In Crores
At the beginning of the year 2,00,33,94,100 400.68 2,00,33,94,100 400.68
Outstanding at the end of the year 2,00,33,94,100 400.68 2,00,33,94,100 400.68

b. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of ` 2 per share. Each holder of
equity shares is entitled to one vote per share. The company declares and pays dividends in Indian
rupees. The final dividend recommended by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
For the current financial year 2012-13 the Company proposed a final dividend of ` 1.00 per share.
(For the previous financial year the Company declared and paid an Interim dividend of ` 0.30 per
share and proposed a final dividend of ` 0.70 per share).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
c. Terms of Non-cumulative redeemable preference shares
The Company has 28,11,037 outstanding 0.01 % Non-Cumulative Redeemable Preference Shares
('NCRPS') of ` 10 each issued at a premium of ` 990 per share. Each holder of preference shares has
a right to vote only on resolutions placed before the company which directly affects the right
attached to preference share holders. These shares are redeemable on March 28, 2024 at an
aggregate premium amount of ` 278.29 crores. The Company credits the redemption premium on

113
14th Annual Report 2012-2013

proportionate basis every year to Preference Share Capital Redemption Premium Reserve and
debits the same to Securities Premium Account as permitted by Section 78 of the Companies Act,
1956.
In the event of liquidation of the company the holder of NCRPS will have priority over equity shares
in the payment of dividend and repayment of capital.

d. Shares held by holding/ultimate holding company and/or their subsidiaries/associates

Out of equity shares issued by the company, shares held by its holding company, are as below:
(` In Crores)
March 31, 2013 March 31, 2012
Adani Enterprise Limited, the holding company 1,55,23,61,640 310.47 310.47
equity shares of ` 2 each fully paid (Previous year
1,55,23,61,640 equity share)

e. Aggregate number of bonus shares issued, during the period of five years immediately preceding the
reporting date: (` In Crores)

March 31, 2013 March 31, 2012

Equity shares allotted as fully paid bonus shares by 90.11 90.11
capitalization of securities premium and balance of profit and
loss carried forward in Financial Year 2007-08.

f. Details of shareholders holding more than 5% shares in the company

March 31, 2013 March 31, 2012
No. % Holding No. % Holding
in the Class in the Class
Equity shares of ` 2 each fully paid
Adani Enterprises Limited, holding 1,55,23,61,640 77.49% 1,55.23,61,640 77.49%
company
Non-Cumulative Redeemable Preference
Shares of ` 10 each fully paid up
Gujarat Ports Infrastructure and 3,09,213 11.00% 3,09,213 11.00%
Development Co. Ltd.
Priti G. Adani 5,00,365 17.80% 5,00,365 17.80%
Shilin R. Adani 5,00,364 17.80% 5,00,364 17.80%
Pushpa V. Adani 5,00,365 17.80% 5,00,365 17.80%
Ranjan V. Adani 5,00,455 17.80% 5,00,455 17.80%
Suvarna M. Adani 5,00,275 17.80% 5,00,275 17.80%
28,11,037 100.00% 28,11,037 100.00%

114
 (` In Crores)
5. Reserves and surplus March 31, 2013 March 31, 2012
Securities Premium Account
- Preference
Balance as per the last Consolidated Balance Sheet 166.98 180.89
Less: Transferred to Preference Share Capital Redemption (13.91) (13.91)
Premium Reserve
Closing Balance 153.07 166.98
- Equity
Balance as per the last Consolidated Balance Sheet 1,667.35 1,667.35
Closing Balance 1,667.35 1,667.35
Debenture Redemption Reserve
Balance as per the last Consolidated Balance Sheet 117.83 198.79
Less: Transferred to General Reserve (121.58) (127.95)
Add: Amount transferred from surplus balance in the consolidated 69.10 46.99
Statement of profit and loss
Closing Balance 65.35 117.83
Capital Redemption Reserve
Balance as per the last Consolidated Balance Sheet 1.12 0.98
Add: Amount transferred from surplus balance in the consolidated 0.14 0.14
statement of profit and loss
Closing Balance 1.26 1.12
Capital Reserve
Government Grant
Balance as per the last Consolidated Balance Sheet 22.83 20.55
Add : Government grant received during the year - 2.28
22.83 22.83
Initial Contribution for Services - MUPL
Balance as per the last Consolidated Balance Sheet 8.15 -
Add/(Less) : Contribution during the year (1.52) 8.35
Less : Transferred to consolidated statement of profit and loss (0.13) (0.20)
6.50 8.15
29.33 30.98
Preference Share Capital, Redemption Premium Reserve
Balance as per the last Consolidated Balance Sheet 111.32 97.41
Add : Transferred from Securities Premium Account 13.91 13.91
Closing Balance 125.23 111.32
Hedge Accounting Reserve
Balance as per the last Consolidated Balance Sheet (99.64) -
Add : Addition during the year (154.99) (99.64)
Less : Adjusted on account of sale of discontinued operations (254.63) -
Closing Balance - (99.64)
General reserve
Balance as per the last Consolidated Balance Sheet 499.87 254.19
Add: Amount transferred from surplus balance in the consolidated 175.42 117.73
Statement of profit and loss
Add : Transferred from Debenture Redemption Reserve 121.58 127.95
Closing Balance 796.87 499.87

115
14th Annual Report 2012-2013

(` In Crores)
March 31, 2013 March 31, 2012
Foreign Currency Translation Reserve
Balance as per the last Consolidated Balance Sheet (131.40) -
Add : Addition during the year (5.81) (131.40)
Less : Adjusted on account of sale of discontinued operations (137.21) -
Closing Balance - (131.40)
Foreign Currency Monetary Item Translation Difference Account
Balance as per the last Consolidated Balance Sheet (23.19)
Add : Addition during the year (67.80) (33.00)
Less : Amortised in statement of profit and loss account (30.55) (9.81)
Closing Balance (60.42) (23.19)
Surplus in the consolidated statement of profit and loss
Balance as per the last Consolidated Balance Sheet 2,070.57 1,366.20
Profit for the year 1,623.22 1,102.07
3,693.79 2,468.27
Less: Appropriations
Dividend on Preference Shares *- *-
Tax on Dividend on Preference Shares (including surcharge) *- *-
Interim Dividends on Equity Shares - 60.10
Tax on Interim Dividend (including surcharge) - 9.75
Proposed final dividend on Equity Shares 200.34 140.24
Tax on Final Dividend (including surcharge) 34.05 22.75
Transfer to Capital Redemption Reserve 0.14 0.14
Transfer to General Reserve 175.42 117.73
Transfer to Debenture Redemption Reserve 69.10 46.99
Net Surplus in the consolidated statement of profit and loss 3,214.74 2,070.57
* Figures being nullified on conversion to ` in crores.
Total reserves and surplus 5,992.78 4,411.79
Note:
In the current year the Company has provided dividend distribution tax of ` 34.05 crores (Previous Year
` 32.50 crores).
(` In Crores)
6. Long-term borrowings Non-current portion Current maturities
March 31, March 31, March 31, March 31,
2013 2012 2013 2012

Debentures
9,890 (Previous Year Nil) 10.50% Secured Non 989.00 - - -
Convertible Redeemable Debenture of ` 10,00,000
each (Redeemable at three annual equal
installments commencing from February 25, 2021)
(secured)

3,000 (Previous Year Nil) 11.2% Secured Non 300.00 - - -

Convertible Redeemable Debenture of ` 10,00,000
each (Redeemable at par on September 19, 2015)
(secured)

116
 (` In Crores)
Non-current portion Current maturities
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
7,600 (Previous Year Nil) 10.50% Secured Non 704.00 - 56.00 -
Convertible Redeemable Debenture of ` 10,00,000
each (Redeemable at 40 quarterly installments
commencing from December 27, 2012,
2 installments paid till March 31, 2013) (secured)
Nil (Previous Year 4,250) 7.50% Secured Non- - - - 425.00
Convertible Redeemable Debentures of ` 10,00,000
each (Redeemed at par on December 30, 2012)
(secured)
Nil (Previous Year 2,500) 8.75% Secured Non- - - - 46.30
Convertible Redeemable Debentures of `10,00,000
each (Redeemed on August 18, 2012) (secured)
Term loans
Foreign currency loans:
From banks (secured) 6,085.22 14,623.40 312.07 179.76
From banks (unsecured) 28.55 30.91 - 116.41
From other financial institutions (secured) 866.35 141.13 16.04 21.68
Rupee Term Loan from Banks (secured) 1,007.20 434.05 223.52 20.00
Rupee Term Loan from Banks (unsecured) 126.28 - 125.00 -
Suppliers bills accepted under foreign currency
letters of credit
From banks (secured) 150.90 216.75 132.36 304.37
From banks (unsecured) - - 58.62 -
10,257.50 15,446.24 923.61 1,113.52
The above amount includes
Secured borrowings 10,102.67 15,415.33 739.99 997.11
Unsecured borrowings 154.83 30.91 183.62 116.41
Amount disclosed under the head “other current - - (923.61) (1,113.52)
liabilities” (note 12)
Net amount 10,257.50 15,446.24 - -
1. Debentures amounting to ` 989.00 crores (Previous Year ` Nil) are proposed to be secured by first Pari-
passu charge on all the immovable and movable assets of Multipurpose Terminal (MPT), Terminal-II and
Container Terminal-II Project Assets of Company. At the reporting date creation of security is pending to
be completed.
2. Debentures amounting to ` 300.00 crores (Previous Year ` Nil) are secured by first Pari-passu charge on
all the immovable and movable assets of Multipurpose Terminal (MPT), Terminal -II and Container Terminal
- II Project Assets of the Company.
3. Debentures amounting to ` 760.00 crores (Previous Year ` Nil) are secured by exclusive mortgage and
charge on entire Single Point Mooring (SPM) facilities and the first charge over receivables from Indian Oil
Corporation Limited.
4. Debentures include Secured Non-Convertible Redeemable Debentures amounting to ` Nil (Previous Year
` 425.00 crores) were secured by first Pari-passu charge on all the immovable and movable assets of
Multipurpose Terminal (MPT), Terminal-II and Container Terminal- II Project Assets.

