Adani Enterprises

1.  Buildings includes cost of shares in Co-operative Housing Society
 Rs. 3,500/- (Previous year Rs. 3,500/-).
 
 2.  Office premises of Rs. 3.75 crores, includes Rs. 2.32 crores of
 unquoted Shares (160 equity shares of Atype and 1,280 equity shares of
 B type of Rs. 100 each fully paid-up) in Ruparelia Theatres P. Ltd.  By
 virtue of Investment in shares, the Company is enjoying rights in the
 leasehold land and Rs. 1.44 crores, towards construction contribution
 and exclusive use of terrace and allotted parking space.
 
 3.  Capital work-in-progress includes:-
 
 a) Building worth Rs. 0.65 crore (Previous Year Rs. 0.65 crore) which
 is in dispute and the matter is sub-judice.  .
 
 b) Agricultural Land worth Rs 0.45 crore (Previous Year Rs 0.45 crore)
 recovered under settlement of debts, in which certain formalities are
 yet to be executed.
 
 4.  The Company has ventured into Oil and Gas exploration business
 jointly with others, whereby two exploration blocks - at Palej and
 Aasam, has been awarded by Government of India through NELP.  -VI
 bidding round. All cost on acquisition, exploration and development
 incurred by the Company according to the participating interest (35%)
 are accounted under capital work in progress, as the extraction phase
 has not commenced: 
 
 5.  For the Current Year on review as required by the Accounting
 Standard 28? Impairment of Fixed Assets, the management is of the
 opinion that no impairment or reversal of loss is required.
 
 6.  In the opinion of the Board, the current assets, loans and advances
 are approximately of the value stated, if realised in the ordinary
 course of business, except unless stated otherwise. The provision for
 all the known liabilities is adequate and not in excess of the amount
 considered reasonably necessary.
 
 7.  The Company has raised US$ 250 million byway of 25,000,6% Foreign
 Currency Convertible Bonds (FCCB) of US$ 10,000 each during the
 financial year ended March 31, 2007. The Bondholders has an option to
 convert these bonds in to equity shares between January 27, 2008 to
 December 27, 2012 at a conversion price as specified in the Offering
 Circular.
 
 At the time of Maturity, unless previously converted, redeemed or
 cancelled, the company must, if the 20 days volume weighted average is
 above the Minimum Floor Price 30 days before January 27, 2012, elect,
 30 days before January 27, 2012, whether to redeem the bonds in cash or
 convert them in to Shares.
 
 If the 20 days volume weighted average price is below minimumfloor
 price, 30 days before January 27,2012, the bonds will be redeemed in
 cash at par at January 27? 2012.
 
 During the year 1,22,200 Equity Shares, having face value Of Re. 1 each
 have been issued, upon conversion of 200 FCCBs
 
 8.  The Company holds Redeemable Preference shares of its subsidiary,
 which are denominated in foreign currency. Such Preference shares have
 been considered to be monetary assets for the purpose of AS-11, the
 Accounting Standard of the effects of changes in Foreign Exchange
 rates. As required by AS, the said monetary assets have been restated
 on the basis of the closing rate as on 31 st March, 2009 and the
 difference of Rs. 112.26 crores has been reflected in financial charges
 and Rs.0.81 crore pertains to previous year, shown in prior period
 income.
 
 9.  In the opinion the management, exceptional items of Rs.4.02 crores
 (net) consist of Rs. 97.49 crores write-off for unutilisable licenses
 received under DFCE scheme and Rs.93.47 crores commission writeback, no
 longer payable.
 
 10.  Disclosure Regarding Derivative Instruments And Unhedged Foreign
 Currency Exposure
 
 a) The outstanding foreign currency derivative contracts as at 31st
 March, 2009 in respect of various types of derivative hedge instruments
 and nature of risk being hedged are as follows.
 
 b) In accordance with principles of prudence and other applicable
 guidelines as per Accounting Standards notified by the Companies
 (Accounting Standards) Rules, 2006 read with Schedule VI of the
 Companies Act, 1956 the Company has charged an amount of Rs.0.82 crore
 (Previous Year Rs.1.96 crores) to profit and loss account in respect of
 derivative contracts outstanding as on 31sMarch, 2009.
 
 c) Foreign currency exposures not covered by derivative instruments or
 otherwise as at 31s1 March, 2009 amounting to Rs.3,751.27
 crores.(Previous Year Rs. 2,728.27 crores).
 
