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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 512599ISIN: INE423A01024INDUSTRY: Trading

BSE   ` 157.80   Open: 157.50   Today's Range 156.45
159.75
-0.30 ( -0.19 %) Prev Close: 158.10 52 Week Range 101.05
236.70
Year End :2017-03 

1. FIRST-TIME ADOPTION OF IND-AS

The Company has adopted Ind AS from 1st April, 2016 and the date of transition to Ind AS is 1st April, 2015. These being the first financial statements in compliance with Ind AS, the impact of transition has been accounted for in opening reserves and comparable periods have been restated in accordance with Ind AS 101 -"First-time Adoption of Indian Accounting Standards”. The Company has presented a reconciliation of its equity under Previous GAAP to its equity under Ind AS as at 1st April, 2015 and 31st March, 2016 and of the total comprehensive income for the year ended 31st March, 2016 as required by Ind AS 101,

Following are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Previous GAAP to Ind AS,

a) Deemed cost of property, plant and equipment and intangible assets

The Company has elected to continue with the carrying value of all its property, plant and equipments and intangible assets recognized as of 1st April, 2015 measured as per the Previous GAAP and use that carrying value as its deemed cost on transition date.

b) Deemed cost of investments in subsidiaries, joint ventures and associates

The Company has elected to continue with the carrying value of its investment in subsidiaries, joint ventures and associates recognized as of 1st April, 2015 measured as per the Previous GAAP and use that carrying value as its deemed cost of transition date.

c) Exchange differences on long term foreign currency borrowings

The Company has elected to continue the policy adopted for accounting for exchange differences arising from translation of long-term foreign currency monetary items outstanding and recognized in the financial statements for the period ending immediately before the beginning of the first Ind AS financial reporting period as at 31st March, 2016 as per the Previous GAAP

d) Business Combinations

The Company has elected to apply Ind AS 103 "Business Combination" prospectively to Business Combinations occurring after its transition date. Hence, the Company has not restated past business combinations that have an acquisition date prior to the transition date.

e) Embedded Leases

The Company has opted not to apply the requirements of Appendix C to Ind AS 17 retrospectively. Based on this exemption, assessment of whether an arrangement contains a lease or not has been made on the basis of facts and circumstances existing as at the transition date, instead of at the inception of contract or arrangement,

f) Derecognition of financial assets and financial liabilities

The Company has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after transition date.

g) Classification and measurement of financial assets

The Company has assessed classification and measurement of financial assets on the basis of facts and circumstances that exist as on transition date,

h) Impairment of financial assets

The Company has applied impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognized in order to compare it with the credit risk at the transition date.

i) Assessment of embedded derivatives

The Company has assessed whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative on the basis of the conditions that existed at the later of the date it first became a party to the contract and the date when there has been a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract,

2. Reconciliations between Previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior period. The following tables represent the reconciliations from Previous GAAP to Ind AS:

Notes to above reconciliations : a) MTM on derivative financial instruments :

Derivative financial instruments have been fair valued through profit and loss under Ind AS. Under Previous GAAP, the net mark to market losses on derivative financial instruments, other than those designated as cash flow hedges, were recognized in statement of profit and loss, and the net gains, if any, were ignored.

b) Impact on accounting of financial instruments at amortised cost :

The Company has valued financial assets (other than investment in joint ventures, subsidiaries and associates which are accounted at cost) and financial liabilities, at fair value at the inception of the contract. Impact of fair value changes as on date of transition, is recognized in opening reserves. These financial instruments have been subsequently accounted under the amortized cost model, with resultant changes thereafter being recognized in statement of profit and loss.

c) Actuarial Valuation :

Actuarial gains / losses on account of changes in actuarial assumptions are recognized in other comprehensive income,

d) Accounting for asset retirement obligations :

Cost of decommissioning any item of property, plant and equipment is included in the initial cost thereof and a liability equivalent to present value of such costs is recognized. Depreciation on asset and imputed interest on the provision is subsequently recognized in the statement of profit and loss.

e) Deferred tax :

The impact of transition adjustments together with Ind AS mandate of using balance sheet approach (against profit and loss approach in the Previous GAAP) for computation of deferred taxes has resulted in charge to reserves on the date of transition, with consequential impact in the statement of profit and loss for the subsequent periods.

f) Reversal of proposed dividend (including tax) :

Under Previous GAAP, dividends proposed by the Board of Directors after the reporting date but before the approval of financial statements were considered to be adjusting event and accordingly recognized (along with related dividend distribution tax) as liability at the reporting date. Under Ind AS, dividends are recognized when the same is approved by the shareholders in the general meeting. Accordingly, provision for so proposed dividend and dividend distribution tax recognized under Previous GAAP has been reversed.