117
14th Annual Report 2012-2013

5. Debentures include Secured Non-Convertible Redeemable Debentures aggregating to ` Nil (Previous

Year ` 46.30 crores) were secured by exclusive mortgage and charge on entire Single Point Mooring
(SPM) facilities the first charge over receivables from Indian Oil Corporation Limited.
6. Foreign currency loan from banks aggregating to ` Nil (Previous Year ` 1.93 crores) carried interest @ 6M
Libor plus 62.5 basis point. The loan was secured by exclusive charge on the Cranes procured under the
facility.
7. Foreign currency loan from banks aggregating to ` 132.56 crores (Previous Year ` 151.42 crores) carries
interest @ 6M libor plus basis point in range of 165 to 315. The loan is repayable in 6 Quarterly installments
of approx ` 22.09 crores from the balance sheet date. The loan is secured by exclusive charge on the
Dredgers procured under the facility.
8. Foreign currency loan from banks aggregating to ` 71.93 crores (Previous Year ` 89.23 crores) carries
interest @ 6M Euribor plus 140 basis point. Further, out of the above loan ` 22.91 crores is repayable in 7
semiannual installments of ` 3.27 crores, ` 49.03 crores is repayable in 8 semiannual installment of ` 6.13
crores from the balance sheet date. The loan is secured by exclusive charge on the Dredgers procured
under the facility.
9. Foreign currency loan aggregating to ` 291.69 crores (Previous year ` 268.73 crores) carries interest @ 6M
Euribor plus 95 basis point. The loan is repayable in 19 semiannual installments of approx ` 15.35 crores
from the date of balance sheet. The loan is secured by exclusive charge on the Dredgers procured under
the facility.
10. Foreign Currency loan from banks aggregating to ` 53.74 crores (Previous Year ` 63.31 crores) carries
interest @ 6M Libor plus 225 basis point. The loan is repayable in 16 quarterly installments of ` 3.36 crores
from the March 31, 2013. The loan are secured by exclusive charge on the dredgers purchase under the
facility and is further secured of second pari passu charge on the entire movable and immovable fixed
assets pertaining to Multipurpose Terminal (MPT), Terminal -II and Container Terminal - II Project Assets
and SPM.
11. Foreign currency loan from banks aggregating to ` 135.79 crores (Previous year ` 148.61 crores) carries
interest @ 6M Euribor plus 75 basis point. The loan is repayable in 18 semi annually installments of ` 7.54
crores from the balance sheet date. The loan are secured by exclusive charge on the Cranes procured
under the facility.
12. Foreign Currency loans from Banks aggregating to ` 1,761.55 crores (Previous Year `1,688.16 crores) is
secured by the first pari passu charge on all the immovable and movable assets pertaining to Multipurpose
Terminal (MPT), Terminal -II and Container Terminal - II Project Assets of the company. Further, out of the
above loan as aggregating to ` 526.56 crores are repayable in 21 Quarterly installments of approx ` 25.07
crores from the balance sheet date carries interest @ 3M Libor plus Basis point in range of 300 to 380,
` 814.28 crores are repayable in 3 annual installment of ` 271.43 crores starting repayment year 2014-15,
` 203.57 crores are repayable in 15 semi-annual installments of ` 13.57 crores from the date of the balance
sheet. The balance amount of ` 217.14 crores (Previous Year ` 204.63 crores) is bullet repayable on
maturity of the loan in 2016 and which carries interest @ 6M Libor plus Basis point in range of 300 to 380.
13. Foreign currency loan from banks aggregating to ` 271.43 crores (Previous year ` 255.78 crores) are
secured by first pari pasu charge on all the movable and immovable assets pertaining to Coal Terminal
project assets at Wandh and carries interest @ 3M Libor plus Basis point in range of 310 to 380. These
loans are repayable in 24 quarterly installments of approx ` 11.31 crores from the balance sheet date.
14. Foreign currency loans from banks aggregating to ` 1,628.56 crores (Previous year ` 1,406.80 crores)
carries interest @ 1M Libor plus basis point in range of 310 to 370, is repayable in 3 equal installments of
` 180.95 crores and ` 361.90 crores each starting repayment year 2015-16 and 2016-17 respectively.
These loans are secured by first pari pasu charge on all the movable and immovable assets pertaining to
Coal Terminal at Wandh and specific charge over land admeasuring to 175 hectares.

118
15. Foreign currency loans from banks aggregating to ` 141.23 crores (Previous Year ` 170.83 crores) carries
interest @ 4.6% p.a. Out of these loans, ` 64.79 crores are repayable in 16 semiannual installments of
approx ` 4.05 crores, ` 23.71 crores are repayable in 17 semiannual installments of ` 1.39 crores, ` 26.24
crores are repayable in 18 semiannual installments of ` 1.46 crores, ` 26.50 crores are repayable in 19
semiannual installments of ` 1.39 crores from the date of balance sheet.
Suppliers bills accepted under foreign currency letter of credit from banks aggregating to ` Nil (Previous
Year ` 76.53 crores) were carrying interest @ 6M Libor plus basis point in range of 100 to 325.
These loans are secured by exclusive charge on the individual Tug procured under the facility.
16. Foreign currency loans from other financial institutions aggregating to `217.14 crores (Previous year ` Nil)
carries interest @ 6M Libor plus basis point in range of 300 to 330. The loan is repayable in 32 quarterly
installments of approx. ` 6.79 crores from the March 31, 2013 and the same are secured by first Pari-passu
charge on all the immovable and movable assets of Multipurpose Terminal (MPT), Terminal-II and
Container Terminal - II Project Assets.
17. Foreign currency loans from bank aggregating to ` 217.14 crores (Previous year ` Nil ) are proposed to be
secured first pari passu charge on all the movable and immovable assets pertaining to Coal Terminal at
Wandh and carries interest @ 6M Libor Plus Basis point in range of 260 to 300. The Loan is repayable on
maturity in 2017-18. At the reporting date such security is pending to be completed.
18. Rupee term loan from bank aggregating to ` 120 crores (Previous year ` Nil) is secured by first pari pasu
charge on all the movable assets pertaining to agripark project assets and security creation on immovable
assets on agri park project assets is pending to be executed by the Company carries interest @ 10.25% p.a.
The loans are repayable in 24 quarterly installments of approx ` 5.00 crores from December, 2013.
19. Rupee term loan amounting to ` 500.00 crores (Previous Year ` Nil) are proposed to be secured by
exclusive charge on land. The loan is repayable in 14 semi annual installment from September 30, 2013. At
the reporting date such security is pending to be completed.
20. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` Nil (Previous
year ` 148.88 crores) carries interest @ 6M Libor plus basis point in range of 110 to 350. The same were
secured against subservient charge on movable fixed assets and current assets except those secured by
exclusive charge in favor of other lenders.
21. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 14.86 crores
(Previous Year ` 53.60 crores); carries interest @ 6M Libor plus basis point in range of 100 to 310 which is
repayable on maturity in 2014-15. The loan is secured against exclusive charge on the goods, materials,
assets acquired or procured under the facility
22. Suppliers bills accepted under foreign Currency Loan from banks aggregating to ` Nil (Previous Year
` 25.36 crores) carries interest @ 6M Libor plus basis points in range of 25 to 140. Further, these loans
were secured by First Charge on goods procured under the facility and second pari pasu charge on the
entire movable and immovable fixed assets pertaining to Multipurpose Terminal (MPT), Terminal-II and
Container Terminal - II Project Assets and SPM.
23. Suppliers bills accepted under foreign currency letters of credit aggregating to ` 55.37 crores (Previous
Year ` Nil) carries interest @ 6M Libor plus basis point in range of 100 to 200 repayable in 2014-15. The
loan is secured against exclusive charge on assets purchased under the facility.
24. Term loan taken by the subsidiaries includes:-
i) Loans from banks including foreign currency term loan amounting to ` 226.90 crores (Previous Year
` 231.74 crores), rupee term loan ` 298.31 crores (Previous Year ` 314.17 crores) and suppliers bills
accepted under foreign currency letter of credit amounting to ` 102.90 crores (previous year ` 105.70
crores) taken by Adani Petronet (Dahej) Port Private Limited are secured on pari passu basis by first
mortgage of all the immovable assets of the Company, both present and future and are further
secured by hypothecation of movable assets, both present and future of the Company. Of the above
loans, Indian Rupee loan carries interest @ SBIPLR plus 1.75% p.a. The loan is repayable in 16 quarterly
installments of ` 5.00 crores each and 24 quarterly installments of ` 17.50 crores; Foreign currency
loans carries interest in the range of libor plus basis point in range of 375 to 500. The loans are
119
14th Annual Report 2012-2013

repayable in 40 quarterly installments each along with interest; suppliers bills accepted under
foreign currency letter of credit carries interest in the range of libor plus 100 to 200 basis points.
ii) Foreign currency loans from banks amounting to ` 116.71 crores (previous year ` 128.91 crores ) and
Foreign Currency Loans from financial institutions amounting to ` 74.54 crores (previous year ` 83.62
crores) taken by Adani Logistics Limited are secured by equitable mortgage of immovable properties
of the Company and first charge by way of hypothecation of all movable assets and intangible assets
and assignment of book debt , revenues and receivable of the Company. Of the above loans, the
foreign currency loans from banks amounting to `116.17 crores (previous year ` 128.91 crores) are
repayable on quarterly installment basis with interest becoming payable on last date of each quarter
upto September 30, 2016; the foreign currency loans from financial institutions amounting to ` 74.54
crores (previous year ` 83.62 crores) is repayable on quarterly basis upto June 21, 2018 and is being
paid on 21st of last month of each quarter.
iii) Foreign currency term loans from financial institutions amounting to ` 75.22 crores (previous year
` 79.23crores) taken by Karnavati Aviation Private Limited carries interest @ of libor plus 4.25%. The
Loan is repayable in 20 half yearly installments along with interest from the date of loan. The loan is
secured by hypothecation of Aircraft Challenger 605.
Foreign currency term loans from banks amounting to ` 119.98 crores (previous year ` Nil) taken by
Karnavati Aviation Private Limited carries interest @ of libor plus 325 basis point. The Loan is
repayable in 20 half yearly installments along with interest from the date of loan. The loan is secured
by hypothecation of Aircraft Legacy 650.
iv) Loans from banks taken by Adani Hazira Port Private Limited includes foreign currency loan
amounting to ` 1404.30 crores (previous year ` 306.94 crores), rupee term loans amounting to
` 100.00 crores (previous year ` 100.00 crores) and suppliers bills accepted under foreign currency
letter of credit amounting to ` 62.12 crores (previous year ` 57.68 crores). Of the above loans, foreign
currency loan carries interest @ libor plus 205 to 455 basis points, is repayable in 28 structured
quarterly installments starting June 30, 2014; Rupee term loans carries interest @ 11% to 12% p.a. is
repayable in 44 quarterly installments, starting from one year from Commercial Operation Date
(COD) not later than June 30, 2014. These loans are secured by first ranking pari-passu charge on all
movable (other than core assets) and immovable assets of the Company and all revenues &
receivables from the project; the suppliers bills accepted under foreign currency letter of credit are
carries interest in range of 1% of 3.5 %. The facility is secured by exclusive charge on underlying assets
purchased under the facility.
v) Loans from banks taken by Adani Murmugoa Port Terminal Private Limited includes rupee term loans
amounting to ` 39.89 crores (previous year ` 39.89 crores) and suppliers bills accepted under foreign
currency letter of credit amounting to ` 48.00 crores (previous year ` 41.64 crores). Of the above,
rupee term loans carries interest @ 10% p.a. which is payable on monthly basis. The loan is repayable
in 32 equal quarterly installments starting from June 30, 2014. These term loans are secured by a first
mortgage and charge on immovable property of the company and first charge by way of
hypothecation of all movable assets, intangible assets, assignment of book debt, operating cash
flows, revenues and receivables of project and by pledge of equity shares aggregating to 30% of paid
up share capital of the Company; Suppliers bill are secured by exclusive charge on underlying assets
purchased under the facility and carries interest of libor plus 200 basis points and accepted by banks
with a term of three years.
vi) Loans from banks taken by Adani International Container Terminal Pvt Ltd includes foreign currency
term loan aggregating to ` 203.57 crores (Previous year ` Nil) carries interest @ 6M libor plus 460
basis point. The same are repayable in 5 structured annual installments.
The facility is secured by first ranking pari-passu charge on all movable and immovable assets of the
Company and all future revenues & receivables from the project.

120
 Foreign currency term loan from banks aggregating to ` 135.71 crores (Previous year - ` Nil) carries
interest @ 6M libor plus 450 basis point. The same are repayable in 38 structured quarterly
installments.
The facility is secured by first ranking pari-passu charge on all movable and immovable assets of the
Company and all future revenues & receivables from the project.
Suppliers Credit facilities aggregating to ` 172.52 crores (Previous year ` 11.73 crores) from banks are
secured by hypothecation of machinery, equipment and other movable assets purchased under the
facility. Letter of Credit carries interest in range of 0.50% to 2.00%.
vii) Foreign currency term loans from banks amounting to ` Nil (previous year ` 4,069.81 crores) taken
by Mundra Port Pty Ltd (MPPL) carries interest rate libor plus 2.80%, the loan is repayable from
March 27, 2016 in 12 quarterly installments. These loans are secured by:-
a) Subservient charge on movable assets of Adani Ports and Special Economic Zone Ltd on
standalone basis, India excluding assets on which exclusive charge has been given in favour of
existing lenders and land, but including current assets of the Company.
b) Second charge on beneficial interest in Mundra Port Holding Trust held by MPPL, shares of
Mundra Port Holding Pty Limited held by MPPL and pledge of shares over Adani Abbot Point
Terminal Pty Limited held by Adani Abbot Point Terminal Holdings Pty Ltd.
c) Featherweight floating charge over all other property of MPPL.
viii) Foreign currency term loans from banks amounting to ` Nil (previous year ` 5,820.94 crores) taken
by Adani Abbot Point Terminal Holdings Pty Ltd (AAPTHPL) and it's subsidiary company, carries
interest rate BBSY plus 2.75%, the loan is repayable from September 30, 2014 in 10 quarterly
installments. These loans are secured by the first ranking charge in favour of Security Trustee over all
of the assets and undertakings and distribution account of AAPTHPL and of the Trust, the limited
recourse share mortgage granted by APSEZL, to the security trustee in respect of all of the shares in
AAPTHPL and the first ranking limited recourse unit mortgage granted by MPPL to the security
trustee in respect of all of the units in the Trust and over all of the shares in Mundra Port Holdings Pty
Limited. (` In Crores)
7. Deferred tax March 31, 2013 March 31, 2012
Deferred tax liability
Fixed assets: Impact of difference between tax depreciation 628.88 1,560.04
and depreciation/amortisation charged for the financial
reporting post tax holiday period
628.88 1,560.04
Deferred tax Assets
Unabsorbed depreciation / business loss 100.23 42.05
Others 0.07 0.07
100.30 42.13
Net deferred tax liability 528.58 1,517.91
Note:
Disclosure in Consolidated Balance Sheet is based on entity
wise recognition, as follows:
Deferred tax Liabilities 552.97 1,520.32
Deferred tax Assets 24.39 2.41
Net deferred tax liability 528.58 1,517.91
In entities where deferred tax assets comprising of unabsorbed depreciation, carry forward losses and the
timing differences of depreciation and other differences in block of fixed assets, the net deferred tax
assets have been recognised in case in the opinion of the management, there is virtual certainty that
sufficient future taxable income are available against which deferred tax assets can be realised evidenced
by cargo/ service orders at the reporting date.
121
14th Annual Report 2012-2013