 11.  Receivable includes:-
 
 a) Amount due from Subsidiary Companies of Rs. 23.71 crores (Previous
 Year Rs. 526.26 crores).
 
 b) Amount due from companies of Rs.14.32 crores (Previous Year Rs.
 34.34 crores) in which some of the Directors of the Company are
 interested.
 
 c) Amount due from a firm of Rs. 881.02 crores (Previous Year Rs.
 545.68) in which the Company is a partner.
 
 12.  Loans & Advances includes:-
 
 a) Amount due from subsidiary Companies of Rs. 297.86 crores (Previous
 Year Rs. 1,071.94).
 
 b) Share application money pending allotment of Rs. Rs.117.95 crores
 (Previous Year Rs. 119.67) in which some of the Directors of the
 Company are interested.
 
 c) Rs.23.46 crores (Previous Year Rs. 45.45 crores) paid as advance
 against Capital Asset.
 
 13.  Looking to the history and uncertainty attached to Target
 Plus.Scheme -2004-05, benefit under the scheme, will be accounted when
 certainty exists.  
 
 14.  The Company has initiated legal proceedings against various
 parties for recovery of dues and such legal proceedings are at
 different stages as at the date of the Balance Sheet and are expected
 to materialise in recovering the dues in the future. Management is
 hopeful of their recovery. In the opinion of the Management adequate
 balance lying in General Reserve to meet the eventuality of this
 account being irrecoverable.
 
 15.  a) Provision for taxation for the year has been made after
 considering allowance, claims and relief available to the Company 
 as advised by the Companys tax consultants.
 
 b) Various taxes related legal proceedings are pending against the
 Company. Potential K liabilities, ifany, have been adequately provided
 for, and the management does not estimate any incremental liability in
 respect of the legal proceedings.
 
 c) Transfer pricing regulations:
 
 The Company has established a comprehensive system of maintenance
 information and documentation as required by the transfer pricing
 legislation under section 92 - 92F of the IncomeTaxAct, 1961.  
 
 The management is of the opinion that its international.transactions
 are at arms length such that the aforesaid legislation will not have
 any impact on the financial statements, particularly on the amount of
 tax expense and that of provision for taxation.
 
 16.  Contingent liabilities not provided for: /Rs jn Crores)
 
 PARTICULARS                                         As at        As at
                                                31-03-2009   31-03-2008
 
 a) Claims againsttheCompany not acknowledged 
 as Debts                                          40.40      38.99 
 
 In respect of Corporate Guarantee given:-
 
 b) I To Companies under the same Management      223.04      94.29 
 
 II For obligations to other parties              157.85     119.91
 c) Bills of Exchange Discounted                  909.49   1,042.94
 d) Demand againstthe Company notadmitted asdebts  29 26       2.16
    regarding sales tax against which appeals are
    pending
 e) In respectofBank Guarantees givento Government 10.63       7.48
    agencies.
 
 f) Export obligation of Rs. NIL (Previous Year Rs. 6.04) is pending
 which is equivalent to 8 times of duty saved Rs. NIL ( Previous Year
 Rs. 0.76)
 
 g> Certain claims / show cause notices disputed have neither been
 considered as contingent  liabilities nor acknowledged as claims,
 based internal evaluation of the management.
 
 h)Show cause notice in terms of value of export goods under section14
 of the Customs Act, 1962 read with section 11 of FTDR Act, 1992 and
 rule 11 & 14 of FT(Regulation) Rule, 1993 in which liability is
 unascertainable. And under Section 16 of the Foreign Exchange
 Management Act, 1999 readwith Rule (4) of the Foreign Exchange
 Management (Adjudication Proceedings and Appeal) Rule,2000, in which
 liability is uncertainable.
 
 i)Investments are pledged with Banks / Financial Institutions towards
 collateral security for loan taken by a group Company. Amount of
 contingent liability is to the extent of value of Shares Pledged.
 
 j)Compliant filed by Asst. Labour Commissioner, Hubli under Section 30
 of The Payment of Bonus Act, 1956. Matter being contested by the
 company and projected liability in terms of I penalty would be not more
 than Rs.Q.01 crore (PY. NIL).
 
 17.  The Company has circulated letters to all its supplier requesting
 them to confirm whether they are covered under the Micro, Small and
 Medium Enterprises Act, 2006 (MSMED). The Company has not received
 any intimation from suppliers, regarding their status under
 the.Micro, Small and Medium Enterprises Act, 2006 (MSMED) and hence
 disclosure requirementsiri thisregards as per schedule-VI of The
 Companies act, 1956 could not be provided.
 