Reconciliation of Statement of Cash Flows :

The transition from Previous GAAP to Ind AS has not had a material impact on the statement of cash flows,

3. Impact of Scheme of Arrangement as at 1st April, 2015 :

The Hon'ble Gujarat High Court vide its Order dated 7th May, 2015 has sanctioned the Composite Scheme of Arrangement between the Company, Adani Ports and Special Economic Zone Limited (APSEZL), Adani Power Limited (APL), Adani Transmission Limited (ATL) and Adani Mining Private Limited (AMPL) and their respective Shareholders and Creditors pursuant to the provisions of Section 391 to 394 and the other provisions of the Companies Act, 1956 and Companies Act, 2013 ("Scheme"). The Scheme with effect from Appointed Date i.e. 1st April, 2015 inter alia provided for :

(i) Demerger of Port Undertaking, Power Undertaking and Transmission Undertaking comprising the undertaking, businesses, activities, operations, assets (movable and immovable) and liabilities of AEL and transfer of the same to APSEZL, APL and

ATL respectively

(ii) Merger of AMPL into the Company

The transition from Previous GAAP to Ind AS has been considered after giving effect to scheme of arrangement,

b) Office buildings includes cost of shares in Co-operative Housing Society H3,500/- (31st March, 2016: H3,500/-).

c) Office buildings includes Rs,2.32 Crores of unquoted Shares (160 equity shares of A type 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.

d) Land of RS,1.24 Crores and Buildings of RS,1.68 Crores are pending for registrations in the name of the Company.

e) For security / mortgage, Refer note 22 and 26.

a) Includes Building of RS,0.85 Crores (31st March, 2016 : RS,0.85 Crores, 1st April, 2015 : RS,0.85 Crores) which is in dispute and the matter is sub-judice.

b) Agricultural Land of RS,0.45 Crores (31st March, 2016: RS,0.45 Crores, 1st April, 2015 RS,0.45 Crores) recovered under settlement of debts, in which certain formalities are yet to be executed,

c) Includes Company's share in Unincorporated Joint Venture Assets of RS,94.64 Crores (31st March, 2016: H94.79 Crores)(Refer Note 48 a)

d) Includes cost incurred by Company as Mine Developer cum Operator for Machhakata and Chendipada coal blocks, allotment of which have been cancelled pursuant to Coal Mines (Special provision) ordinance, 2014. The Company has filed claim for cost of investment in respect of Machhakata coal block with MahaGuj Collieries Ltd. and for Chendipada coal block with UCM Coal Company Ltd. Pending final outcome, no adjustment in the carrying value of respective blocks in CWIP as such has been considered, as the same will be given effect in subsequent period on ascertainment of amount.

e) Includes expenses directly attributable to construction period of RS,253.33 Crores (31st March, 2016: RS,267.10 Crores, 1st

April, 2015 : RS,282.39 Crores) (Refer Note 49).

a) Fair Value of Investment Properties

The fair value of the Company's investment properties at the end of the year have been determined on the basis of valuation carried out by the management based on the transacted prices near the end of the year in the location and category of the properties being valued. The fair value measurement for all of the investment properties has been categorized as a level 2 fair value based on the inputs to the valuation techniques used. Total fair value of Investment Properties is RS,9.37 Crores (31st March, 2016 : RS,8.06 Crores, 1st April, 2015 : RS,6.59 Crores)

b) During the year, the Company carried out a review of the recoverable amount of investment properties. As a result, there were no allowances for impairment required for these properties,

c) The Company has neither generated any rental income nor incurred any direct operating expense for these Investment Properties.