(` In Crores)
8. Other long-term liabilities March 31, 2013 March 31, 2012
Advance from customers 24.66 28.25
Deposits from customers 42.13 42.51
Unearned Income under Long Term Land Lease/ 519.01 547.97
Infrastructure Usage Agreements
Capital Creditors, retention money and other payables 1.19 -
586.99 618.73

(` In Crores)
9. Provisions Long Term Short Term
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Provision for employee benefits
Provision for gratuity 0.21 0.08 1.63 0.97
Provision for compensated absences 0.41 - 7.45 5.87
0.62 0.08 9.08 6.84
Other provisions
Proposed equity dividend - - 200.34 140.24
Provision for tax on proposed equity dividend - - 34.05 22.75
Proposed preference dividend - - *- *-
Provision for tax on proposed preference dividend - - *- *-
Provision for Income Tax (Net of advance tax) - - 43.87 23.73
Provision for Derivative Losses (Mark to market) 103.63 136.04 0.92 54.48
Provision for Operational Claims (Refer note below) - - 11.79 12.88
103.63 136.04 290.97 254.08
104.25 136.12 300.05 260.92
* Figures being nullified on conversion to ` in crores.

(` In Crores)
Description Opening Balance Additions during Utilization during Closing Balance
the year the year
Operational Claims 12.88 6.35 7.44 11.79
(11.68) (1.75) (0.55) (12.88)
Previous year figures are in bracket

Note: Operational Claims are the expected claims against outstanding receivables made/to be made by
the customers towards shortages of stock, handling losses, damages to the cargo, storage and other
disputes. The probability and the timing of the outflow / adjustment with regard to above depends on the
ultimate settlement / conclusion with the respective customer.

122
 (` In Crores)

10. Short-term borrowings March 31, 2013 March 31, 2012

Suppliers bills accepted under foreign currency letters of 144.70 200.56
credit issued by Banks (secured)
Suppliers bills accepted under foreign currency letters of - 4.33
credit issued by Banks (unsecured)
Short Term Loan from Banks (secured) - 350.00
Short Term Loan from Banks (unsecured) - 250.00
Commercial Paper (unsecured) 250.00 200.00
Others (unsecured) 10.00 0.31
404.70 1,005.20
The above amount includes
Secured borrowings 144.70 550.56
Unsecured borrowings 260.00 454.64

1. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 19.60 crores
(Previous Year ` 9.88 crores) carries interest @ 6M Libor plus basis point in range of 100 to 175 which are
repayable on maturity in 2013-14. The loan is secured against exclusive charge on assets purchased under
the facility.
2. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 48.80 crores
(Previous year ` 146.20 crores) carries interest @ 6M Libor Plus basis point in range of 90 to 190 which are
repayable on maturity in 2013-14. The loan is secured against exclusive charge on assets purchased under
the facility.
3. Suppliers bills accepted under foreign currency letters of credit aggregating to ` Nil (Previous Year ` 4.93
crores) carries interest @ 6M Libor plus basis points in range of 25 to 140. Further, these loans were
secured by first charge on goods procured under the facility and second pari pasu charge on the entire
movable and immovable fixed assets pertaining to Multipurpose Terminal (MPT), Terminal -II and
Container Terminal - II Project Assets and SPM.
4. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 66.80 crores
(Previous year ` 30.20 crores) carries interest @ 6M Libor plus basis point in range of 65 to 170 and 1 year
Libor plus basis point in range of 100 to 225 which is repayable on maturity in 2013-14. The loan is secured
against subservient charge on movable fixed assets and current assets except those secured by exclusive
charge in favor of other lenders.
5. Suppliers bills accepted under foreign currency letters of credit from banks aggregating to ` 9.50 crores
(Previous Year ` 9.35 crores); carries interest @ 6M Libor plus basis point in range of 100 to 185 which is
repayable on maturity in 2013-14. The loan is secured against exclusive charge on the goods, materials,
assets acquired or procured under the facility.
6. Short Term loan aggregating to ` Nil (previous year ` 350.00 crores) were secured by first pari pasu
charge on Multi Purpose Terminal, Terminal II, Container Terminal II, project assets of the Company.
Further, short term loan aggregating to ` Nil (previous year ` 500,00 crores) from bank were secured by
first pari passu charge on all assets pertaining to Multi Purpose Terminal, Terminal - II and Container
Terminal - II Project assets of the Company and were further secured by a second charge on assets
pertaining to the SPM Project.

123
14th Annual Report 2012-2013

(` In Crores)

11. Trade payables March 31, 2013 March 31, 2012

Trade payables (includes dues to micro, small and medium 174.22 402.52
` 0.15 crores (Previous year ` 0.11 crores))
174.22 402.52

(` In Crores)
12. Other current liabilities March 31, 2013 March 31, 2012
(a) Current maturities of long-term borrowings (secured) 739.99 997.11
(refer note 6)
(b) Current maturities of long-term borrowings (unsecured) 183.62 116.41
(refer note 6)
(c) Interest accrued but not due on borrowings 70.73 55.39
#
(d) Unclaimed dividend
- Equity share 0.82 0.76
- Preference share *- *-
(e) Application money received for allotment of securities 0.47 0.48
pending refund to applicants#
(f) Unearned revenue 33.57 25.34
(g) Current maturities of Unearned Income under Long Term 31.39 31.39
Land Lease/ Infrastructure Usage Agreements
(h) Other liabilities:
Advance towards sale of assets (Including payable ` 293.67 630.08 -
crores)**
Advance from customers 55.89 57.91
Deposits from customers 34.62 11.89
Obligations under leasehold land 6.88 6.81
Statutory Liabilities 15.89 12.68
Capital creditors, retention money and other payable 336.00 259.64
Book overdraft 0.39 0.05
2,140.34 1,575.86
* Figures being nullified on conversion to ` in crores.
# Not due for credit to "Investors Education & Protection Fund”
** Advance received / payable to Adani International Container Terminal Pvt. Ltd. (AICTPL) towards asset
held for sale.

124
 NOTE : 13 FIXED ASSETS ( ` In Crores)

Sr. Particulars Gross Block (At Cost) Depreciation / Amortisation Net Block
No. As at Additions Deductions/ Deduction For Other Adjustments As at Up to For For Deduction/ Deduction Up to As at As at
01-04-2012 Adjustments on Sale Translation Exchange Borrowing 31-03-2013 01-04-2012 the year Translation Adjustments on Sale 31-03-2013 31-03-2013 31-03-2012
Adjustments Differences Cost Adjustments
INTANGIBLE ASSETS
1 Goodwill 78.59 - - - - - - 78.59 25.29 2.81 - - - 28.10 50.49 53.30
2 Software 25.94 5.98 - - - - - 31.92 20.53 3.44 - - - 23.97 7.95 5.41
3 Liscense Fees - Indian Railways 50.00 - - - - - - 50.00 11.25 2.50 - - - 13.75 36.25 38.75
4 User Agreement and customer relationships 152.93 - - (163.64) 10.71 - - - 8.30 10.53 0.71 - (19.54) - - 144.63
5 Right for the expansion of existing assets 26.46 - - (28.32) 1.86 - - - 4.41 5.59 0.38 - (10.38) - - 22.05
6 Rights of use in Leased land (refer note iv 7.00 1.29 (0.51) - - - - 7.78 0.78 0.69 - - - 1.47 6.31 6.22
below)
7 Right of use to develop and operate the port - 23.35 - - - - - 23.35 - 0.17 - - - 0.17 23.18 -
facilities
Sub Total 340.92 30.62 (0.51) (191.96) 12.57 - - 191.64 70.56 25.73 1.09 - (29.92) 67.46 124.18 270.36
TANGIBLE ASSETS
8 Leasehold Land 33.72 3.88 - (19.67) 1.35 (0.02) - 19.26 1.20 0.82 0.01 - (0.36) 1.67 17.59 32.52
9 Land Development Cost on Leasehold Land 111.12 105.31 (2.06) - - 0.63 1.00 216.00 21.59 5.82 - - - 27.41 188.59 89.53
10 Freehold Land 564.88 33.02 (0.09) - - - - 597.81 - - - - - - 597.81 564.88
11 Buildings 3,635.14 504.40 (0.04) (2,665.94) 180.95 68.91 26.37 1,749.79 121.81 112.90 3.15 - (110.55) 127.31 1,622.48 3,513.33
12 Marine Structures 3,706.71 521.05 (0.74) (2,389.10) 164.99 65.00 33.36 2,101.27 216.25 137.53 3.79 - (107.78) 249.79 1,851.48 3,490.46
13 Dredged Channels 873.22 409.65 - - - 41.13 19.14 1,343.14 144.23 39.79 - - - 184.02 1,159.12 728.99
14 Tugs & Boats 585.82 355.01 (0.67) - - 20.50 0.40 961.06 90.31 57.66 - (0.28) - 147.69 813.37 495.51
15 Railway Tracks 250.27 120.14 - - - 22.49 7.29 400.19 69.74 14.69 - - - 84.43 315.76 180.53
16 Plant and Machinery 7,413.19 1,338.37 (66.84) (5,527.75) 373.29 86.20 39.03 3,655.49 485.03 325.68 6.93 (4.52) (253.57) 559.55 3,095.94 6,928.16
17 Project Assets 1,043.76 423.41 - - - 44.20 31.13 1,542.50 314.39 122.98 - - - 437.37 1,105.13 729.37
18 Aircrafts 179.62 148.22 - - - 4.23 - 332.07 28.27 10.95 - - - 39.22 292.85 151.35
19 Wagons 82.47 - - - - - - 82.47 15.26 3.92 - - - 19.18 63.29 67.21
20 Office Equipment 14.39 2.79 (0.02) - - - - 17.16 4.09 0.74 - - - 4.83 12.33 10.30
21 Furniture & Fixtures 17.70 2.23 (0.02) - - - - 19.91 8.22 1.31 - (0.02) - 9.51 10.40 9.48
22 Computer Hardware 33.68 20.62 (0.06) - - 2.02 0.44 56.70 13.59 6.70 - (0.03) - 20.26 36.44 20.09
23 Vehicles 41.87 8.59 (1.30) (1.51) 0.10 - - 47.75 8.53 4.88 0.02 (0.57) (0.46) 12.40 35.35 33.34

Sub Total 18,587.56 3,996.69 (71.84) (10,603.97) 720.68 355.29 158.16 13,142.57 1,542.51 846.37 13.90 (5.42) (472.72) 1,924.64 11,217.93 17,045.05

Total 18,928.48 4,027.31 (72.35) (10,795.93) 733.25 355.29 158.16 13,334.21 1,613.07 872.10 14.99 (5.42) (502.64) 1,992.10 11,342.11 17,315.41

Previous Year 7,421.65 10,232.51 12.53 - 878.18 188.02 220.65 18,928.48 1,070.80 537.07 5.90 0.70 - 1,613.07 17,315.41

Notes:
i) Freehold Land includes land development cost of ` 10.20 crores (Previous Year ` 10.20 crores)
ii) Plant and Machinery includes cost of Water Pipeline amounting to ` 6.65 crores (Gross) (Previous Year ` 6.65 crores), accumulated depreciation ` 2.57 crores (Previous Year ` 2.25 crores) which is constructed on land owned by the government.
iii) Buildings includes 516 flats valuing ` 99.29 crores (Previous Year ` 82.19 crores) at Samudra Township, Mundra, which are pending to be registered in the name of Company. Further an advance of `45.79 crores (Previous year ` 24.88 crores) is also paid to
purchase additional Flats.
iv) As a part of concession agreement for development of port and related infrastructure at Mundra the Company has been allotted land on lease basis by Gujarat Maritime Board (GMB) which the Company has recorded as Right of use in the GMB Land at present
value of future annual lease payments in the books.
v) Land development cost on leasehold land includes costs incurred towards reclaimed land of ` 110.14 crores (Previous Year ` 35.37 crores). This has been estimated by the management, out of the dredging activities which is not materially different from the
actual cost.
vi) Deduction on sold represent assets sold on divestment of Abbot Point Port Assets in Australia including cost capitalised during the year.