 18.  No amounts are due for deposits as at the Balance Sheet date to
 the Investors Education and Protection Fund.  
 
 19.  Currency Swap Losses of Rs 0.58 crore (Previous Year Rs 6.04
 crores) has been charged/ netted off against interest expenses on term
 loans.
 
 20.  Items of Expenditure in the Profit and Loss Account include
 reimbursements for common sharing facilities to and by the Company.  
 
 21.  The Company has paid donation to the political parties of Rs.2.25
 crore;(AII India Congress Samiti Rs.1.50 crores & Bharatiya Janta Party
 Rs.0.75 crore), (Previous YearRs.0.50 crore (Bharatiya Janta Party
 Rs.0.50 crore)).
 
 22.  Disclosure as required by the Accounting Standard 19, Leases
 issued; by the Institute of Chartered Accountants of India are given
 below:
 
 Where the Company is lessee:
 
 (i) The aggregate lease rentals payable are charged to the Profit and
 Loss Account as Rent in Schedule 17.
 
 (ii) The Leasing arrangements, which are cancelable at any time on
 month to month basis and in some cases between 11 months to 5 years,
 are usually renewable by mutual consent on mutually agreeable terms.
 Under these arrangements, generally interest free refundable deposits
 have been given.
 
 23. As per the Accounting Standard 21 on Consolidated Financial
 Statements issued by the Institute of Chartered Accountants of India,
 the Company has presented consolidated financial statements separately.
 
 24. The Company has made provision in the Accounts for Gratuity based
 on Actuarial valuation. The particulars under the AS 15 (Revised)
 furnished below are those which are relevant and available to company
 for this year.
 
 25. As per the Accounting Standard 18, disclosure of transactions with
 related parties (As identified by Management), as defined in Accounting
 Standard are given below:
 
 i) Name of related parties & description of relationship 1.
 Controlling Companies
 
 2.  Subsidiary Companies / Firms 
 
 - Adani Agri Logistics Ltd.
 - AdaniAgri Fresh Ltd.
 - Adani Power Ltd.
 - Adani Power Maharashtra Ltd.
 - Adani Power Rajasthan Ltd.
 - Adani Power Dahej Ltd.
 - Mundra Power SEZ Ltd. 
 - Adani Infrastructure and Developers Pvt.  Ltd.
 - Adani Estates Pvt. Ltd.
 - Adani Land Developers Pvt. Ltd.
 - Adani Developers Pvt. Ltd.
 - Adani Energy Ltd.
 - Adani Mining Pvt. Ltd.
 - Adani Landscapes Pvt. Ltd.
 - Columbia Chrome (India) Pvt. Ltd.
 - Swayam Realtors and Traders Ltd.
 - Miraj Impex Pvt. Ltd.
 - Shantigram Estate Management Pvt.  Ltd.  .
 - Adani Mundra SEZ Infrastructure Pvt.  Ltd.  
 - Belvedere Golfand Country Club Pvt.  Ltd.
 - Shantigram Utility Services Pvt Ltd.
 - Lushgreen Landscapes Pvt. Ltd.
 - Natural Growers Pvt. Ltd.
 - Aaloka Real Estate Pvt. Ltd.
 - Adani Global Ltd., Mauritius.
 - Adani Global Pte. Ltd., Singapore.
 - Adani Global FZE, Dubai.
 - Adani Shipping Pte. Ltd, Singapore.
 - Adani Virginia Inc, USA
 - Adani Power (Overseas) Ltd., Dubai.
 - PT Adani Global, Indonesia.
 - PT Kapuas Coal Mining, Indonesia.
 - Bay Bridge Enterprise.LLC
 - Vyom Tradelink Pvt. Ltd.  (Upto 01.11.2008)
 - Libra Shipping PteLtd.  (Upto 01.11.2008)
 - Adani HabitatS PvtLtd.  ( Upto 20.02.2009)
 - M/s. Adani Township and Real Estate Co.
 - M/s. Adani Exports 
 - Jade Food and Properties Pvt. Ltd.
 - Jade Agri Land Pvt. Ltd.
 - Jade Agricultural Co. Pvt. Ltd.
 - Rajendra Agri Trade Pvt. Ltd.
 - Rohit Agri Trade Pvt. Ltd.
 - Sunanda Agri trade Pvt. Ltd.
 - Panchdhara Agro Farms Pvt. Ltd.
 