(‘Denotes amount less tRs,an RS,50,000)

Notes:

4 a) Details of Shares pledged

i) Includes 3,433,320 (31st March, 2016: Nil, 1st April, 2015: Nil) shares pledged against loans taken by subsidiary company - Adani Green Energy Ltd. from banks / financial institutions.

ii) Includes 39,303,000 (31st March, 2016: Nil, 1st April, 2015: Nil) shares pledged against loans taken by subsidiary company - Prayatna Developers Pvt. Ltd. from banks / financial institutions.

iii) Includes 4,069,800 (31st March, 2016: Nil, 1st April, 2015: Nil) debentures pledged against loans taken by subsidiary company - Prayatna Developers Pvt. Ltd. from banks / financial institutions.

5 b) Net Worth of six subsidiaries as on 31st March, 2017 has been eroded and there is a consequent possibility of impairment of Equity investment of RS,0.20 Crores. Looking to te subsidiaries future business plans and growth prospects, such impairment if any is considered to be temporary in nature and no provision for diminution in value of investment is made in the accounts of the Company,

(‘Denotes amount less than RS,50,000) 7 d) The Company has transferred its investment in Adani Wilmar Ltd and Indian Energy Exchange Ltd. to Adani Commodities LLP and Adani Tradex LLP respectively as its capital contribution. 7 e) The difference in Investment in LLPs vis-a-vis capital balance in LLP is on account of accounting of investment in LLPs at Fair value,

c. Reconciliation of Income Tax Expense and the Accounting Profit multiplied by India's tax rate :

This note presents the reconciliation of Income Tax charged as per the Tax Rate specified in Income Tax Act, 1961 & the actual provision made in the Financial Statements as at 31st March, 2017 & 31st March, 2016 with breakup of differences in Profit as per the Financial Statements & as per Income Tax Act, 1961.

d. Provision for Taxation :

Provision for taxation for the year has been made after considering allowance, claims and relief available to the Company as advised by the Company's tax consultants,

e. Transfer Pricing Regulations :

The Company has established a comprehensive system of maintenance of information and documentation as required by the transfer pricing legislation under Section 92 - 92F of the Income Tax Act, 1961.

The management is of the opinion that its international transactions are at arm's length and 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.

(b) Rights, preferences and restrictions attached to each class of shares

The Company has only one class of Equity Shares having a par value of RS,1/- per share and each holder of the Equity Shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of shares held by the shareholders,

a) Loan from Bank of Maharashtra for RS,187.50 Crores is secured by first pari-passu charge on leasehold rights on Sub-leased contiguous land area of 160.59 hectares near Mundra Port SEZ of Group Entity at Mundra, Dist.-Kutch & subservient charges on the current assets of the Company which is repayable in 3 unequal structured quarterly installments (3 quarterly installments of RS,62.50 Crores) from the quarter ending 30th June, 2017.

b) Loan from Canara Bank for RS,150.00 Crores is secured by first pari-passu charge on leasehold rights on Sub-leased contiguous land of Adani Mundra SEZ & Infrastructure Ltd. near Mundra Port SEZ at Mundra, Dist.- Kutch, repayable in 3 equally structured quarterly installments (3 quarterly installments of RS,50 Crores) commencing from the quarter ending 30th June, 2017.

c) Loan from Consortium of Banks - Canara Bank, Central Bank of India, PTC India Financial Services Ltd. and Vijaya Bank for RS,388.53 Crores is secured through first ranking hypothecation / charge / pledge / mortgage on borrower's Parsa East and Kente Basin blocks immovable and movable properties, leasehold / sub-leasehold rights over the land and property pertaining to coal washery & railway land, revenue and receivables, project accounts, both present and future, relating to the said project, Repayable in 28 quarterly installments of RS,16.40 Crores starting from 15th Jun, 2017.

d) Foreign Currency Loan of USD 32.52 million from ICICI Bank is secured through first ranking hypothecation / charge / pledge / mortgage on borrower's Parsa East and Kente Basin blocks immovable and movable properties, leasehold / sublease hold rights over the land and property pertaining to coal washery & railway land, revenue and receivables, project accounts, both present and future, relating to the said project, repayable in 18 quarterly installments of USD 1,809,500 starting from 15th Jun, 2017.

e) Non Convertible Debentures of RS,148.83 Crores are secured by subservient charge on entire current assets and movable fixed assets of the Company except assets pertaining to mining business, repayable after Two years and One Month from the year ended 31st March, 2017,

f) Loan from IndusInd Bank of RS,1,046.98 Crores is repayable in June 2018.

g) Loan from J M Financial of RS,175 Crores is repayable in February 2019.

h) The above loans carries interest rate ranging 5% to 12.10% p.a.

i) For the current maturities of long-term borrowings, refer note 28 - Other Current Financial Liabilities.