125
14th Annual Report 2012-2013

(` In Crores)

14. Non-current investments March 31, 2013 March 31, 2012

Trade investments (valued at cost unless stated otherwise)

Unquoted
In Equity Shares of Company
Investment Others
1,000 (Previous Year - Nil) fully paid Equity Shares of AUD 1 each of *- -
Mundra Port Pty Ltd.
5,00,00,000 (Previous Year - 5,00,00,000) fully paid Equity Shares of 40.00 40.00
` 10 each of Kutch Railway Company Limited.
1,73,30,000 (Previous Year - 1,00,00,000) fully paid Equity Shares of 17.34 10.00
` 10 each of Bharuch Dahej Railway Company Limited.
(refer note below)
Investment in associates
4,900 (Previous Year - 4,900 ) fully paid Equity Shares of ` 10 each of *- *-
Dholera Infrastructure Private Limited
57.34 50.00
Non trade investments (valued at cost unless stated otherwise)
In Preference Shares of Company
Unquoted
3,61,128 (Previous Year 3,61,128) Preference Shares of VMB Developer 18.06 18.06
Pvt.Ltd. of ` 100 each at a premium of ` 400 each.
22,000 (Previous Year 22,000) Preference Shares of AMV Developer
Pvt. Ltd. of ` 100 each at a premium of ` 400 each. 1.10 1.10
1,30,000 (Previous Year - 1,30,000) 0.01% Non Cumulative Optionally 0.13 0.13
Convertible Preference Shares of ` 10 each of Adani Shipyard Pvt. Ltd.
8,850 (Previous Year 8,850) Preference Shares of BMV Developers 0.44 0.44
and Construction Pvt. Ltd. of ` 100 each at a premium of ` 400 each.
In Government Securities
National Savings Certificates (Lodged with Government Department) 0.01 0.01
19.74 19.74
77.08 69.74
* Figures being nullified on conversion to ` in crores.
Note
In terms of participation agreement with Rail Vikas Nigam Limited, Gujarat Maritime Board, Gujarat
Narmada Valley Fertilizers Company Limited, Dahej SEZ Limited, Hindalco Industries Limited-Unit Birla
Copper and Jindal Infrastructure Industries Limited on June 16, 2008 (Supplemental to shareholder
agreement dated January 12, 2007) Adani Petronet (Dahej) Port Pvt Ltd (Subsidiary Company) has
acquired 10.50% stake in Bharuch Dahej Railway Company Limited (‘BDRCL’), a special purpose vehicle
(SPV), for gauge conversion of Bharuch-Samni-Dahej Railway line between Bharuch and Dahej and
subsequent operation and maintenance of the railway line and railway services thereon.

126
 (` In Crores)
15. Loans and advances Non-Current Current
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Capital advances
Unsecured, considered good 313.16 829.44 - -
(A) 313.16 829.44 - -

Capital advance includes ` 57.72 crores (Previous year ` 67.36 crores) paid to various parties (including
intermediates) for acquisition of land for development of Special Economic Zone in the mundra region.
The Company has received bank guarantees of ` 10.38 crores (Previous year ` 397.68 crores) against
capital advances given.
Loan and advances to related parties
(Also refer note 31)
Unsecured, to associate company considered good 8.76 8.76 364.41 -
(B) 8.76 8.76 364.41 -
Advances recoverable in cash or kind
Unsecured, considered good 1.70 2.17 36.83 40.20
(C) 1.70 2.17 36.83 40.20
Other loans and advances
(unsecured, considered Good)
Income-Tax Receivable (net) 23.40 7.06 - 5.11
MAT Credit Entitlement (refer note 33) 607.76 242.18 - -
Fringe Benefit Tax-Receivable (net) 0.06 0.06 - -
Prepaid expenses 4.77 - 17.55 14.16
Loans and Advances to employees 2.85 3.43 2.24 2.26
Balances with statutory/ Government authorities 37.27 110.15 118.31 0.34
Inter Corporate Deposit 4.38 - 1,207.60 113.00
Deposit - Others 31.18 16.01 0.21 16.11
Share Application Money (Pending allotment) 115.76 0.01 - -
(D) 827.43 378.90 1,345.91 150.98
Total (A+ B + C + D ) 1,151.05 1,219.27 1,747.15 191.18

(` In Crores)
16. Current Investment March 31, March 31,
2013 2012
Unquoted mutual funds
2,58,435.92 Units (Previous year Nil) of ` 10 each in Reliance Liquid Fund- 39.51 -
Treasury Plan-Daily Dividend Option.
49,876.02 Unit (Previous year Nil) of ` 10 each in SBI Premier Liquid Fund- 5.00 -
Regular Plan-Daily Dividend.
7,54,90,871.49 Unit (Previous year Nil) of ` 10 each in Peerless Liquid Fund- 75.50 -
Super Institutional Daily Dividend Reinvestment.
2,44,97,037.77 Unit (Previous year Nil) of ` 10 each in Peerless Liquid Fund - 24.50 -
Super Institutional Daily Dividend Reinvestment.
144.51 -

127
14th Annual Report 2012-2013

(` In Crores)
17. Inventories (valued at lower of cost and net realizable value) March 31, 2013 March 31, 2012
Stores and spares 97.95 69.10
97.95 69.10

(` In Crores)
18. Trade receivables Non-Current Current
(Unsecured considered good except to March 31, March 31, March 31, March 31,
the extent provided) 2013 2012 2013 2012
Outstanding for a period exceeding six months
from the date they are due for payment
Considered good - - 82.88 99.10
Considered doubtful - - 3.34 2.64
- - 86.22 101.74
Provision for doubtful receivables - - (3.34) (2.64)
(A) - - 82.88 99.10
Other receivables* 73.99 91.78 645.40 203.13
(B) 73.99 91.78 645.40 203.13
Total (A + B) 73.99 91.78 728.28 302.22
* Includes ` 85.75 crores (2012 - ` 85.75 crores) contractually due over a period.

(` In Crores)
19. Other assets Non-Current Current
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Unsecured, considered good unless stated
otherwise
Non-current bank balances (Note 20) 0.73 23.81 - -
(A) 0.73 23.81 - -
Unamortised ancillary borrowing cost relating 110.79 320.94 24.87 107.80
to long term borrowings
Other non trade receivable - 0.40 - 1.80
Receivable for Sale of Investments (Refer note 41) - - 1,335.62 -
Interest accrued on deposits and loans - - 71.05 12.56
Accrued Revenue - - 119.52 183.10
Land Lease Receivables 188.39 135.90 - -
(B) 299.18 457.24 1,551.06 305.26

Total (A + B ) 299.91 481.05 1,551.06 305.26

128
 (` In Crores)
20. Cash and bank balances Non-Current Current
March 31, March 31, March 31, March 31,
2013 2012 2013 2012
Cash and cash equivalents
Balances with banks:
On current accounts - - 135.43 318.42
Deposits with original maturity of less than - - 618.39 55.00
three months
Earmarked balances with banks
In Current Account (earmarked for Unpaid - - 0.82 0.76
Dividend)
In Current Account (earmarked for share - - 0.47 0.48
application Refund a/c)
Cheques/drafts on hand - - 0.54 -
Cash on hand - - 0.15 0.08
- - 755.80 374.74
Other bank balances
Deposits with original maturity for more than 12 0.73 16.32 - 82.89
months
Deposits with original maturity for more than - - 25.81 384.68
3 months but less than 12 months
Margin money deposit - 7.49 48.94 276.11
0.73 23.81 74.75 743.68
Amount disclosed under non-current assets (0.73) (23.81) - -
(Refer note 19)
- - 830.55 1,118.42

Note: Margin Money and Fixed Deposit includes ` 48.94 crores (Previous Year ` 283.60 crores) pledged /
lien against bank guarantees, letter of credit and cash credit facilities.

(` In Crores)
21. Revenue from operations (net) March 31, 2013 March 31, 2012
a) Income from Port Operations (including related infrastructure) 2,912.75 2,296.41
b) Land Lease, Upfront Premium and Deferred Infrastructure 276.52 170.81
Income (includes Annual Discounting Income of ` 14.47 crores
(Previous Year ` 7.27 crores) in respect of land lease)
c) Utilities Services 30.65 28.28
d) Aircraft Operation 20.23 17.46
e) Logistic Services 246.27 122.88
f) Other operating income including construction, Infrastructure 90.21 61.42
development support services and related income
3,576.63 2,697.26

129
14th Annual Report 2012-2013

(` In Crores)

22. Other Income March 31, 2013 March 31, 2012

Interest income on
Bank Deposits, Inter Corporate Deposits etc. 108.52 38.89
Customers 14.95 2.30
Dividend income on
Current investments 2.50 -
Long-term investments 5.00 2.00
Scrap sales - 0.91
Profit on dilution of control from subsidiary to joint venture 125.76 -
Profit on Sale of Fixed Asset (net) - 0.95
Unclaimed Liabilities / Excess Provision written back 1.40 0.08
Miscellaneous Income 6.31 6.37
264.44 51.50

(` In Crores)

23. Operating Expenses March 31, 2013 March 31, 2012

Handling Expenses to contractors 331.22 194.87
Customer Claims 3.32 0.20
Railway Operating Expenses 146.47 125.36
Tug and Pilotage Charges 19.22 14.68
Maintenance Dredging Costs 26.95 12.17
Other expenses including customs establishment charges 6.69 6.88
Repairs to Plant & Machinery (including stores and spares 87.05 67.10
` 50.52 crores; Previous Year ` 39.68 crores)
Repairs to Buildings 7.16 6.26
Power & Fuel 85.15 128.71
Waterfront Charges 137.92 72.09
Construction Contract Expenses* 11.30 13.65
Cost of Land Leased / Sub-Leased 2.57 1.13
Cargo Freight and Transportation Expenses 33.68 16.68
Aircraft Operating Expenses 14.16 13.74
912.86 673.52
*Includes material of ` 8.56 crores (Previous year ` 7.86 crores) and services ` 2.74 crores (Previous year
` 5.79 crores)

130
 (` In Crores)

24. Employee benefits expense March 31, 2013 March 31, 2012
Salaries, Wages and Bonus 112.78 95.48
Contribution to Provident & Other Funds 6.40 5.68
Gratuity 2.47 1.00
Workmen and Staff Welfare Expenses 9.10 7.59
130.75 109.75

(` In Crores)

25. Other Expenses March 31, 2013 March 31, 2012

Rent (including land lease discounting charge of ` 0.07 crores; 6.39 7.34
Previous Year ` 0.14 crores, Refer note below)
Rates and Taxes 8.05 3.36
Insurance 12.21 7.85
Advertisement and Publicity 5.56 9.50
Other Repairs and Maintenance 12.06 9.25
Legal and Professional Expenses 34.18 24.34
Payment to auditors 1.08 0.71
Security Expenses 9.92 6.52
Communication Expenses 1.98 1.78
Electricity Expenses 3.15 1.85
Office Expenses 0.51 0.39
Travelling and Conveyance 7.43 9.24
Directors Sitting Fee 0.15 0.15
Commission to Non-executive Directors 0.47 0.57
Charity & Donations 25.78 14.12
Loss on Foreign Exchange Variation (net) 7.47 46.53
Sundry Balances Written Off (Net) - 4.37
Loss on sale of assets 5.53 -
Miscellaneous Expenses 15.12 19.51
157.04 167.38

Note:
Assets taken under Operating Leases – office space and residential houses for staff accommodation are
obtained on operating leases. The lease rent terms are generally for eleven months period and are
renewable by mutual agreement. There are no sub-leases and leases are cancellable in nature. There are
no restrictions imposed by the lease arrangements. There is no contingent rent in the lease agreements
and there is no escalation clause in the lease agreements. Expenses of ` 2.79 crores (Previous Year ` 1.84
crores) incurred under such leases have been expensed in the statement of profit & loss.