 3.  Associate Entities
 
 - Adani Petronet (Dahej) Port Pvt. Ltd.
 - Accurate Finstock Pvt. Ltd.
 - Adani Retail Pvt. Ltd.
 - Mundra SEZ Textile and Apparel Park Pvt. Ltd.
 - Gujarat Adani Infrastructure Pvt. Ltd.
 - B2B India Pvt.. Ltd.
 - Adani Habitats Pvt. Ltd.  (W.e.f. 21.02.2009)
 - Adani Properties Pvt. Ltd.
 - Rajasthan SEZ Pvt. Ltd.
 - Mundra Port and Special Economic Zone Ltd.
 - Adani Logistics Ltd.
 - Adani Energy (U.P.) Pvt. Ltd.
 - Inland Conware Pvt. Ltd.
 - Inland Conware (Ludhiana) Pvt. Ltd.
 - I Call India Pvt. Ltd.
 - Komal Marketing Pvt. Ltd.
 - Aditya Corpex Pvt. Ltd.
 - Hinduja Exports Pvt. Ltd.
 - Adani Shipyard Pvt. Ltd.
 - Komal Infotech Pvt. Ltd.
 - Gujarat State Exports Corporation Ltd.
 - Shantikrupa Estates Pvt. Ltd.
 - Shantikrupa Services Pvt. Ltd.
 - Shantikrupa Infrastructure Pvt. Ltd.
 - Adani Infrastructure Services Pvt. Ltd.
 - m to M Traders Pvt. Ltd.
 - Netvantage International Pvt. Ltd.  
 - M/s. Adani Textile Industries
 - I-Gate India Pvt. Ltd.
 - Dholera Infrastructure Pvt. Ltd.
 - Dholera Port and Special Economic Zone Ltd.
 - Mundra Aviation U.K.
 - Gujarat Adani Aviation Pvt. Ltd.
 - Mundra SEZ Utilities Pvt. Ltd.
 - Ventura Trade & Investment Pvt Ltd., Mauritius
 - Trident Trade & Investment Pvt Ltd., Mauritius
 - Pride Trade & Investment Pvt Ltd., Mauritius
 - Radiant Trade & Investment Pvt Ltd., Mauritius
 - Baramati Power Pvt. Ltd.
 - Shankheshwar Buildwell Pvt. Ltd.
 - M/s. Adani Commodities (Formerly Adani Investments)
 - M/s Advance Exports
 - M/s Advance Investments
 - M/s. Adani Tradelinks (Formerly Intercontinental (India)
 - M/s. Crown International
 - M/s. Shanti Builders
 - Adani Agra Pvt. Ltd.
 - M/s. Ezy Global
 
 4.  Joint Control
 
 - Adani Wilnfiar Ltd.
 - Parsa Kente Collieries Ltd.
 - Chemoil Adani Pvt. Ltd.
 - Chemoil Adani Pte Ltd. Singapore
 - Adani Welspun Exploration Ltd.
 
 5.  Key Management Personnel
 
 - Shri Gautam S. Adani - Chairman
 - Shri Rajesh S. Adani - Managing Director
 - Shri Pradeep Mittal  - Whole Time Director(Resigned w.e.f.15.10.2008)
 
 6.  Relatives of Key Management Personnel with whom transactions done
 during the year.
 
 - Smt. Suvarna M. Adani
 - Shri Vinod S. Adani
 - Shri Bhavik B. Shah
 
 Disclosure in Respect of Material Related Party Transactions during the
 year:
 
 1.  Sales (Net of Return) to M/s. Adani Exports Rs.2,644.97 Crores
 (Previous Year Rs. 2,164.45 Crores); Adani Global FZE Rs. 204.72 Crores
 (Previous Year Rs. 466.31 Crores); Adani Global Pte Ltd. Rs. 327.57
 Crores (Previous Year Rs. 623.76 Crores); Mundra Port & Special
 Economic Zone Ltd.  Rs. 34.12 Crores (Previous Year Rs. 31.25 Crores);
 Hinduja Exports Pvt. Ltd. Rs. 30.63 (Previous Year Rs. Nil); Gujarat
 State Exports Corporation Ltd. Rs. 27.33 Crores (Previous Year Rs.
 Nil); Adani Wilmar Ltd.  Rs.110.26 Crores (Previous Year Rs. 94.72
 Crores).
 
