Annual Report 2009-10

Annual Report
2009 - 2010
….. Emerging Energy & Logistics Conglomerate …..
ADANI ENTERPRISES LIMITED

2009-10 2008-09 2007-08
211.60 228.96 219.10

2381.01 2217.69 1494.77
2864.19 2423.02 2595.43
2.26
5459.06 4869.67 4309.30
49.80
1920.30 1618.45 1313.01
1970.10 1643.11 1337.66
3471.31 3206.72 2955.49

17.65 19.84 16.15
5459.06 4869.67 4309.30

11614.88 11587.89 11624.01
300.51 386.69 363.76
12.76 12.08 11.25
287.75 374.61 352.51
Net Tax 33.34 48.18 40.44
254.41 326.43 312.07
49.80 28.86 17.30
990.29 843.95 606.38

10.26 13.24 12.66
* 1.00 1.00 0.60
79.12 66.63 54.27
1.76:1 1.89:1 2.22:1
*Figures have been adjusted to make comparable.

Our Vision
To be a globally preferred business associate - an
entrepreneurial organization having responsible concern for
employees, society, the ecology and stakeholder value.
Our Mission
To acquire, develop, assimilate and manage
knowledge; to apply this across our businesses
for the benefit of stakeholders; to do so profitably.
BOARD OF DIRECTORS REGISTERED OFFICE
Mr. Gautam S. Adani, Chairman 'Adani House'
Mr. Rajesh S. Adani, Managing Director Nr. Mithakhali Six Road,
Mr. Devang Desai, Executive Director Navrangpura, Ahmedabad - 380009.
(w.e.f. 27th January, 2010) Gujarat (INDIA)
Mr. Vasant S. Adani
Mr. Jay H. Shah SHARE TRANSFER AGENT
Dr. Pravin P. Shah Sharepro Services (India) Pvt. Ltd.
Dr. A. C. Shah 416-420, 4th Floor, Devnandan Mall,
Mr. Yoshihiro Miwa Opp. Sanyash Ashram, Ellisbridge,
Mr. Tatsuo Fuke Ahmedabad - 380006.
(Alternate Director to Mr. Yoshihiro Miwa) Tel. No.: +91 - 79 - 2658 2381 to 84
Mr. Anil Ahuja Fax : +91 - 79 - 2658 2385
BANKERS SHARES LISTED AT
State Bank of India, Ahmedabad. Bombay Stock Exchange Ltd., Mumbai.
Bank of Baroda, Ahmedabad. (BSE)
Bank of India, Ahmedabad. The National Stock Exchange of India Ltd.,
Punjab National Bank, Ahmedabad. Mumbai. (NSE)
State Bank of Travancore, Ahmedabad.
Canara Bank, Ahmedabad. AUDITORS
State Bank of Hyderabad, Ahmedabad.
UCO Bank, Ahmedabad. M/s. Dharmesh Parikh & Co.
Syndicate Bank, Ahmedabad. Chartered Accountants
Oriental Bank of Commerce, Ahmedabad. Ahmedabad.
Allahabad Bank, Ahmedabad.
ICICI Bank Ltd., Mumbai.
Standard Chartered Bank, Mumbai.
Axis Bank Ltd., Ahmedabad.
CONTENTS ADANI ENTERPRISES LIMITED

Notice ................................................................................................................................3
Directors' Report..............................................................................................................11
Management Discussion and Analysis Report ................................................................19
Corporate Governance Report ........................................................................................30
Certification by CEO & CFO ............................................................................................52
Auditors' Report...............................................................................................................53
Balance Sheet .................................................................................................................59
Profit and Loss Account...................................................................................................60
Cash Flow Statement ......................................................................................................61
Schedules forming part of the Balance Sheet .................................................................62
Schedules forming part of the Profit & Loss Account ......................................................66
Notes forming part of the Accounts .................................................................................68
Consolidated Accounts....................................................................................................95
Subsidiary Company Details .........................................................................................135
Annual Report // 2009 - 2010