131
14th Annual Report 2012-2013

(` In Crores)

26. Finance costs March 31, 2013 March 31, 2012

Interest
Debentures 91.74 60.57
Fixed Loans, Buyer's Credit, Short Term etc 359.51 124.39
Others 3.29 4.45
Bank and other finance charges (Including amortisation of 34.87 14.67
Ancilliary cost)
Loss on Derivatives / Swap Contracts (net) 52.43 77.38
541.84 281.46

(` In Crores)

27. Earnings per share (EPS) March 31, 2013 March 2012

Total operations for the year

Net Profit for the year 1,623.22 1,102.07
Less : Dividends on Non-Cumulative Redeemable Preference *- *-
Shares & tax thereon
Net profit for calculation of basic and diluted EPS 1,623.22 1,102.07
No. No.
Weighted average number of equity shares in calculating basic 2,00,33,94,100 2,00,33,94,100
and diluted EPS
Basic and Diluted Earnings per Share in Rupees
- From total operations 8.10 5.50
Continuing Operations
Profit After Tax (After adjusting of minority interest) 1,537.92 1,117.36
Less : Dividends on Non-Cumulative Redeemable Preference *- *-
Shares & tax thereon
Net profit for calculation of basic and diluted EPS 1,537.92 1,117.36
No. No.
Weighted average number of equity shares in calculating basic 2,00,33,94,100 2,00,33,94,100
and diluted EPS
Basic and Diluted Earnings per Share in Rupees
- From continuing operations 7.68 5.58

* Figures being nullified on conversion to ` in crores

132
28. Details of employee benefits
1. The company has recognised, in the consolidated statement of profit and loss for the current year,
an amount of ` 5.09 crores (Previous Year ` 4.61 crores) as expenses under the following defined
contribution plan.
(` In Crores)
Contribution to 2012-13 2011-12
Provident Fund 4.51 4.15
Superannuation Fund 0.58 0.46
Total 5.10 4.61

2. The Company has a defined gratuity plan. Every employee gets a gratuity on departure at 15 days
salary (last drawn salary) for each completed year of service. The scheme is funded with Life
Insurance Corporation of India (LIC) in the form of a qualifying insurance policy. Currently, there are
no retirement benefit plans applicable in case of subsidiaries in Australia.
The following tables summarise the components of net benefit expense recognised in the
consolidated statement of profit and loss and the funded status and amounts recognised in the
balance sheet for the respective plans.

Consolidated Statement of Profit and Loss

a) Net Employee benefit expense (recognised in Employee Cost)

(` In Crores)
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Current Service cost 1.43 1.29
Interest Cost on benefit obligation 0.49 0.38
Expected return on plan assets (0.43) (0.33)
Actuarial loss / (gain) recognised in the year 0.95 0.04
Net benefit expense 2.44 1.38
Note:
a) Actual return on plan assets ` 0.47 crores (Previous Year ` 0.36 crores)
Balance Sheet
b) Details of Provision for gratuity
(` In Crores)
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012

Present value of defined benefit obligation 7.98 6.09

Fair value of plan assets 6.14 5.04
Surplus/(deficit) of funds (1.84) (1.05)
Net asset/ (liability) (1.84) (1.05)

133
14th Annual Report 2012-2013

c) Changes in Present Value of the defined benefit obligation are as follows:

(` In Crores)
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Defined benefit obligation at the beginning of the period 6.09 4.97
Current Service cost 1.43 1.29
Interest Cost 0.49 0.38
Actuarial (gain) / loss on obligations 0.72 0.10
Benefits paid (0.75) (0.48)
Excess Provision written back - (0.17)
Defined benefit obligation at the end of the period 7.98 6.09

d) Changes in Fair Value of Plan Assets are as follows:

(` In Crores)
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Opening fair value of plan assets 5.04 3.94
Expected return 0.43 0.32
Contributions by employer 0.66 1.19
Benefits Paid (0.03) (0.48)
Actuarial gains / (losses) 0.04 0.07
Closing fair value of plan assets 6.14 5.04

Note:
1. The present value of the plan assets represents the balance available with the LIC as at the
end of the period. The total value of Plan Assets amounting to ` 6.14 crores (Previous year
` 5.04 crores) is as certified by the LIC.
2. The company's expected contribution to the fund in the next financial year is ` 2.56 crores
( Previous year ` 1.25 crores ).

e) The major categories of plan assets as a percentage of the fair value of total plan assets are as
follows:
Benefit Contribution to 2012-13 2011-12
% %
Investments with insurers 100.00 100.00
The overall expected rate of return on assets is determined based on the market price prevailing on
that date, applicable to the period over which the obligation has to be settled.

134
 f) The principle assumptions used in determining Gratuity obligations are as follows:
Particulars Gratuity (Funded) Gratuity (Funded)
March 31, 2013 March 31, 2012
Discount rate 8.25% to 8.75% 8% to 8.25%
Expected rate of return on plan assets 8.50% to 8.75% 7.50% to 8.25%
Rate of Escalation in Salary (per annum) 5% to 8.50% 5% to 8.50%
Mortality India Assured LIC (1994-96)
Lives Mortality Ultimate
(2006-08 ) Ultimate
Attrition rate 10% for 4 years & 1% at each age+
below and 1% 10% service
thereafter related

The estimates of future salary increases considered in actuarial valuation and take account of
inflation, seniority, promotion and other relevant factors such as supply and demand in the
employment market.

g) Amounts for the current and previous four periods are as follows:
(` In Crores)
Gratuity March, 2013 March, 2012 March, 2011 March, 2010 March, 2009

Defined benefit obligation (7.98) (6.09) (4.97) (3.26) (2.20)

Plan Assets 6.14 5.04 3.94 2.63 2.63
Surplus / (deficit) (1.84) (1.05) (1.02) (0.63) 0.44
Experience loss (gain) on 0.72 0.10 0.28 0.56 0.01
plan liabilities
Experience loss (gain) on (0.04) (0.07) (0.10) (0.05) 0.03
plan assets

29. Segment Information

Business Segment
The identified reportable Segments are Port and Special Economic Zone activities and others in terms of
Accounting Standard-17 on 'Segment Reporting' as notified accounting standard by Companies
Accounting Standards Rules, 2006 (as amended).
Other Segment mainly includes Aircraft Operating Income, Services as per Concession agreement with
Government of India, Ministry of Railways for movement of Container Trains on specific Railway Routes
and Multi-modal Cargo storage cum logistics services through development of Inland Container Depots
at various strategic locations.
The segment information on Consolidated Financial Statement with Segment wise Revenue, Result and
Capital Employed for the year ended March 31, 2013 is given below:-

135
14th Annual Report 2012-2013

(` In Crores)
Sr. Particulars Port and SEZ Others Eliminations Total
No. Activities
1 Revenue*
External Sales 3,254.86 321.77 - 3,576.63
2,527.74 169.52 - 2,697.26
Inter-Segment Sales - 51.95 (51.95) -
- 34.90 (34.90) -
Total Revenue 3,254.86 373.72 (51.95) 3,576.63
2,527.74 204.42 (34.90) 2,697.26
2 Results*
Segment Results 1,977.62 2.96 - 1,980.58
1,455.38 (10.02) - 1,445.36
Unallocated Corporate Income (Net of expenses) - - - 237.87
- - - 36.82
Operating Profit - - - 2,218.45
- - - 1,482.18
Less: Finance Expense - - - 541.84
- - - 281.46
Profit before tax - - - 1,676.61
- - - 1,200.72
Loss from discontinued operation before tax - - - (369.09)
- - - (18.47)
Profit from sale of discontinued operation - - - 419.57
- - - -
Profit before tax after discontinued operation - - - 1,727.09
- - - 1,182.25
Gross Current Taxes (net of MAT credit) - - - 28.06
- - - 14.52
Deferred Tax - - - 60.20
- - - 75.05
Total Tax - - - 88.26
- - - 89.57
Profit after tax - - - 1,638.83
- - - 1,092.68
Less: Minority Interest - - - 15.61
- - - (9.39)
Net profit - - - 1,623.22
- - - 1,102.07
3 Other Information*
Segment Assets 15,525.03 1,299.22 - 16,824.25
22,612.60 965.33 - 23,577.93
Unallocated Corporate Assets - - - 4,235.35
- - - 2,338.14
Total Assets* 15,525.03 1,299.22 - 21,059.60
22,612.60 965.33 - 25,916.07
Segment Liabilities 820.36 1,106.89 - 1,927.25
1,119.97 341.63 - 1,461.60
Unallocated Corporate Liabilities - - - 12,593.77
- - - 19,504.31
Total liabilities* 820.36 1,106.89 - 14,521.02
1,119.97 341.63 - 20,965.91
Capital Expenditure during the year (including acquisition)* 3,649.02 205.23 - 3,854.25
12,490.78 71.42 - 12,562.20
Segment Depreciation(Expense)* 392.57 29.40 - 421.97
436.37 26.66 - 463.03
Non-Cash Expenses other than Depreciation (net) (35.63) 45.67 - 10.04
50.35 1.68 - 52.03
Unallocated Non-Cash Expenses other than Depreciation - - - 60.20
- - - 75.05

136
* The above 2011-12 numbers includes discontinued port activities as detailed below;

Particulars (` In Crores)
Segment Assets 10,875.76
Unallocated Corporate Assets 1,072.17
Total Assets 11,947.93
Segment Liabilities 168.67
Unallocated Corporate Liabilities 11,093.11
Total liabilities 11,261.78
Capital Expenditure during the year 9,992.54
Segment Depreciation(Expense) 147.10
# Details of discontinued Port activities which are not included above are as follows
(` In Crores)
Sr. Particulars Port and SEZ Eliminations Total
No. Activities
1 Revenue
External Sales 1,042.97 - 1,042.97
573.55 - 573.55
Total Revenue 1,042.97 - 1,042.97
573.55 - 573.55
2 Results
Segment Results 333.95 - 333.95
168.74 - 168.74
Unallocated Corporate Income (Net of expenses) - - 18.16
- - 8.14
Operating Profit - - 352.11
- - 176.88
Less: Finance Expense - - 721.20
- - 195.35
Profit before tax - - (369.09)
- - (18.47)
Geographical Segments
The Company's secondary segments are the geographic distribution of activities. Revenue and
Receivables are specified by location of customers while the other geographic information is specified
by location of the assets. The following tables present revenue, expenditure and certain asset
information regarding the Company's geographical segments:
(` In Crores)
Sr. Particulars Domestic Foreign Total
No. Operations Operations
(Discontinued
operations)
1 Revenue 3,576.63 1,042.97 4,619.60
2,697.26 573.54 3,270.80
2 Assets 21,059.60 - 21,059.60
13,968.14 11,947.93 25,916.07
3 Addition to fixed assets 3,854.25 - 3,854.25
2,569.66 9,992.54 12,562.20
Previous year figures are in italics