 2.  Purchase (Net of Return) from Adani Global FZE Rs. 83.94 Crores
 (Previous Year Rs. 15.36 Crores); Adani Global Pte Ltd. Rs.703.31
 Crores (Previous Year Rs. 503.78 Crores); Aditya Corpex Pvt. Ltd.
 Rs.26.99 Crores (Previous Year Rs. 123.90 Crores); Gujarat State
 Exports Corporation Ltd. Rs. Nil (Previous Year Rs. 202.80 Crores);
 Adani Wilmar Ltd. Rs. 3.23 Crores (Previous Year Rs.38.26 Crores).
 
 3.  Sale of Investment to Adani Agro Pvt. Ltd. Rs. Nil (Previous Year
 Rs. 0.03 Crore ); Mundra Port & Special Economic Zone Ltd. Rs.Nil
 (Previous Year Rs. 0.00 Crore); B2B India Pvt. Ltd. Rs. 0.05 Crore
 (Previous Year Rs. Nil).
 
 4.  Sale of Fixed Asset to Mundra Port & Special Economic Zone Ltd.
 Rs.Nil (Previous Year Rs. 0.32 Crore ); Adani Wilmar Ltd. Rs.2.45
 Crores (Previous Year Rs.Nil).
 
 5.  Purchase of Fixed Asset from Adani Wilmar Ltd. Rs.0.05 Crore
 (Previous Year Rs.Nil).
 
 6.  PurchaseoflnvestmentsfromAdani Habitats Pvt. Ltd. Rs. 106.04 Crores
 (Previous Year Rs. 0.54 Crore).
 
 7.  Interest - received /-(pajd)from Adani Infrastructure and
 Developers Pvt. Ltd. Rs.77.57 Crores (Previous Year Rs. 116.52
 Crores);Adani Welspun Exploaration Ltd. Rs. 0.23 Crore (Previous Year
 Rs. Nil ); Parsa Kente Collieries Ltd. Rs.0.32 Crore (Previous Year Rs.
 Nil).
 
 8.  Dividend received from Adani Global Ltd. Mauritius Rs.0.46.Crore
 (Previous Year Rs. 0.38 Crore).
 
 9.  Funds given [includes investment in Preference shares/equity
 participation/ business arrangement]
 
 to Adani Global Ltd. Rs.NIL (Previous Year Rs. 412.57 Crores); Adani
 Infrastructure and Developers Pvt. Ltd.  Rs.423.63 Crores (Previous
 Year Rs. 1,266.02 Crores); Adani Power Ltd. Rs.326.15 Crores (Previous
 Year Rs. 255.37 Crores); AdityaCorpex Pvt. Ltd. Rs. 403.82 Crores
 (Previous Year Rs. 113.64 Crores); Adani Port Infrastructure Pvt. Ltd.
 Rs.Nil (Previous Year Rs. 32.50 Crores ); M/s. Adani Tradelinks
 {Formerly Intercontinental (India)} Rs.Nil (Previous Year Rs. 0.12
 Crore); Adani Agro Pvt. Ltd. Rs.Nil (Previous Year Rs. 2.25 Crores);
 Hinduja Exports Pvt. Ltd. Rs. 78.60 Crores (Previous Year Rs.Nil);
 Adani Welspun Exploaration Ltd. Rs. 7.79 Crores (Previous Year Rs.
 10.73 Crores ); Adani Wilmar Ltd. Rs.50.87 Crores (Previous Year Rs.
 18.88 Crores).
 
 10.  Funds received [including redemption of Preference share/business
 arrangement] from Adani Infrastructure and Developers Pvt. Ltd.
 Rs.1,061.88 Crores (Previous Year Rs. 1,445.71 Crores); Adani
 Developers Pvt. Ltd. Rs.NiL (Previous Year Rs.1.74 Crores); Adani
 Habitats Pvt. Ltd. Rs.176.39 Crores (Previous Year Rs. 3.62 Crores);
 Aditya Corpex Pvt. Ltd. Rs. 403.82 Crores (Previous Year Rs. 9.84
 Crores); Adani Port Infrastructure Pvt. Ltd. Rs. Nil (Previous Year Rs.
 32.50 Crores); M/s. Adani Tradelinks {Formerly Intercontinental
 (India)} Rs. Nil (Previous Year Rs. 0.12 Crore); Adani Agro Pvt. Ltd.
 Rs.4.00 Crores (Previous Year Rs. 2.25 Crores); Hinduja Exports Pvt.
 Ltd. Rs. 43.55 (Previous Year Rs. Nil); Adani Welspun Exploaration Ltd.
 Rs. 10.85 Crores (Previous Year Rs. 2.41 Crores).
 