NOTICE
NOTICE is hereby given that the 18th Annual General Meeting of the members of Adani Enterprises Limited
will be held on Saturday, 21st August, 2010 at 11.30 a.m. at J. B. Auditorium, AMA Complex, ATIRA,
Dr. Vikram Sarabhai Marg, Ahmedabad – 380 015 to transact the following businesses:-
ORDINARY BUSINESS
1. To receive, consider and adopt Audited Balance Sheet as at 31st March, 2010 and Profit and Loss
Account for the year ended on that date and the Reports of the Board of Directors and Auditors
thereon.
2. To declare dividend on Equity Shares.
3. To appoint a Director in place of Dr. Pravin P. Shah who retires by rotation and being eligible, offers
himself for re-appointment.
4. To appoint a Director in place of Mr. Jay H. Shah who retires by rotation and being eligible, offers
5. To appoint a Director in place of Mr. Yoshihiro Miwa who retires by rotation and being eligible, offers
6. To appoint M/s. Dharmesh Parikh and Co., Chartered Accountants, Ahmedabad, as Statutory
Auditors of the Company, to hold office from the conclusion of this meeting until the conclusion of the
next Annual General Meeting of the Company at such remuneration (including for Certification)
and reimbursement of out of pocket expenses as may be approved by the Audit Committee / Board
of Directors of the Company.
SPECIAL BUSINESS
7. To consider and if thought fit, to pass, with or without modification(s), the following resolution as an
Ordinary Resolution :
“RESOLVED THAT in accordance with the provisions of Sections 198, 269, 309, Schedule XIII and other
applicable provisions, if any, of the Companies Act, 1956 (including any statutory modification or
re-enactment thereof for the time being in force), the Company hereby accords its approval to the
re-appointment of Mr. Rajesh S. Adani as Managing Director of the Company for a period of five years with
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effect from 10 June, 2010 on the terms and conditions including terms of remuneration as set out in the
explanatory statement attached hereto and forming part of this notice with a liberty to the Board of Directors
to alter and vary the terms and conditions of the said appointment so as the total remuneration payable to
him shall not exceed the limits specified in Schedule XIII to the Companies Act, 1956 including any
statutory modification or re-enactment thereof, for the time being in force and as agreed by and between the
Board of Directors and Mr. Rajesh S. Adani.
RESOLVED FURTHER THAT notwithstanding anything contained to the contrary in the Companies Act,
1956, wherein any financial year the Company has no profits or inadequate profit, Mr. Rajesh S. Adani will
be paid minimum remuneration within the ceiling limit prescribed under Section II of Part II of Schedule XIII
of the Companies Act, 1956 or any modification or re-enactment thereof.
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RESOLVED FURTHER THAT in the event of any statutory amendment or modification by the Central
Government to Schedule XIII to the Companies Act, 1956, the Board of Directors be and are hereby
authorized to vary and alter the terms of appointment including salary, commission, perquisites,
allowances etc. payable to Mr. Rajesh S. Adani within such prescribed limit or ceiling and as agreed by and
between the Company and Mr. Rajesh S. Adani without any further reference to the Company in General
Meeting.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to take
such steps as may be necessary to give effect to this Resolution.”
“RESOLVED THAT Mr. Devang Desai, who was appointed as an Additional Director of the Company on