137
14th Annual Report 2012-2013

30. Adani Ports and Special Economic Zone Limited’s share in the voting power of subsidiary companies
as at year end is as follows:
Sr. Name of Company Country of Proportion of Proportion of
No. Incorporation Ownership Ownership
Interest(%) Interest(%)
March 31, 2013 March 31, 2012
1 Adani Logistics Ltd. India 100 100
2 Karnavati Aviation Pvt. Ltd. India 100 100
3 MPSEZ Utilities Pvt. Ltd. India 100 100
4 Mundra SEZ Textile and Apparel Park Pvt Ltd. India 56.98 56.98
5 Adani Murmugao Port Terminal Pvt. Ltd. India 74 74
6 Mundra International Airport Pvt. Ltd. India 100 100
7 Adani Hazira Port Pvt. Ltd. India 100 100
8 Adani Petronet (Dahej) Port Pvt. Ltd. India 74 74
9 Hazira Infrastructure Pvt. Ltd. India 100 100
10 Hazira Road Infrastructure Pvt. Ltd. India 100 100
11 Adani Vizag Coal Terminal Pvt. Ltd. India 100 100
12 Adani International Container Terminal Pvt. Ltd. India * 100
13 Adani Kandla Bulk Terminal Pvt. Ltd. India 51 51
14 Mundra Port Pty Ltd. Australia - 100
15 Mundra Port Holdings Pty Ltd. Australia - 100
16 Mundra Port Holdings Trust Australia - 100
17 Adani Abbot Point Terminal Holdings Pty Ltd. Australia - 100
18 Adani Abbot Point Terminal Pty Ltd. Australia - 100
19 Adani Warehousing Services Pvt. Ltd. India 100 NA
[w.e.f. April 19, 2012]#
20 Rajasthan SEZ Pvt. Ltd. India NA 100
(disolved from February 9, 2013)
# Date on which the company was incorporated.
Adani Ports and Special Economic Zone Limited’s share in the voting power of associate company as at
year end is as follows:
Sr. Name of Company Country of Proportion of Proportion of
No. Incorporation Ownership Ownership
Interest(%) Interest(%)
March 31, 2013 March 31, 2012
1 Dholera Infrastructure Pvt. Ltd. India 49 49
* Adani Ports and Special Economic Zone Limited’s share in the voting power in joint ventures as at
year end is as follows:
Sr. Name of Company Country of Proportion of Proportion of
No. Incorporation Ownership Ownership
Interest(%) Interest(%)
March 31, 2013 March 31, 2012

1 Adani International Container Terminal Pvt. Ltd. India 50 -

138
31. Related Party Disclosures
The Management has identified the following entities and individuals as related parties of the Company for the year
ended March 31, 2013 for the purposes of reporting as per Accounting Standard (AS) 18 – Related Party Disclosures
notified under the Companies (Accounting Standard) Rule 2006 (as amended). which are as under:
Holding Company Adani Enterprises Ltd.
Associate Dholera Infrastructure Pvt. Ltd.
Fellow Subsidiary Adani Power Ltd.
Adani Agri Logistics Ltd.
Adani Power Dahej Ltd.
Adani Gas Ltd.
Chemoil Adani Pvt. Ltd.
Adani Global FZE, Dubai.
Adani Global Pte Ltd.
Adani Infra (India) Ltd.
Adani Power Rajasthan Ltd.
Adani Welspun Exploration Ltd.
Kutchh Power Generation Ltd.
Adani Agri Fresh Ltd.
Adani Energy Ltd.
Mundra LNG Ltd.
Adani Power Maharashtra Ltd.
Adani Mundra SEZ Infrastructure Pvt. Ltd.(upto June 29, 2012)
Adani Agro Pvt. Ltd. (upto June 29, 2012)
Adani Properties Pvt. Ltd. (upto June 29, 2012)
Key Management Personnel Mr. Gautam S. Adani, Chairman and Managing Director
Mr. Rajeeva Ranjan Sinha, Whole time Director
Dr. Malay R. Mahadevia, Whole time Director
Joint Venture Adani International Container Terminal Pvt. Ltd.
Joint Venturer Petronet LNG Ltd.
Relative of Key Management Mr. Rajesh S. Adani, Director
Personnel
Entities over which Key Management Gujarat Adani Institute of Medical SciencePersonnel, Adani Wilmar Ltd.
Directors and their relatives are able Shanti Builders
to exercise Significant Influence Adani Foundation
Dholera Port and Special Economic Zone Ltd.
Ezy Global
Ignite Foundation
Mundra Port Pty Ltd., Australia (From March 30, 2013)
Adani Abbot Point Terminal Pty Ltd., Australia (From March 30, 2013)
Abbot Point Port Holdings Pte Ltd. - Singapore

Aggregate of transactions for the year ended with these parties have been given below.
Sub Notes:
1 The names of the related parties and nature of the relationships where control exists are disclosed irrespective
of whether or not there have been transactions between the related parties. For others, the names and the
nature of relationships is disclosed only when the transactions are entered into by the Company with the
related parties during the existence of the related party relationship.
2 Pass through payable relating to railway freight and other payable to third parties have not been considered
for the purpose of related party disclosure.
3 For the purpose of comparison, the previous year’s transactions have been re-classified in the current year.

139
14th Annual Report 2012-2013

Consolidated Related Party Transaction Statement (` In Crores)

Categories Name of Related Party March 31, 2013 March 31, 2012
Rendering of Services Adani Enterprises Ltd. 289.22 137.67
(including reimbursement Adani Global FZE 0.08 0.02
of expenses) Adani Global Pte Ltd. - 0.02
Adani Infra (India) Ltd. 0.67 4.67
Adani Mundra SEZ Infrastructure Pvt. Ltd. 0.03 0.81
Adani Power Dahej Ltd. 15.56 3.79
Adani Power Ltd. 378.06 243.31
Adani Power Rajasthan Ltd. 8.44 0.90
Chemoil Adani Pvt. Ltd. 29.34 27.34
Adani Foundation 0.03 0.07
Adani Wilmar Ltd. 22.77 25.22
Adani International Container Terminal Pvt. Ltd. 75.16 -
Adani Abbot Point Terminal Pty Ltd. Australia 3.36 -
Adani Power Maharashtra Ltd. 23.93 -
Lease & Infrastructure Adani Mundra SEZ Infrastructure Pvt. Ltd. - 30.88
Usage Charge or Upfront Adani Power Ltd. 12.82 1.45
Premium Chemoil Adani Pvt. Ltd. 0.01 0.07
Adani Wilmar Ltd. 0.52 5.82
Adani International Container Terminal Pvt. Ltd. 102.93 -
Adani Foundation *- -
Adani Mundra SEZ Infrastructure Pvt. Ltd. 0.72 -
Services Availed Adani Enterprises Ltd. 3.68 0.24
(including reimbursement Adani Mundra SEZ Infrastructure Pvt. Ltd. - 0.85
of expenses) Adani Power Limited 57.75 -
Chemoil Adani Pvt. Ltd. 0.86 -
Adani Welspun Exploration Ltd. 0.01 -
Shanti Builders 4.35 -
Petronet LNG Ltd. 0.08 -
Purchase of Goods Adani Gas Ltd. *- 0.01
Adani Enterprises Ltd. - 19.37
Adani Power Ltd. 0.35 26.79
Chemoil Adani Pvt. Ltd. 88.15 181.84
Adani Agri Logistics Ltd. - 0.14
Adani International Container Terminal Pvt. Ltd. 286.45 -
Adani Power Rajasthan Ltd. 1.02 -
Adani Wilmar Ltd. 0.02 -
Rent Expenses Adani Properties Pvt. Ltd. 0.06 0.07
Adani Wilmar Ltd. - 0.12
Adani Enterprises Ltd. 0.01 -
Purchase of Asset Adani Enterprises Ltd. 0.18 1.95
Adani Mundra SEZ Infrastructure Pvt. Ltd. 17.09 4.70
Adani Power Ltd. - 0.17
Shanti Builders - 1.36
Adani International Container Terminal Pvt. Ltd. 0.68 -
Adani Properties Pvt. Ltd. 0.15 -
Sale of Asset Adani Global F.Z.E 0.01 -
Other Income Adani Mundra SEZ Infrastructure Pvt. Ltd. 0.17 0.31
Adani Power Ltd. 0.99 0.02
Adani Power Dahej Ltd. 0.85 0.75
Adani Wilmar Ltd. 0.01 0.16
Adani Enterprises Ltd. 0.01 -
Chemoil Adani Pvt. Ltd. 0.02 -
Adani Foundation 0.03 -
Share Application Money Petronet LNG Ltd. - 16.67
Paid / Investment Adani International Container Terminal Pvt. Ltd. 97.95 -

140
Categories Name of Related Party March 31, 2013 March 31, 2012

Share Application Money Dholera Infrastructure Pvt. Ltd. - 0.01

Refund
Share Application Money Adani Enterprises Ltd. - 0.52
Received
Interest Income Adani Power Ltd. 27.41 -
Adani Infra (India) Ltd. 9.76 -
Interest Expense Adani Enterprises Ltd. 1.63 7.50
Loans Given Mundra Port Pty Ltd., Australia 60.32 -
Adani Power Ltd. 392.00 -
Adani Infra (India) Ltd. 250.00 -
Adani International Container Terminal Pvt. Ltd. 39.09 -
Loans Received back Adani Power Ltd. 338.00 -
Adani International Container Terminal Pvt. Ltd. 41.84 -
Borrowings (Loan Taken) Adani Enterprises Ltd. 817.41 766.50
Addition Adani Power Dahej Ltd. - 20.41
Borrowings (Loan Repaid) Adani Enterprises Ltd. 807.41 766.50
Repaid
Remuneration Gautam S. Adani 1.65 1.20
Rajeeva R. Sinha 1.93 1.81
Malay Mahadevia 7.52 2.37
Commission to Director Gautam S. Adani 1.00 1.00
Sitting Fees Rajesh S. Adani 0.06 0.06
Donation Adani Foundation 20.20 5.20
Gujarat Adani Institute of Medical Science 4.00 7.00
Sale of Investments Adani Enterprises Ltd. 0.54 0.02
Abbot Point Port Holdings Pte Ltd. - Singapore 1,334.70 -
Closing Balance
Other Current Liabilities Adani Enterprises Ltd. 1.00 1.00
Chemoil Adani Pvt. Ltd. 0.25 0.25
Adani Wilmar Ltd. 0.50 0.50
Adani International Container Terminal Pvt. Ltd. 293.67 -
Shanti Builders 0.33 -
Adani Power Ltd. 1.61 -
297.36 1.75
Advances from Customers Adani Enterprises Ltd. 3.08 3.50
Adani Mundra SEZ Infrastructure Pvt. Ltd. - 0.05
Adani Power Ltd. 0.78 2.12
Chemoil Adani Pvt. Ltd. 2.25 2.32
Kutchh Power Generation Ltd. 3.21 3.21
Adani Foundation - *-
Adani Wilmar Ltd. 0.23 0.01
Adani International Container Terminal Pvt. Ltd. 336.41 -
Adani Foundation 0.01 -
Shanti Builders 0.01 -
345.97 11.20
Trade Payable (including Adani Enterprises Ltd. 15.90 0.38
provisions) Adani Gas Ltd. - *-
Adani Mundra SEZ Infrastructure Pvt. Ltd. - 1.00

141
14th Annual Report 2012-2013

Categories Name of Related Party March 31, 2013 March 31, 2012

Adani Power Ltd. 5.59 5.02

Chemoil Adani Pvt. Ltd. - 0.87
Adani Welspun Exploration Ltd. 0.01 -
Shanti Builders 0.46 0.38
Adani Wilmar Ltd. - 0.14
Adani International Container Terminal Pvt. Ltd. 1.14 -
Petronet LNG Ltd. 0.05 -
Adani Power Dahej Ltd. 0.01 -
23.15 7.79
Trade Receivable Adani Enterprises Ltd. 12.40 10.45
Adani Global FZE 0.10 0.03
Adani Global Pte Ltd. - 0.02
Adani Infra (India) Ltd. 0.33 0.79
Adani Mundra SEZ Infrastructure Pvt. Ltd. - 0.61
Adani Power Ltd. 145.49 30.98
Adani Power Rajasthan Ltd. 9.25 0.05
Chemoil Adani Pvt. Ltd. 0.37 0.48
Adani Power Dahej Ltd. 15.74 -
Adani Foundation 0.02 0.02
Adani Wilmar Ltd. 2.24 1.85
Adani International Container Terminal Pvt. Ltd. 89.66 -
Shanti Builders *- -
Adani Power Maharashtra Ltd. 14.82 -
290.43 45.28
Loans & Advances Adani Mundra SEZ Infrastructure Pvt. Ltd. - 24.88
(including Advance Mundra Port Pty Ltd., Australia 60.55 -
Receivable Cash or kind) Chemoil Adani Pvt. Ltd. 0.04 0.01
Shanti Builders - 1.16
Dholera Infrastructure Pvt. Ltd. 8.76 8.76
Adani Abbot Point Terminal Pty Ltd, Australia 3.30 -
Adani Power Ltd. 54.00 -
Adani Infra (India) Ltd. 250.00 -
Adani Properties Pvt. Ltd. 1.00 1.00
377.65 35.81
Other Current Assets Adani Power Ltd. 19.67 -
Abbot Point Port Holdings Pte Ltd.-Singapore 1,334.70 -
1,354.37 -
Share Application Money Adani International Container Terminal Pvt. Ltd. 105.16 -
Outstanding 105.16 -
Capital Advances Shanti Builders 0.47 -
0.47 -
Corporate Guarantee Gujarat Adani Institute Of Medical Science 13.50 13.50
Mundra Port Pty Ltd., Australia USD
807.00 mio -
Mundra Port Pty Ltd., Australia AUD
22.03 mio -
Adani International Container Terminal Pvt. Ltd. USD
32.50 mio -
* Figures being nullified on conversion to ` in crores.