Note:

a) Short term loan of RS,363.29 Crores is secured by hypothecation of all the inventories and book debts and receivables both present & future of the Company by way of first charge ranking pari passu.

b) Foreign Currency Loan of USD 30 millions is secured by subservient charge on the entire current assets and movable fixed asset of the Company (Excluding Mining Division Assets), both present and future.

c) Cash Credit Facility from RBL Limited are secured by immovable & moveable properties, both present & future, of the Parsa Kente Mines Project of the Company by way of first charge ranking pari passu.

d) Cash Credit Facilities of other banks are secured by hypothecation of all the inventories and book debts and other current assets, both present & future, of the Company by way of first charge ranking pari passu.

e) The Buyers Credit facilities are secured by margin money deposits and all the inventories and book debts and other current assets, both present & future, of the Company by way of first charge ranking pari passu.

The Exceptional Items during the previous year relate to :

a) Loss of RS,3.52 Crores written-off on account of incremental provision for Unfinished Minimum Work Program (UMWP) towards Assam block.

b) Gain of RS,45.25 Crores for the year towards gain on divestment of 100% equity holding in subsidiary Adani Infra (India) Limited.

6 FINANCIAL INSTRUMENTS AND RISK REVIEW

(a) Accounting Classification and Fair Value Hierarchy Financial Assets and Liabilities :

The Company's principal financial assets include loans and trade receivables, cash and cash equivalents and other receivables. The Company's principal financial liabilities comprise of borrowings, provisions, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations and projects.

Fair Value Hierarchy :

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

7 FINANCIAL INSTRUMENTS AND RISK REVIEW (contd.)

Level-1 : Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level-2 : Inputs are other than quoted prices included within Level-1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level-3 : Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole ori n part using a valuation model based on the assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data,

The following tables summarizes carrying amounts of financial instruments by their categories and their levels in fair value hierarchy for each year end presented,

Notes :

(a) Investments exclude Investment in Subsidiaries, Joint Ventures and Associates.

(b) Carrying amounts of current financial assets and liabilities as at the end of the each year presented approximate the fair value because of their short term nature. Difference between carrying amounts and fair values of other noncurrent financial assets and liabilities subsequently measured at amortized cost is not significant in each of the year presented,

(b) Financial Risk Management Objective and Policies :

The Company's risk management activities are subject to the management direction and control under the framework of Risk Management Policy as approved by the Board of Directors of the Company. The Management ensures appropriate risk governance framework for the Company through appropriate policies and procedures and that risks are identified, measured and managed in accordance with the Company's policies and risk objectives,

The Company is primarily exposed to risks resulting from fluctuation in market risk, credit risk and liquidity risk, which may adversely impact the fair value of its financial instruments.

(i) Market Risk

Market risk is the risk of loss of future earnings, fair value or future cash flows of a financial instrument, that may result from adverse changes in interest rate and foreign currency exchange rates,

A. Foreign Currency Exchange Risk :

Since the Company operates internationally and portion of the business transacted are carried out in more than one currency, it is exposed to currency risks through its transactions in foreign currency or where assets or liabilities are denominated in currency other than functional currency,

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies including the use of derivatives like foreign exchange forward and option contracts to hedge exposure to foreign currency risks,

For open positions on outstanding foreign currency contracts and details on unheeded foreign currency exposure, please refer note no. 40

B. Interest Risk :

The Company is exposed to changes in interest rates due to its financing, investing and cash management activities. The risks arising from interest rate movements arise from borrowings with variable interest rates. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

The Company's risk management activities are subject to the management, direction and control of Central Treasury Team of the Adani Group under the framework of Risk Management Policy for interest rate risk. The Group's central treasury team ensures appropriate financial risk governance framework for the Company through appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies and risk objectives,

For Company's total borrowings, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used, which represents management's assessment of the reasonably possible change in interest rate,

(ii) Credit Risk

Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations resulting in a loss to the Company. Financial instruments that are subject to credit risk principally consist of Loans, Trade and Other Receivables, Cash & Cash Equivalents, Investments and Other Financial Assets. The carrying amounts of financial assets represent the maximum credit risk exposure.

Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of counter parties on continuous basis with appropriate approval mechanism for sanction of credit limits. Credit risk from balances with banks, financial institutions and investments is managed by the Company’s treasury team in accordance with the Company’s risk\ management policy. Cash and cash equivalents and Bank deposits are placed with banks having good reputation, good past track record and high quality credit rating,

Since the Company has a fairly diversified portfolio of receivables in terms of spread, no concentration risk is foreseen. A significant portion of the Company’s receivables are due from public sector units (which are government undertakings) and hence may not entail any credit risk,

Note: The management believes that the claims made are untenable and is contesting them. As of the reporting date, the management is unable to determine the ultimate outcome of above matters. However, in the event the revenue authorities succeed with enforcement of their assessments, the Company may be required to pay some or all of the asserted claims and consequential interest and penalties, which would reduce net income in the respective reported period,

8 The Company has initiated legal proceedings against various parties for recovery of dues and such legal proceedings are pending at different stages as at the date of the Balance Sheet and are expected to materialize in recovering the dues in the future. Based on the review of these accounts by the management, adequate provision has been made for doubtful recovery. Management is hopeful for their recovery. In the opinion of the management adequate balance is lying in General Reserve / Retained earnings to meet the eventuality of such accounts being irrecoverable.

9 DISCLOSURE AS REQUIRED BY THE IND AS 17, “LEASES” AS SPECIFIED IN THE COMPANIES (ACCOUNTING STANDARD) RULES 2015 (AS AMENDED) ARE GIVEN BELOW :

Assets given on operating lease :

Refer Note 4(a) for disclosures.

Assets taken on operating lease :

(a) The aggregate lease rentals payable are charged to the Statement of Profit & Loss as Rent in Note 37.

(b) The Company has taken office space, godowns and guest house on operating lease. The lease rentals are payable by the Company on a monthly or quarterly basis,

(c) The Leasing arrangements, which are non-cancellable over the period of the agreements, the disclosures in respect of the same:

10 The Company has made provision in the Accounts for Gratuity based on Actuarial valuation. The particulars under the Ind AS 19 "Employee Benefits" furnished below are those which are relevant and available to the Company for this year.

(‘Denotes amount less than H50,000)

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. There is no change in method of valuation for the prior period,

(c) The estimate of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion

and other relevant factors, such as supply and demand in the employment market,

(d) The Company's expected contribution to the fund in the next financial year is H3.67 Crores (31st March, 2016 H4.23 Crores)

(e) Current and non current classification is done based on actuarial valuation certificate.

11. AS PER IND AS 24, DISCLOSURE OF TRANSACTIONS WITH RELATED PARTIES (AS IDENTIFIED BY THE MANAGEMENT), AS DEFINED IN IND AS ARE GIVEN BELOW :

(i) Name of Related Parties & Description of Relationship

(A) Controlling Entity :

Shantilal Bhudhermal Adani Family Trust (SBAFT)

(B) Subsidiary Companies :

1 Adani Global Ltd., Mauritius. 16 Adani Defence Systems and Technologies Ltd.

2 Adani Agri Logistics Ltd. 17 Mahaguj Power Ltd,

3 Adani Agri Fresh Ltd. 18 Adani Chendipada Mining Pvt. Ltd.

4 Adani Energy Ltd. 19 Adani Resources Pvt. Ltd.

5 Adani Shipping (India) Pvt. Ltd. 20 Surguja Power Pvt. Ltd.

6 Natural Growers Pvt. Ltd. 21 Jhar Mining Infra Pvt. Ltd.

7 Chendipada Collieries Pvt. Ltd. 22 Prayatna Developers Pvt. Ltd.

8 Parsa Kente Collieries Ltd. 23 Talabira (Odisha) Mining Pvt. Ltd. (Formerly known

9 Adani Welspun Exploration Ltd. as Korba Clean Coal Pvt. Ltd.)

10 Rajasthan Collieries Ltd. 24 Adani Tradecom LLP

11 Adani Synenergy Ltd. 25 Adani Tradex LLP

12 Adani Power Dahej Ltd. 26 Adani Commodities LLP

13 Adani Pench Power Ltd. 27 Adani Tradewing LLP

14 Kutchh Power Generation Ltd. 28 Adani Infrastructure Pvt. Ltd.

15 Adani Green Energy Ltd. 29 Adani Cementation Ltd.

(C) Step-down Subsidiary Companies / Firms :