27th January, 2010 pursuant to the provisions of Section 260 of the Companies Act, 1956 holds office upto
the date of this Annual General Meeting and being eligible, offers himself for appointment and in respect of
whom the Company has received a notice in writing from a member pursuant to the provisions of Section
257 of the Companies Act, 1956, signifying its intention to propose the candidature of Mr. Devang Desai for
the office of Director be and is hereby appointed as a Director of the Company liable to retire by rotation.”
“RESOLVED THAT in accordance with the provisions of Sections 198, 269, 309, Schedule XIII and other
applicable provisions, if any, of the Companies Act, 1956 (including any statutory modification or
re-enactment thereof for the time being in force), the Company hereby accords its approval to the
appointment of Mr. Devang Desai as an Executive Director of the Company for a period of five years with
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effect from 27 January, 2010 on the terms and conditions including terms of remuneration as set out in the
explanatory statement attached hereto and forming part of this notice with a liberty to the Board of Directors
to alter and vary the terms and conditions of the said appointment so as the total remuneration payable to
him shall not exceed the limits specified in Schedule XIII to the Companies Act, 1956 including any
statutory modification or re-enactment thereof, for the time being in force and as agreed by and between the
Board of Directors and Mr. Devang Desai.
RESOLVED FURTHER THAT notwithstanding anything contained to the contrary in the Companies Act,
1956, wherein any financial year the Company has no profits or inadequate profit, Mr. Devang Desai will be
paid minimum remuneration within the ceiling limit prescribed under Section II of Part II of Schedule XIII of
the Companies Act, 1956 or any modification or re-enactment thereof.
RESOLVED FURTHER THAT in the event of any statutory amendment or modification by the Central
Government to Schedule XIII to the Companies Act, 1956, the Board of Directors be and is hereby
authorized to vary and alter the terms of appointment including salary, commission, perquisites,
allowances etc. payable to Mr. Devang Desai within such prescribed limit or ceiling and as agreed by and
between the Company and Mr. Devang Desai without any further reference to the Company in General
Meeting.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to take
such steps as may be necessary to give effect to this Resolution.”
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10. To consider and if thought fit, to pass, with or without modification(s), the following resolution as a
Special Resolution :
“RESOLVED THAT pursuant to Section 163 and other applicable provisions, if any, of the Companies Act,
1956 (“the Act”) approval of the members be and is hereby accorded to maintain and keep the Company's
Register of Members, the Index of Members, the Register and Index of debentureholders and copies of all
its annual returns prepared under Sections 159 and 160 and other applicable provisions, if any, of the Act
together with the copies of certificates and documents required to be annexed thereto under Section 161 of
the Act, on and from 1st September, 2010 at the office of Sharepro Services (India) Private Limited, the
Registrar and Transfer Agents of the Company situated at 416-420, 4th Floor, Devnandan Mall,
Opp. Sanyash Ashram, Ellisbridge, Ahmedabad – 380 006 or at such other place as may be agreed by the
Board.”
Date : 14th May, 2010. For and on behalf of the Board