142
32. The Company takes various types of derivative instruments to hedge its future loans & interest liabilities.
The category-wise outstanding position of derivative instruments is as under:
Nature Particulars of Derivatives Purpose
As at March 31, 2013 As at March 31, 2012
(Amount in Million) (Amount in Million)
INR - Foreign USD 296.65 USD 149.67 Hedging of equivalent rupee non
Currency Swap convertible debentures aggregate of
`1,116.39 crores and `476.83 crores of
long term loan (previous year `686.49
crores) to mitigate higher interest rate
of INR loans against foreign currency
loans with possible risk of principal
currency losses.
Forward Contract JPY 235.05 JPY 1,817.38 Hedging of loan and interest liability
`13.56 crores (previous year `121.24 crores)
USD 8.99 - Hedging of foreign currency letter of
credit liability of ` 48.80 crores (previous
year ` Nil).
EUR 8.82 - Hedging of foreign currency term loan
installment liability of `61.29 crores
(previous year ` Nil)
Interest rate swap Nil AUD 891.00 Hedging of interest rate risk
The details of foreign currency exposures those are not hedged by a derivative instrument or otherwise are as under:
Nature As at March 31, 2013 As at March 31, 2012
Amount Foreign Currency Amount Foreign Currency
(` In Crores) (in Million) (` In Crores) (in Million)
Foreign Currency Loan 6,252.59 USD 1,151.81 4,106.09 USD 802.65
438.13 EUR 63.04 506.57 EUR 74.12
156.23 JPY 2,708.63 206.15 JPY 3,302.08
Buyer's Credit 312.11 USD 57.49 454.15 USD 88.78
248.65 EUR 35.78 216.94 EUR 31.75
1.55 GBP 0.19 1.54 GBP 0.19
Trade Payables 24.18 USD 4.45 21.33 USD 4.17
10.38 EUR 1.49 31.42 EUR 4.60
0.06 AUD 0.01 0.08 AUD 0.02
0.17 GBP 0.02 0.21 GBP 0.03
*- JPY 0.01 Nil Nil
Interest accrued but not due 25.63 USD 4.72 26.56 USD 5.20
4.60 EUR 0.66 5.39 EUR 0.72
1.50 JPY 25.97 1.89 JPY 30.29
# #
0.03 GBP 0.02 GBP
Other Receivable 1,334.70 AUD 235.71 Nil Nil
* Figures being nullified on conversion to ` in crores.
# Figures being nullified on conversion to foreign currency in million.

Closing rates as at March 31 :

2013 2012
INR / USD = 54.29 51.16
INR / EUR = 69.50 68.34
INR / GBP = 82.23 81.80
INR / JPY = 0.58 0.62
INR / AUD = 56.63 52.92

143
14th Annual Report 2012-2013

33. The Company has been availing benefit u/s 80IAB of the Income Tax Act, 1961 on the taxable income. In
view of the amendment in Income Tax Act, 1961 w.e.f. April 1, 2011 by Finance Act 2011, the Company is
liable to pay Minimum Alternate Tax (MAT) on income from the financial year 2011-12. Based on the
amendment, the Company has made provision of ` 387.42 crores (previous year ` 254.33 crores) for
current taxation based on its book profit for the financial year 2012-13 and considered credit for MAT of `
365.58 crores (previous year ` 242.17 crores) as the management believes, it has convincing evidence in
the nature of strategic volumes of cargo available with the Company and higher depreciation charge for
accounting purposes than the depreciation for income tax purposes in the future period, thereby, the
MAT credit will be utilized post tax holiday period.
34. The MPSEZ Utilities Pvt Ltd is engaged in the business of distribution of power. Accordingly additional
information pursuant to provision of paragraph 3,4C,4D of the Part-II of Schedule VI to the Companies
Act, 1956 is given under to the extent applicable.
Sr. Particulars 2012-13 2011-12
No. Unit in Mus Unit in Mus
ia) Unit Purchased (incl. of GETCO/WR Transmission Losses) 141.223 117.225
ib) UI Purchased 5.271 (0.381)
i Net Units Purchased 146.494 116.845
ii) Unit Sold 140.634 109.110
iii) Transmission & Distribution Losses 5.860 7.735
iv) Transmission & Distribution Losses (%) 4.00% 6.60%
35. The Company has new container terminal at Mundra (CT-3), pending transfer to Adani International
Container Terminal Private Limited (AICTPL), a Joint Venture entity between the Company and Global
Terminal Limited. The container terminal will get transferred to AICTPL on receiving the necessary
regulatory approvals from the government authorities. Further, till the time the assets are transferred to
AICTPL, the company continues to operate the asset. (Also refer note 40 below)
36. Capital Work in Progress includes Expenditure during Construction Period/New Projects and Capital
Inventory, details of which are as follows:
(` In Crores)
Particulars Year ended Year ended
March 31, 2013 March 31, 2012
A. Project Expenditure 2,655.53 3,030.97
B. Capital Inventory 253.55 368.20
C. Expenditure during Construction Period :
Personnel Expenses
Salaries, Wages & Bonus 9.01 8.47
Contribution to Provident Fund 0.70 0.53
Workmen and Staff Welfare Expense 0.39 0.60
Sub Total 10.10 9.60
Other Expenses
Power & Fuel 0.71 0.24
Insurance 1.13 0.20

144
 (` In Crores)
Particulars Year ended Year ended
March 31, 2013 March 31, 2012
Other Repairs and Maintenance 0.33 0.07
Legal and Professional Expenses 6.79 1.70
Travelling and Conveyance 6.58 10.27
Rent 7.63 3.80
Security Charges 1.18 0.88
Store and Consumables 1.89 0.32
Other Expenses 6.17 3.31
Sub Total 32.41 20.79
Financial Expenses
Interest on Borrowings 79.19 97.04
Bank Charges 2.94 15.26
Ancillary Cost of Borrowings 4.83 85.80
Sub Total 86.96 198.10
Interest Income on Bank Deposits (7.21) (29.68)
Depreciation 95.49 74.03
Total Expenditure (A) 217.75 272.84
Trial Run Income (10.64) -
Scrap Sales (10.72) (7.96)
Total Income (B) (21.36) (7.96)
Net (A) + (B) 196.39 264.88
Brought Forward from Previous Year 238.54 26.06
Total 434.93 290.94
Amount capitalized during the year (394.92) (52.40)
Balance Carried Forward Pending Allocation/Capitalisation 40.01 238.54
Foreign exchange Fluctuation 2.12 -
Total Capital Work In Progress (A + B + C) 2,951.22 3,637.71
Note:
The above expenditure excludes operational expenditure related to project assets, such as fuel and
stores & spares consumption, which has been directly allocated as project expenditure.

37. Capital Commitments

(` In Crores)
Particulars As at As at
March 31, 2013 March 31,2012
Estimated amount of contracts (Net of advances) remaining 1,433.49 2,012.93
to be executed on capital account and not provided for

145
14th Annual Report 2012-2013

Other Commitments
a) The port projects of subsidiary companies viz. Adani Hazira Port Private Limited, Adani Petronet
(Dahej) Port Private Limited and Adani Murmugao Port Terminal Private Limited has been funded
through various credit facility agreements with banks. Against the said facilities availed by the
subsidiary companies from the banks, the Company has executed a Sponsor Undertaking and
Pledge Agreement whereby 51% of the holding would be retained by the Company at all points of
time of which 30% holding is pledged and for the balance 21% holding, the Company has given a
non-disposal undertaking to the lenders of respective subsidiary companies.
b) As per terms of sanction of US$ 800 million facility by State Bank of India (SBI) to Mundra Port Pty
Limited (MPPL), an entity in which company remain invested through 1000 Equity Share of AUD 1
each at the reporting date. The Company has pledged its Equity holding in MPPL in favour of SBI.
(Also Refer Note 41)
c) The Company had entered into an “Equity Subscription Agreement” to contribute equity in Mundra
Port Pty Limited (MPPL), in which the Company has transferred substantial voting right to
promoter entity during the year, for meeting capital expenditure requirements of Abbot Point
Terminal assets, as and when required. In order to ensure timely subscription to equity, the bankers
to the MPPL had required a stand by letter of credit facility. Accordingly, APSEZL procured stand by
letter of credit from Standard Chartered Bank, which in-turn is backed by a corporate guarantee
issued by the Company in favour of Standard Chartered Bank amounting to AUD 22.03 million and
Letter of comfort from State Bank of India, which is backed by Corporate Guarantee of US$ 800
million issued by the Company in favour of State Bank of India. As at March 31, 2013, MPPL has
availed loan of US$ 800 million from State Bank of India but no financing facility has been availed
from Standard Chartered Bank.
38. Disclosure pursuant of Accounting Standard (AS) – 7 (revised) – Construction Contracts are as under
A) (` In Crores)
Particulars As at As at
March 31, 2013 March 31,2012
a) Contract revenue recognized during the year 67.08 57.53
b) Aggregate amount of contract costs incurred during the year 13.04 13.65
c) Customer advances outstanding for contracts in progress - 5.48
d) Retention money due from customers for contracts in progress. 8.19 8.00
e) Receivable from customers 18.32 0.83

B)
Contract revenue accrued in excess of billing amounting ` Nil (Previous Year ` 8.16 crores) has been
reflected under the head “Other Assets” and billing in excess of contract revenue amounting to ` 1.37
crores (Previous Year ` Nil) has been reflected under the head “Other Current Liabilities”.

146
39. Contingent Liabilities not provided for (` In Crores)
Sr. Particulars As at As at
No. March 31, 2013 March 31, 2012

a. Corporate Guarantees given to banks and financial institutions 4,557.23 -

against credit facilities availed by the subsidiaries and an entity over
which key management personnel, directors and their relatives are
able to exercise significant influence - Amount outstanding there
against ` 4,345.08 crores (Previous Year ` Nil)
b. Bank Guarantees given to Government Authorities 149.26 98.19
c. Civil suits have been filed by the Customers for recovery of damages 30.49 7.52
caused to machinery in earthquake ` 0.37 crores (Previous Year `
0.37 crores), to cargo stored in Company's godown ` 0.94 crores
(Previous Year ` 0.94 crores), loss due to mis-handling of wheat
cargo ` 6.20 crores (Previous Year ` 6.20 crores) and loss due to non-
performance of dredging contract ` 22.98 crores (Previous Year
` Nil). The said civil suits are currently pending with various Civil
Courts in Gujarat. The management is confident that no liability will
devolve on the Company in this regard and hence no provision is
made in the books of accounts towards these suits.
d. The Company had received show cause notices from the Custom 0.41 2.58
Authorities for recovery of custom duty and interest thereon on the
import of a tug and bunkers by the Company ` Nil (Previous Year
` 2.08 crores), import of various Cargos at Port ` 0.41 crores
(Previous Year ` 0.50 crores). The Customs cases are currently
pending with, Assistant Commissioner of Customs, Mundra (` 0.14
crores), Customs, Excise and Service Tax Appellate Tribunal, Mumbai
(` 0.27 crores), respectively. The management is reasonably
confident that no liability will devolve on the Company and hence no
liability has been recognised in the books of accounts.
e. Deputy Commissioner of Customs, Mundra and Assistant 0.25 0.26
Commissioner of Customs, Mumbai have held that the Company
wrongly availed duty benefit exemption under DFCEC Scheme on
import of equipment and demanded duty payment of ` 0.25 crores
(Previous Year ` 0.26 crores). The Company has filed its reply to the
show cause notice with Deputy Commissioner of Customs, Mundra
and Commissioner of Customs, Mumbai against order in original. The
management is of view that no liability shall arise on the Subsidiaries
Company.
f. Various show cause notices received from Commissioner/ Additional 69.19 67.23
Commissioner/ Joint Commissioner/ Deputy Commissioner of
Customs and Central Excise, Rajkot and Commissioner of Service
Tax, Ahmedabad, for wrongly availing of Cenvat credit/ Service tax
credit and Education Cess credit on input services and steel, cement
and other misc. fixed assets. The Excise department has demanded
recovery of the duty along with penalty and interest thereon. The
Subsidiaries Company has given deposit of ` 4.50 crores (Previous
Year: ` 4.50 crores) against the demand. The matters are pending
before High Court of Gujarat, Commissioner of Central Excise
(Appeals), Rajkot and Commissioner of Service Tax, Ahmedabad. The
Subsidiaries Company has taken an external opinion in the matter
based on which the management is of the view that no liability shall
arise on the Subsidiaries Company.