1 Adani Renewable Energy Park Ltd. 21 PT Energy Resources, Indonesia

2 Adani Agri Logistics (Harda) Ltd. 22 PT Niaga Antar Bangsa, Indonesia

3 Adani Agri Logistics (Hoshangabad) Ltd. 23 PT Niaga Lintas Samudra, Indonesia

4 Adani Agri Logistics (Satna) Ltd. 24 PT Gemilang Pusaka Pertiwi, Indonesia

5 Adani Agri Logistics (Ujjain) Ltd. 25 PT Hasta Mundra, Indonesia

6 Adani Agri Logistics (Dewas) Ltd. 26 PT Lamindo Inter Multikon, Indonesia

7 Adani Agri Logistics (MP) Ltd. 27 PT Mitra Naiga Mulia, Indonesia

8 Adani Gas Holdings Ltd. (Formerly known as 28 PT Suar Harapan Bangsa, Indonesia Mundra LNG Ltd.)

9 Adani Gas Ltd. 29 PT Tambang Sejahtera Bersama, Indonesia

10 Adani Global Pte. Ltd., Singapore. 30 Aanya Maritime Inc, Panama

11 Adani Shipping Pte. Ltd, Singapore. 31 Aashna Maritime Inc, Panama

12 Rahi Shipping Pte. Ltd., Singapore 32 Adani Minerals Pty. Ltd., Australia

13 Vanshi Shipping Pte. Ltd., Singapore 33 Adani Bunkering Pte. Ltd. Singapore (upto 01.01.2017)

14 Adani Global FZE, Dubai. 34 Adani Bunkering Pvt. Ltd.

15 Adani Mining Pty Ltd., Australia 35 AWEL Global Ltd., UAE

16 PT Adani Global, Indonesia. 36 Galilee Transmission Holdings Pty Ltd.

17 PT Adani Global Coal Trading, Indonesia 37 Galilee Transmission Pty Ltd.

18 PT Coal Indonesia, Indonesia 38 Adani Green Energy (Tamilnadu) Ltd.

19 PT Mundra Coal Indonesia (upto 06.10.2016) 39 Adani Renewable Energy Park (Gujarat) Ltd.

20 PT Sumber Bara, Indonesia 40 Adani Infrastructure Pty Ltd., Australia

12. AS PER IND AS 24, DISCLOSURE OF TRANSACTIONS WITH RELATED PARTIES (AS IDENTIFIED BY THE MANAGEMENT), AS DEFINED IN IND AS ARE GIVEN BELOW : (contd.)

13. Mundra Solar Ltd. 57 Kilaj Solar (Maharashtra) Pvt. Ltd.

14 Ramnad Renewable Energy Ltd. 58 Adani Green Technology Ltd.

(Formerly known as Sami Solar (Gujarat) Pvt. Ltd.)

43 Kamuthi Renewable Energy Ltd. 59 Wardha Solar (Maharashtra) Pvt. Ltd.

44 Ramnad Solar Power Ltd. 60 Mahoba Solar (UP) Pvt. Ltd.

45 Kamuthi Solar Power Ltd. 61 Gaya Solar (Bihar) Pvt. Ltd.

46 Mundra Solar PV Ltd. 62 Adani Agri Logistics (Kotkapura) Ltd.

47 Adani Wind Energy (AP) Ltd. 63 Adani Agri Logistics (Katihar) Ltd.

(Formerly known as Adani Green Energy (Telengana) Ltd.)