Place: Ahmedabad
Regd. Office : Parthiv Parikh

“Adani House”, Asst. Company Secretary
Near Mithakhali Six Roads, Navrangpura,
Ahmedabad - 380 009. Gujarat, India.
5
NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT

A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF. THE PROXY NEED NOT
BE A MEMBER.
2. THE INSTRUMENT APPOINTING PROXY SHOULD HOWEVER BE DEPOSITED AT THE

REGISTERED OFFICE OF THE COMPANY NOT LATER THAN 48 HOURS BEFORE THE
COMMENCEMENT OF THE MEETING.
3. As per clause 49 of the listing agreement(s), informations regarding appointment / re-appointment

of directors (Item Nos. 3, 4, 5, 7, 8 & 9) and explanatory statement pursuant to Section 173 (2) of the
Companies Act, 1956 in respect of special businesses (Item Nos. 7, 8, 9 & 10) are annexed hereto.
4. The Register of members and share transfer books of the Company will remain closed from
th st
14 August, 2010 to 21 August, 2010 (both days inclusive) to determine the entitlement of the
Shareholders to receive dividend for the year 2009-10.
5. Shareholders seeking any information with regard to accounts are requested to write to the
Company at least 10 days before the meeting so as to enable the management to keep the
information ready.
6. All documents referred to in the accompanying notice and explanatory statement will be kept open
for inspection at the Registered Office of Company on all working days between 11.00 a.m. to
1.00 p.m. prior to date of Annual General Meeting.
7. Members are requested to bring their copy of Annual Report at the meeting.
8. Members holding the shares in physical mode are requested to notify immediately the change of
their address and bank particulars to the Registrar and Share Transfer Agent of the Company. In
case shares are held in dematerialized form, the information regarding change of address and bank
particulars should be given to their respective Depository Participant.
9. In terms of Section 109A of the Companies Act, 1956, nomination facility is available to individual
members holding shares in the physical form. The members who are desirous of availing this
facility, may kindly write to Company's share transfer agent M/s. Sharepro Services (India) Private
Limited at 416 - 420, 4th Floor, Devnandan Mall, Opp. Sanyash Ashram, Ashram Road, Ellisbridge,
Ahmedabad - 380 006 for nomination form by quoting their folio number.
10. The balance lying in the unpaid dividend account of the Company in respect of dividend declared for
the financial year 2002-03 will be transferred to the Investor Education and Protection Fund of the
Central Government by November, 2010. Members who have not encashed their dividend warrants
pertaining to the said year may approach the Company or its share transfer agent for obtaining
payments thereof by October, 2010.
6
ANNEXURE TO NOTICE
EXPLANATORY STATEMENT PURSUANT TO SECTION 173 (2) OF THE COMPANIES ACT, 1956
ITEM NO. 7
Re-Appointment of Mr. Rajesh S. Adani as Managing Director
The members at the 13th Annual General Meeting of the Company held on 12th August, 2005 re-appointed
Mr. Rajesh S. Adani as Managing Director for a period of 5 years with effect from 10th June, 2005 on the
terms and conditions as approved by them. The term of his present appointment will expire on
10th June, 2010. The Remuneration Committee at its meeting held on 14th May, 2010 recommended and the
th
Board at its meeting held on 14 May, 2010 have re-appointed him as a Managing Director for a further
period of five years with effect from 10th June, 2010 on the following terms and conditions, subject to the
approval of the members in the General Meeting. The brief particulars of his remuneration are as
mentioned herein below :
Mr. RAJESH S. ADANI : MANAGING DIRECTOR

PERIOD OF APPOINTMENT : 5 YEARS WITH EFFECT FROM 10th JUNE, 2010.
SALARY : Rs. 15,50,000/- (Rupees Fifteen Lacs Fifty Thousand Only) per month payable in the scale of
Rs. 15,50,000-75,000-20,00,000/- per month.
COMMISSION
Up to 2% of the Company's Net Profit for each financial year as calculated in accordance with Section 349
and 350 of the Companies Act, 1956 subject to the overall ceiling laid down in Sections 198 and 309 of the
Companies Act, 1956.
PERQUISITES
CATEGORY - A
(a) Medical benefit

All medical expenses incurred for self and family shall be reimbursed, as per the policy of the Company.
(b) Leave Travel Concession

For self and family once in a year including one foreign trip in accordance with the rules of the Company.
(c) Club fees

Annual fees of club subject to maximum of two clubs. This will not include admission and life membership
fees.
(d) Personal Accident Insurance

Personal Accident Insurance of an amount annual premium of which does not exceed Rs. 10,000/-.
CATEGORY – B
Contribution to Provident Fund and Superannuation Fund will not be included in the computation of the
ceiling on perquisites to the extent they are, either singly or put together not taxable under the Income-tax
Act, 1961. Gratuity will be paid as per applicable laws and rules of the Company.
7
CATEGORY -C
The Company shall provide a car with driver for official and personal use. Telephone at residence will be
provided, the cost of which will be borne by the Company.
Notwithstanding anything contained above, where in any financial year during the currency of the tenure
of the Managing Director, the Company has no profits or its profits are inadequate, the Company will pay
remuneration as specified above not exceeding the limits specified under Section II of Part II of
Schedule XIII to the Companies Act,1956.
The Managing Director shall not be liable to retire by rotation and shall not be paid any sitting fees for
attending any meetings of Board or Committees thereof.
A Bachelor in Commerce, Mr. Rajesh S. Adani has been associated with Company since its incorporation.
He is involved in the business and policy decisions and building and maintaining the business relationships
of the Company. He also provides vision to the development of new businesses of the Company.
The Board of Directors felt that it is in the interest of the Company to continue to avail services of
Mr. Rajesh S. Adani as Managing Director.
The Board recommends the Resolution to the members for their approval.
Mr. Rajesh S. Adani is deemed to be interested in the said resolution as it relates to his re-appointment.
Mr. Vasant S. Adani and Mr. Gautam S. Adani being relatives are also interested in the said resolution.
None of the other Directors of the Company is in any way deemed to be concerned or interested in the
above resolution.
This alongwith the relevant resolution may be treated as an Abstract pursuant of Section 302 of the
Companies Act,1956.
ITEM NOS. 8 & 9