147
14th Annual Report 2012-2013

(` In Crores)
Sr. Particulars As at As at
No. March 31, 2013 March 31, 2012

g. Show cause notices received from Commissioner of Customs and 6.90 6.90
Central Excise, Rajkot in respect of levy of service tax on various
services provided by the Company and wrong availment of CENVAT
credit by the Company. The matter is currently pending at High
Court of Gujarat ` 6.72 crores (Previous Year ` 6.72 crores); and
Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad
` 0.15 crores (Previous Year ` 0.15 crores) and Commissioner of
Service Tax Ahmedabad ` 0.03 crores (Previous Year ` 0.03 crores).
The Subsidiaries Company has taken an external opinion in the
matter based on which the management is of the view that no
liability shall arise on the Company.
h. The Subsidiary Companies has imported duty free plant and 197.96 41.20
machinery for its Solid Cargo Port Terminal Project under the EPCG
Scheme for which an export obligation of ` 1,583.68 crores
(Previous Year ` 329.60 crores) is pending which is equivalent to 8
times of duty saved ` 197.96 crores (Previous Year ` 41.20 crores).
i. Commissioner of Customs, Ahmedabad has demanded for recovery 16.81 16.81
of penalty in connection with import of Air Craft which is owned by
Karnavati Aviation Private Limited (Formerly Gujarat Adani Aviation
Private Limited.), subsidiary of the Company. Subsidiary Company
has filed an appeal before the Customs, Excise and Service Tax
Appellate Tribunal against the demand order, the management is
reasonably confident that no liability will devolve on the Subsidiary
Company and hence no liability has been recognized in the books of
accounts
j. Notice received from Superintendent/Commissioner of Service 44.25 46.90
Tax Department and Show cause from Directorate General of
Central Excise Intelligence for wrong availing of Cenvat credit
/Service Tax credit and Education Cess on input services steel
and cement. The management is of the view that no liability shall
arise on the Subsidiary Companies.
k. Notice received from Superintendent of Service Tax Department 3.36 3.71
and Show cause from Directorate General of Central Excise
Intelligence for non- payment of Service Tax on domestic air
travel and on certain foreign air travel on reverse base
mechanism. The management is of the view that no liability shall
arise on the Subsidiary Company.
l. The Subsidiary Company has acquired land of 25.62 Acre at 0.80 0.80
Kathuwas district, Rajasthan. The Company has paid stamp duty
on acquisition of such land. The Collector of stamp duty has
raised a demand for additional stamp duty of ` 0.80 crores on
the Company. The Company has filed an appeal against the said
demand. The provision has not been made in books of account as
the Subsidiaries Company is hopeful of defending its claim
before the authorities and disclosed under contingent liabilities.
During the year, the Company has paid ` 0.40 crores under
protest.
m. Statutory claims not acknowledged as debts 0.46 -
n. Interest claims not acknowledged as debts - 2.32

148
40. Interest in a joint venture
The company holds 50% interest in Adani International Container Terminal Private Limited, a joint
controlled entity which propose to acquire container terminal and related infrastructure facilities from
Adani Ports and Special Economic Zone Ltd. (Refer Note 35).
The company’s share of the assets, liabilities, income and expenses of the jointly controlled entity for the
year ended March 31, 2013 is as follows;
(` In Crores)
Particulars March 31, 2013
Equity 27.18
Non-current liabilities 356.76
Current liabilities 354.69
Non-current assets 525.46
Current assets 317.05
Income 10.20
Depreciation of plant and machinery (1.40)
Other expense (0.71)
Finance charges (9.36)
Profit / (Loss) before tax (1.27)
Income-tax expense -
Profit / (Loss) after tax (1.27)
41. During the financial year 2012-13, the Company had initiated and recorded the divestment of its entire
equity holding in Adani Abbot Point Terminal Holdings Pty Limited (AAPTHPL) and entire Redeemable
Preference Shares holding in Mundra Port Pty Ltd (MPPL) representing Australia Abbot Point operations
to promoter Company, Abbot Point Port Holdings Pte Ltd, Singapore for consideration of AUD 235.71
million. The Company entered Share Purchase Agreement (‘SPA’) on March 30, 2013 to sell its holdings in
AAPTHPL and MPPL. In terms of the SPA the conditionality as regards regulatory and lenders approvals
was obtained except in respect of approval from one of the lenders who have given specific line of credit
to MPPL, which the Company is following up with lender and is confident of obtaining the same.
The Company, based on the legal counsel opinion, concluded that on the date of signing of SPA,
AAPTHPL and MPPL cease to be subsidiaries of the Company w.e.f. March 31, 2013 and accordingly not
been consolidated as per provisions of Accounting Standard 21 "Consolidated Financial Statements"
notified in Companies (Accounting Standards) Rules, 2006. The Company has accounted gain of
` 419.57 crores against disposal of investment in the discontinued operations, which was adjusted
against its losses.
The position of assets and liabilities as at the reporting date and results of discontinued business
operation after elimination of inter company transactions and balances for the year ended is as follows;
(A) Balance Sheet
(` In Crores)
Particulars As at As at
March 31, 2013 March 31, 2012
(Refer note below)
Non-Current Liabilities
Long- term borrowings 10,800.16 9,791.22

149
14th Annual Report 2012-2013

(` In Crores)
Particulars As at As at
March 31, 2013 March 31, 2012
(Refer note below)
Deferred tax liabilities (Net) 1,128.76 1,090.57
Derivative Liability 254.63 99.64
Other Long term Provisions 8.90 -
Total Non-Current Liabilities 12,192.45 10,981.43
Current Liabilities
Short term borrowings 60.43 79.39
Trade payables 196.21 -
Other current liabilities 29.99 227.64
Short-term provisions 1.47 52.81
Total Current Liabilities 288.10 359.84
ASSETS
NON CURRENT ASSETS
Fixed Assets
Tangible Assets 10,131.24 9,775.30
Intangible Assets 162.03 179.40
Capital Work in Progress 281.04 37.84
10,574.31 9,992.54
Goodwill on Consolidation 1,072.17 1,072.17
Long term loans and advances 0.27 537.31
Total Non Current Assets 11,646.75 11,602.02
CURRENT ASSETS
Trade Receivables 58.10 50.29
Short term loans and advances 359.23 -
Other current assets 420.62 -
Cash and Bank Balances 519.34 295.63
Total Current Assets 1,357.29 345.92
Note
Assets and Liabilities are included in Consolidated Balance Sheet as above
(B) Statement of Profit and Loss
Total Revenue (` In Crores)
Particulars For the year For the year
ended ended
March 31, 2013 March 31, 2012
(refer note below) (refer note below)
Revenue from Operations (net) 1,042.97 573.54
Other Income 18.17 8.15
1,061.14 581.69
Total Expenses
Operating Expenses 284.38 228.06
Employee Benefits Expense 20.02 15.37
Other Expenses 70.22 14.27

150
 (` In Crores)
Particulars For the year For the year
ended ended
March 31, 2013 March 31, 2012
(refer note below) (refer note below)

Depreciation and Amortization Expense 334.41 147.10

Finance Costs 721.20 195.36
Total Expenses 1,430.23 600.16
Loss Before Tax (369.09) (18.47)
Current Tax 6.22 2.36
Deferred Tax (Credit) / Charge (41.04) (5.54)
Loss for the period (334.27) (15.29)
Note:
Result of financial year 2011-12 represent period from June 1, 2011 to March 31, 2012 and result of
financial year 2012-13 represent period from April 1, 2012 to March 30, 2013.
(C) Cash Flow
(` In Crores)
Particulars For the year For the year
ended ended
March 31, 2013 March, 31, 2012
Cash flow from Operating activities (476.44) (433.81)
Cash flow from Investing activities (113.67) (9,607.16)
Cash flow from Financing activities 784.19 10,092.75
Net Cash Inflow / (Outflow) 194.08 51.78

42. During the year, the Company has applied to Ministry of Commerce, SEZ Division for re-notification of
1840 hectare of land which was earlier denotified by the authorities, for the technical reasons.
43. The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated February
8, 2011 and February 21, 2011 respectively has granted a general exemption from compliance with
section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The
Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption.
Necessary information relating to the subsidiaries has been included in the annexure to the
Consolidated Financial Statements.
44. Previous year figures
Previous year's figures have been regrouped where necessary to conform to this year's classification.
Further, Consolidated Balance Sheet as at March 31, 2013 is not comparable with Consolidated Balance
Sheet as at March 31, 2012 as balance sheet as at March 31, 2013 does not include assets and liabilities of
Abbot Point entities which have been divested by the Company.
As per our report of even date
For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors
Firm Registration No.: 101049W
Chartered Accountants Gautam S. Adani Rajesh S. Adani
Chairman and Managing Director Director
per Arpit K. Patel Dr. Malay R. Mahadevia B Ravi Dipti Shah
Partner Wholetime Director Chief Financial Officer Company Secretary
Membership No. 34032
Place : Ahmedabad Place : Ahmedabad
Date : May 15, 2013 Date : May 15, 2013

151
 Statement pursuant to approval u/s 212(8) of the Companies Act, 1956 (Refer note 43)

152
(` in Crores)

Sr. Name of the Subsidiaries Capital Reserve Total Total Investment Turnover/ Profit/ Provision Profit/ Proposed
No (Paid Up) Asset Liabilities # Total (Loss) for (Loss) Dividend
Income before taxation after
taxation (Net) taxation
1 Mundra SEZ Textile and Apparel Park Pvt. Ltd. 4.77 28.65 92.10 58.69 - 3.81 (4.45) - (4.45) -
14th Annual Report 2012-2013

2 MPSEZ Utilities Pvt. Ltd. 13.14 53.77 85.49 18.59 - 68.60 0.88 0.32 0.56 -

3 Adani Logistics Ltd. 325.00 (56.91) 973.22 705.13 19.86 287.73 10.05 - 10.05 -

4 Karnavati Aviation Pvt. Ltd. 5.00 (20.38) 336.52 351.90 0.01 34.89 (4.93) 0.39 (5.32) -

5 Adani Petronet (Dahej) Port Pvt. Ltd. 346.15 30.65 1,098.87 722.06 17.33 273.08 54.79 (12.73) 67.52 -

6 Adani Murmugao Port Terminal Pvt. Ltd. 115.89 (0.71) 355.59 240.41 - - (0.11) - (0.11) -

7 Mundra International Airport Pvt. Ltd. 0.50 (0.45) 9.47 9.41 *- - (0.43) *- (0.43) -

8 Adani Hazira Port Port Pvt. Ltd. 369.15 (1.39) 2,424.25 2,056.49 24.50 78.02 0.80 0.16 0.64 -

9 Hazira Infrastructure Pvt. Ltd. 24.20 (0.20) 37.47 13.47 - - (0.01) - (0.01) -

10 Hazira Road Infrastructure Pvt. Ltd. 0.05 (0.01) 0.04 *- - - (0.01) - (0.01) -

11 Adani Vizag Coal Terminal Pvt. Ltd. 4.80 (0.08) 149.08 144.35 - - (0.06) - (0.06) -

12 Adani Kandla Bulk Terminal Pvt. Ltd. 0.05 (0.02) 125.27 125.24 - - (0.01) - (0.01) -

13 Adani Warehousing Services Pvt. Ltd. 0.05 *- 0.05 *- - - *- - *- -

# Investment except in case of Investment in Subsidiaries

* Figures being nullified on conversion to ` in crores