48 Adani Green Energy (MP) Ltd. 64 Adani Agri Logistics (Kannauj) Ltd.

49 Adani Land Defence Systems and Technologies Ltd. 65 Adani Agri Logistics (Panipat) Ltd.

50 Adani Aero Defence Systems and Technologies Ltd. 66 Adani Agri Logistics (Moga) Ltd.

51 Adani Naval Defence Systems and Technologies Ltd. 67 Adani Agri Logistics (Raman) Ltd.

52 Adani Green Energy (UP) Ltd. 68 Adani Agri Logistics (Barnala) Ltd.

53 Parampujya Solar Energy Pvt. Ltd. 69 Adani Agri Logistics (Nakodar) Ltd.

(Formerly known as Parampujya Developers Pvt. Ltd.)

54 Rosepetal Solar Energy Pvt. Ltd. (Formely known as 70 Adani Agri Logistics (Mansa) Ltd.

Rosepetal Developers Pvt. Ltd.)

55 Mundra Solar Technopark Pvt. Ltd 71 Adani Agri Logistics (Bathinda) Ltd.

56 Adani Wind Energy (Gujarat) Pvt. Ltd. 72 Urja Maritime Inc.

(Formerly known as Duryodhana Developers Pvt. Ltd.) 73 Adani North America Inc.

(D) Associates with whom transactions done during the year :

1 CSPGCL AEL Parsa Collieries Ltd.

(E) Joint Control Entities :

1 Adani Wilmar Ltd. 7 Golden Valley Agrotech Pvt. Ltd.

2 Adani Renewable Energy Park Rajasthan Ltd. 8 Vishakha Polyfab Ltd,

3 Adani Wilmar Pte. Ltd., Singapore 9 KOG KTV Food Products (India) Pvt. Ltd.

4 Indianoil - Adani Gas Pvt. Ltd. 10 KTV Health and Foods Pvt. Ltd.

5 Vishakha Industries Pvt. Ltd. 11 Adani Elbit Advanced Systems India Ltd.

6 AWN Agro Pvt. Ltd._

(F) Key Management Personnel :

1 Mr. Gautam S. Adani, Chairman 4 Mr. Ameet H. Desai, Executive Director & CFO

2 Mr. Rajesh S. Adani, Managing Director 5 Mr. Jatin Jalundhwala, Company Secretary & Sr. Vice

3 Mr. Pranav V. Adani, Director President (Legal)

(G) Non-Executive Directors :

1 Mr. Vasant S. Adani 5 Mr. V. Subramanian (Refer Note a)

2 Mr. Anil Ahuja 6 Mrs. Vijyalaxmi Joshi (Refer Note b)

3 Mr. Berjis Desai 7 Ms. Dharmishta N. Rawal (Refer Note c)

4 Mr. Hemant Nerukar 8 Dr. Ravindra Dholakia (Refer Note d)

Notes:

a) Mr. V. Subramanian was appointed as an Additional Director of the Company w.e.f. 22 nd August, 2016,

b) Mrs. Vijaylaxmi Joshi was appointed as an Additional Director of the Company w.e.f. 2nd December, 2016.

c) Ms. Dharmishta N. Rawal resigned as director of the Company w.e.f. 25 th April, 2016 due to their pre-occupation.

d) Dr. Ravindra Dholakia resigned as director of the Company w.e.f. 24th May, 2016 due to their pre-occupation.

15 AS PER IND AS 24, DISCLOSURE OF TRANSACTIONS WITH RELATED PARTIES (AS IDENTIFIED BY THE MANAGEMENT), AS DEFINED IN IND AS ARE GIVEN BELOW : (contd.)

(H) Enterprises over which (A) or (F) above have significant influence with whom transactions done during the year :