 11.  Service rendered to Adani Agri Fresh Ltd. Rs.0.17 Crore (Previous
 Year Rs. 0.48 Crore); Adani Agri Logistics Ltd. Rs.0.14 Crore (Previous
 Year Rs.0.31 Crore); Adani Power Ltd. Rs.5.92 Crores (Previous Year Rs.
 1.26 Crores); Adani Energy Ltd.Rs. 1.74 Crores (Previous Year Rs. 0.02
 Crore); Mundra Port & Special Economic Zone Ltd. Rs. 4.47 Crores
 (Previous Year Rs. 10.54 Crores); Adani Wilmar Ltd. Rs.0.08 Crore
 (Previous Year Rs. 0.11 Crore); Parsa Kente Collieries Ltd..Rs.0.03
 Crore (Previous Year Rs. Nil); Chemoil Adani Pvt. Ltd.  Rs.0.14 Crore
 (Previous Year Rs. Nil).
 
 12.  Service availed from Libra Shipping Pte. Ltd., Singapure Rs. 14.97
 Crores (Previous Year Rs. 16.78 Crores); Mundra Port & Special Economic
 Zone Ltd. Rs. 620.33 Crores (Previous Year Rs. 181.36 Crores); Adani
 Wilmar Ltd. Rs.0.06 Crore (Previous Year Rs. 0.03 Crore).
 
 13.  Profit/(Loss) Sharing / Business Arrangement from M/s. Adani
 Exports Rs.232.04 Crores (Previous Year Rs. 177.28 Crores); Adani
 Global Pte Ltd., Singapore Rs. 128.26 Crores (Previous Year Rs. 51.11
 Crores).
 
 14.  Rent paid to Mundra Port & Special Economic Zone Ltd. Rs. 0.13
 Crore (Previous Year Rs. 0.01 Crore); Adani Properties Pvt. Ltd.
 Rs.0.54 Crore (Previous Year Rs. Nil); Adani Wilmar Ltd. Rs.0.03 Crore
 (Previous Year Rs. 0.09 Crore); Shri Vinod S. Adani Rs.0.02 Crore
 (Previous Year Rs. 0.03 Crore).
 
 15.  Rent received from Adani Mining Pvt.Ltd. Rs. Nil (Previous Year
 Rs. 0.00 Crore); Mundra Port & Special Economic Zone Ltd. Rs. 0.02
 Crore (Previous Year Rs. 0.02 Crore); Adani Wilmar Ltd. Rs.0.03 Crore
 (Previous Year Rs. 0.13 Crore).
 
 16.  Remuneration to Mr. Gautam S Adani Rs. 9.20 Crores (Previous Year
 Rs. 8.09 Crores); Mr.Rajesh S Adani Rs.9.95 Crores (Previous Year Rs.
 8.68 Crores); Mr. Pradeep Mittal Rs.2.99 Crores (Previous Year Rs. 2.93
 Crores).
 
 17.  Guarantee & Collateral securities to Adani Global Pte Ltd.
 Singapore Rsll 20.50 Crores (Previous Year Rs.  39.97 Crores); Adani
 Global FZE., Dubai Rs. 101.90 Crores (Previous-Year Rs. 79.94 Crores);
 Adani Wilmar Ltd. Rs.101.49 Crores (Previous Year Rs. 94.29 Crores);
 Adani Welspun Exploration Ltd. Rs.121.55 Crores (Previous Year Rs.
 Nil).  
 
 iii) As required by the amendment to the clause 32 of the listing
 agreement vide SEBI circular no. 2 / 2003 of 10th January, 2003, the
 followirig disclosure have been made:
 
 (b) Loans and Advances shown above, to subsidiaries fall under the
 category of Loans & Advances in nature of Loans where there is no
 repayment schedule and are re-payable on demamd.
 
 All the above loans and advances are interest bearing except for an
 amount of Rs. 4.00 crore to Adani Energy Ltd., wholly owned Subsidiary
 
 b) in accordance with the Accounting Standard 22,.the deferred tax
 liability of Rs.3.69 crores (Previous year Rs. 0.09 crore) for the year
 has been recognised in the Profit & Loss Account.
 
 26.  The Ministry of Corporate Affairs, Government of India vide its
 Order No.47/194/2009/-CL -III dated 14th May,2009 has granted approval
 that the requirement to attach various documents in respect of
 Subsidiary Companies, as set out in sub-section (1) of Section 212 of
 the Companies Act,1956, shall not apply to the Company. As per the
 Order, financial Information of each Subsidiary company is attached.
 
 27.  Previous years figures have been regrouped wherever necessary to
 confirm to this years classification.