Mr. Devang Desai was appointed as an Additional Director of the Company on 27th January, 2010, by the
Board of Directors of the Company. According to the provisions of Section 260 of the Companies Act,
1956, he holds office as Director only upto the date of ensuing Annual General Meeting. As required by
Section 257 of the Companies Act, 1956, notice has been received from a member signifying its intention to
propose the appointment of Mr. Devang Desai as a Director along with a deposit of Rs. 500/-.
On the recommendation of the Remuneration Committee of the Company, the Board at its meeting held on
27th January, 2010, have appointed Mr. Devang Desai as an Executive Director unanimously for a period of
five years with effect from 27th January, 2010 on a remuneration of Rs. 1,06,80,000/- (Rupees One Crore
Six Lacs Eighty Thousand Only) gross per annum subject to the approval of the shareholders in the
General Meeting.
Notwithstanding anything contained above, where in any financial year during the currency of the tenure
of the Executive Director, the Company has no profits or its profits are inadequate, the Company will pay
remuneration as specified above not exceeding the limits specified under Section II of Part II of
Schedule XIII to the Companies Act,1956.
8
Mr. Devang Desai is a Chartered Accountant. He has approximately 30 years of experience in various
Indian companies, including “new ventures” and “start- ups” in sectors, such as petrochemicals, cement,
textiles, infrastructure and retailing. He overseas the matters related to finance, legal, secretarial, treasury,
shared services, information technology and information systems, taxation, insurance and audit functions
of the Company.
The Executive Director shall be liable to retire by rotation and shall not be paid any sitting fees for attending
any meetings of Board or Committees thereof.
The Board of Directors felt that it is in the interest of the Company to continue to avail services of Mr. Devang
Desai as an Executive Director.
The Board recommends the resolutions as set out at item nos. 8 & 9 of the Notice for your approval.
Mr. Devang Desai is deemed to be interested in the said resolutions as they relate to his appointment.
None of the other Directors of the Company is in any way deemed to be concerned or interested in the
above resolutions.
ITEM NO. 10
Under the provisions of Section 163 of the Companies Act, 1956 (“the Act”), the Register of Members, the
Index of Members, the Register and Index of debentureholders and copies of all annual returns prepared
under sections 159 and 160 of the Act together with the copies of certificates and documents required to be
annexed thereto under Section 160 and 161, shall be kept at the Registered Office of the Company or with
the approval of shareholders at any place within the city, town or village in which the Registered Office is
situated. The Special Resolution at Item No. 10 is proposed for the purpose of enabling the Company to
keep the records at the premises of its Registrar and Transfer Agents at 416-420, 4th Floor, Devnandan Mall,
Opp. Sanyash Ashram, Ellisbridge, Ahmedabad – 380 006 or such other place of the R & T Agent as stated
in the Resolution.
An advance copy of the proposed Special Resolution as set out in item no. 10 will be delivered to the
Registrar of Companies, Gujarat.
The Board of Directors recommends the Resolution as set out at the item no. 10 of the Notice for approval of
the shareholders.
None of the Directors is in any way concerned or interested in the above resolution.
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Date : 14 May, 2010. For and on behalf of the Board
Place : Ahmedabad
Regd. Office : Parthiv Parikh