1 Adani Properties Pvt. Ltd. 19 Adani Warehousing Services Pvt. Ltd.

2 Adani Education and Research Foundation 20 Adani Murmugao Port Terminal Pvt. Ltd.

3 Adani Institute for Education and Research 21 Adani Transmission Ltd.

4 Adani Power Ltd. 22 Adani Transmission (India) Ltd.

5 Adani Ports and Special Economic Zone Ltd. 23 Maharashtra Eastern Grid Power Transmission

Company Ltd,

6 Adani Power Maharashtra Ltd. 24 Adani Petroleum Terminal Pvt. Ltd.

7 Adani Power Rajasthan Ltd. 25 Adani Infra (India) Ltd.

8 Udupi Power Corporation Ltd. 26 Raipur - Rajnandgaon - Warora Transmission Ltd.

9 Mundra SEZ Textile and Apparel Park Pvt. Ltd. 27 Chhattisgarh - WR Transmission Ltd.

10 Karnavati Aviation Pvt. Ltd. 28 Sipat Transmission Ltd.

11 MPSEZ Utilities Pvt. Ltd. 29 Adani Power (Jharkhand) Ltd.

12 Adani Logistics Ltd. 30 North Karanpura Transco Ltd.

13 Mundra International Airport Pvt. Ltd. 31 Sarguja Rail Corridor Pvt. Ltd.

14 Adani Hazira Port Pvt. Ltd. 32 Adani Infrastructure and Developers Pvt. Ltd.

15 Adani Petronet (Dahej) Port Pvt. Ltd. 33 Adani Township & Real Estate Company Ltd.

16 Adani Vizag Coal Terminal Pvt. Ltd. 34 Adani M2K Project LLP

17 Adani Kandla Bulk Terminal Pvt. Ltd. 35 Adani Textile Industries

18 The Dhamra Port Company Ltd.

(I) Relatives of Key Management Personnel with whom transactions done during previous year :

1 Mr. Vinod S. Adani

(ii) Nature And Volume of Transaction with Related Parties (‘Denotes amount less than H50,000)

16 Items of Expenditure in the Statement of Profit and Loss include reimbursements for common sharing facilities to and by

the Company,

17 PURSUANT TO IND AS 31 - FINANCIAL REPORTING OF INTERESTS IN JOINT VENTURE, THE DISCLOSURES RELATING TO THE JOINT VENTURES ARE AS FOLLOWS :

(a) Jointly Controlled Assets

The Company jointly with other parties to the joint venture, have been awarded two onshore oil & gas blocks at Palej and Assam by Government of India through NELP-VI bidding round, has entered into Production Sharing Contracts (PSC) with Ministry of Petroleum and Natural Gas for exploration of oil and gas in the aforesaid blocks. Naftogaz India Pvt. Ltd.(NIPL) being one of the parties to consortium was appointed as operator of the blocks vide Joint Operating Agreements (JOAs) entered into between parties to consortium. The expenditures related to the activities in the blocks were incurred by Adani Group, Welspun Group or through its joint venture Adani Welspun Exploration Ltd.

Government of India has issued a notice intimating the termination of the Production Sharing Contracts (PSCs) in respect of the Assam and Palej blocks purportedly due to misrepresentation made by the operator of the blocks -NIPL. The Company has contested the termination and in accordance with the provisions of the PSC has urged the Government to allow it to continue the activities in Palej block.

18 Details of loans given, Investments made and Guarantee given or security provided covered u/s 186 (4) of the Companies

Act, 2013 are given under respective heads (refer Note 45 and 46).

19 CORPORATE SOCIAL RESPONSIBILITY

As per Section 135 of the Companies Act, 2013, a Corporate Social Responsibility (CSR) committee has been formed by the

Company. The CSR activities of the Company are generally being carried out through Adani Foundation a Charitable Trust set up by the Group, whereby funds are allocated from the Company. The Charitable Trust carries out the CSR activities as specified in Schedule VII of the Companies Act, 2013 on behalf of the Company. During the year, the Company is not required to spend any amount as per the provisions of Section 135 of the Companies Act, 2013.

20 As per Ind AS 108, " Operating Segments", if a single financial report contains both Standalone financial statements and Consolidated financial statements of the Company, segment information may be presented only on the basis of

Consolidated Financial Statements of the Company. Hence, the required segment information has been appended in the Consolidated Financial Statements,

21 The Board of Directors at its meeting held on 24th May, 2017 have recommended the payment of a final dividend of H0.40 per equity share of the face value of H1 each for financial year 2016-17. This proposed dividend is subject to approval of shareholders in the ensuing annual general meeting,

During the year ended 31st March, 2016, the Company had declared and paid interim dividend of H0.40 per equity share of H1 each,

22 APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved for issue by the board of directors on 24th May, 2017.

23 Previous year's figure have been regrouped / reclassified wherever necessary, to confirm to current year's classification /

disclosure,