“Adani House”, Asst. Company Secretary
Near Mithakhali Six Roads, Navrangpura,
9
Annexure to Notice
Details of Directors seeking Appointment / Re-appointment
Name Mr. Rajesh Adani Mr. Devang Desai Mr. Jay H. Shah Dr. Pravin P. Shah Mr. Yoshihiro Miwa
Date of Birth 7th December, 1964 1st July, 1956 19th January, 1958 11th November, 1944 30th October, 1955
Appointed on 10th June, 2010 27th January, 2010 20th June, 1995 28th January, 1994 26th September, 2008
Qualifications B.Com FCA B. Com, LL. B. B. Com, FCA, Grad. ICWA, Master of Commerce
Ph.D (Cost Accounting)
Expertise in specific A Bachelor in Commerce, Mr. Devang Desai is a Mr. Jay H. Shah holds degree Dr. Pravin P. Shah is a Chartered Mr. Yoshihiro Miwa holds
functional areas Mr. Rajesh S. Adani has been Chartered Accountant. He in commerce and law. He has Accountant and has a doctorate in a ma ster’s degree in
associated with Company since its has approximately 30 years been with the Company since Cost Accounting. He is a partner of commerce. He has
incorporation. He is involved in the of experience in various its inception. He has wide the Chartered Accountants firm, wide experience in
business and policy decisions and Indian Companies, including experience of the Indian Pravin P. Shah & Co. and is the Commercial Science and
building and maintaining the “new ventures” and “start- petrochemicals sector. proprietor of the Chartered Business Administration.
business relationships of the ups” in sectors, such as Accountancy firm, Pravin P. Shah & He is also the Chairman of
Company. He also provides vision petrochemicals, cement, Associates. Dr. Shah has over 40 Kowa Company Limited,
to the development of new textiles, infrastructure and years of experience in areas of Japan.
businesses of the Company. retailing. He overseas the financial consultancy, taxation,
matters related to finance, valuation, property matters,
legal, secretarial, treasury, accounting, auditing, corporate laws
shared services, information and FEMA. He has also authored
technology and information several books on costing,
systems, taxation, management strategies, billion
insurance and audit dollar Companies and taxation.
functions of the Company.
Directorships held in ?Adani Enterprises Ltd. ?Adani Enterprises ?Adani Enterprises Ltd. ?Adani Enterpnses Ltd. ?Adani Enterprises
Public Companies ?Mundra Port And Special Limited ?Bombay Rayon Limtied
Economic Zone Ltd ?Adani Welspun Fashions Limited
?Adani Power Ltd Exploration Ltd. ?Claris Lifesciences Limited ?Kowa Spining Co.,
?Adani Power Maharashtra Ltd ?Adani Power ?JM Financial Limited Ltd. (Japan)
Maharashtra Ltd. ?Jai Corp Limited
?Adani Power Rajasthan Ltd
?Adani Power ?Raheja Universal Limited
?Adani Pench Power Ltd Dahej Ltd.
?Parsa Kente Collieries Ltd ?Kutchh Power
?Adani Gas Ltd Generation Ltd.
?Swayam Realtors and Traders ?Swayam
Ltd Realtors and
?Adani Cements Ltd Traders Ltd.
?Adani Wilmar Ltd ?Mahaguj Power Ltd.
Memberships/ Shareholders’/ Investors’ Grievance Audit Committee: Remuneration Committee Audit Committee: NIL
Chairmanships of Committee: ? Adani Power ? Adani Enterprises Ltd. ? Adani Enterprises Ltd.
Committees ? Mundra Port and Special Maharashtra Ltd. ? Bombay Rayon
Economic Zone Ltd. Fashions Limited
? Adani Power Ltd.
Shareholders’/ Investors’ ? Claris Lifesciences Ltd.
Grievance Committee: ? JM Financial Limited
Audit Committee: ? Adani Enterprises Ltd. ? Raheja Universal Limited
? Mundra Port and Special
Economic Zone Ltd. Audit Committee: Remuneration Committee:
? Adani Wilmar Ltd. ? Adani Enterprises Ltd. ? Adani Enterprises Ltd.
? Adani Gas Ltd. ? Bombay Rayon
? Adani Power Maharashtra Ltd. Fashions Limited
Remuneration Committee: ? Claris Lifesciences Ltd.
? Adani Gas Ltd. ? JM Financial Limited
? Raheja Universal Limited
Shareholders' / Investors'
Grievance Committee:
? Raheja Universal Limited
No. of Shares held in NIL 47,300 27,400 12,000 NIL

the Company
10
DIRECTORS' REPORT
Your directors have pleasure in presenting the 18th Annual Report of the Company, together with the audited
financial statement of accounts for the year ended March 31, 2010.
FINANCIAL RESULTS
Financial highlights of the Standalone and Consolidated Statement of Operations of your Company for the
financial year 2009-10 are:
(Rs. In Crores)
Year Ended March 31, Standalone Consolidated
2010 2009 2010 2009
Sales and operating earnings 11,584.78 11,575.05 25,889.87 26,258.28
Other income 30.10 12.84 33.49 14.64
Total Income 11,614.88 11587.89 25,923.36 26,272.92
Total Expenditure other than Finance 11,009.13 10983.58 24,200.82 25,256.28
Charges and Depreciation
Gross Profit before Depreciation, Finance 605.75 604.30 1722.54 1016.64
charges and Tax
Finance charges 310.05 214.43 507.86 348.82
Depreciation 12.76 12.08 151.46 82.18
Profit for the period before Prior Period 282.94 377.80 1063.22 585.64
Adjustments & Exceptional Items.
Add / (less) Prior Period Adjustment (1.04) 0.83 (1.07) 0.72
Add / (less) Exceptional Items (Net) 5.85 (4.02) 5.37 (2.44)
Profit before Tax 287.75 374.61 1067.52 583.92
Net Tax 33.34 48.18 94.48 78.48
Share of Minority Interest - - (53.74) (0.79)
Profit after Tax 254.41 326.43 919.30 504.65
Surplus brought forward from previous year 843.95 606.38 1136.67 746.59
Balance available for appropriations 1098.36 932.80 2055.97 1251.24
Appropriations:
Dividend on Equity Shares 49.80 24.67 49.86 24.67
Tax on Dividend 8.27 4.19 8.28 4.19
Transfer to General Reserve 50.00 50.00 55.25 75.71
Transfer to Debenture Redemption Reserve - 10.00 - 10.00
Balance carried to Balance Sheet 990.29 843.95 1942.58 1136.67
Total Appropriation 1098.36 932.81 2055.97 1251.24
PERFORMANCE OF YOUR COMPANY

Your Company continued to strengthen its business and move up the value chain, thereby delivering
enhanced value to its all stakeholders worldwide. Salient features of your Company's Standalone and
Consolidated financial performance for the year under review are as under:
ØStandalone financial performance :
We are pleased to inform that your Company has posted a yet another year of stellar performance and
achieved gross revenue of Rs. 11,614.88 Crores as compared to Rs. 11,587.89 Crores in the previous year.
The net profit after tax stood at Rs. 254.41 crores as compared to Rs. 326.43 crores in the previous year.
11
ØConsolidated operations :
In compliance with the applicable Clauses of the Listing Agreements with the Stock Exchanges, the
Company has prepared Consolidated Financial Statements as per the Accounting Standard on
Consolidated Financial Statements (AS 21) issued by the Institute of Chartered Accountants of India. The
Audited Consolidated Financial Statements along with the Auditors' Report have been annexed to this
Annual Report.
Your Company's total consolidated revenue for the year 2009-10 was Rs. 25,923.36 crores as compared to
Rs. 26,272.92 crores in the previous year. The Net Profit after provision for taxation for the year ended 31st
March, 2010 was Rs. 919.30 crores as against Rs. 504.65 crores in the previous year signifying a healthy
growth of 82%. The basic earning per share for the year was Rs. 18.55. Your Company's consolidated net
worth increased to Rs. 6024.49 crores as on 31st March, 2010 from Rs. 2994.76 crores as on 31st March,
2009, reflecting the inherent strength of your Company.
The book value per share is Rs. 79.12 signifying substantial enhancement in shareholder value.
DIVIDEND ON EQUITY SHARES

CONTINUOUS DIVIDEND PAYMENT TRACK RECORD
After considering your Company's profitability,
cash flow and expansion needs your Directors are 120%
pleased to recommend a dividend of Re. 1 (100%)

per equity share on a face value of Re. 1 each on 100% 100%
100%
49,80,26,550 equity shares fully paid up as on
March 31, 2010 (previous year Re. 1 each per
equity share on a face value of Re. 1 each on 80%
24,66,09,175 Equity Shares) and any further

% OF DIVIDEND
60%
equity shares that may be allotted by the Company
60%
upon the conversion of FCCBs prior to book 45%
45%
closure date for 2009-10. This dividend will be paid 40%
subject to the approval of shareholders at the 40%
40%
30% 30%
forthcoming Annual General Meeting.
The total quantum of dividend, if approved by 20%
members will be Rs. 49.80 Crores, while Rs. 8.27

Crores will be paid by the Company towards 0%
dividend tax and surcharge on the same. Dividend 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
in the hands of the shareholders will be tax-free. YEARS
SCHEME OF AMALGAMATION
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The Board of Directors of your Company at its meeting held on 24 April, 2010 have approved (subject to
other requisite approvals) scheme of Amalgamation of Adani Infrastructure Services Private Limited,
Advance Tradex Private Limited, Adani Tradelinks Private Limited, Trident Trade and Investments Private
Limited, Pride Trade and Investments Private Limited, Radiant Trade and Investments Private Limited and
Ventura Trade and Investments Private Limited (promoter entities of Mundra Port and Special Economic
Zone Ltd.) with your Company from the Appointed Date i.e. 1st April, 2010. In case of Advance Tradex
Private Limited, Appointed Date is 20th April, 2010. After the scheme becoming effective, Mundra Port and
Special Economic Zone Ltd. will become subsidiary of your Company.
12
FIXED DEPOSITS
Your Company has not accepted any fixed deposits within the meaning of Section 58A of the Companies
Act, 1956 and the rules made there under.
SHARE CAPITAL
Your Directors wish to inform that your Company had issued 28,58,77,584 additional Equity Shares on
account of the following:
1. 67,35,250 Equity Shares of the Company of Re. 1 each upon conversion of 5,615 Foreign
Currency Convertible Bonds (FCCBs) of USD 10,000 as per the terms of issuance of
FCCBs.
2. 24,80,15,675 Bonus Equity Shares of Re. 1 each in the ratio of 1 : 1 to the members of the
Company.
3. 3,11,26,659 Equity Shares of Re. 1 each to the members of the Company on Rights basis.
In view of above, the issued and paid up share capital of your Company stands increased from
st
Rs. 24,66,09,175/- as on 31 March, 2009 to Rs. 53,24,86,759/- as on date.
During the year under review, the Authorised Share Capital of your Company was reclassified by
converting Preference Share Capital into Equity Share Capital so as to make entire Rs. 100,00,00,000/-
(Rupees One hundred crores only) capital as Equity Share Capital divided into 100,00,00,000
(One hundred crores) Equity Shares of Re. 1 (Rupee one only) each.
Your Directors have also approved a resolution to raise funds through issue of capital of a sum not
exceeding Rs. 4000 crores (Rupees Four Thousand Crore only) subject to approval of members of the
Company in the domestic or international markets by way of private placement or otherwise through QIP /
any other securities issue.
CORPORATE GOVERNANCE
Your Directors reaffirm their continued commitment to good corporate governance practices.
Your Company adheres to all stipulations in this regard as provided in Clause 49 of the Listing Agreement
which relates to Corporate Governance. A detailed report on the Corporate Governance, together with, a
certificate from Statutory Auditors forms part of this report.
FORMATION OF VARIOUS COMMITTEES
Details of various committees constituted by the Board of Directors as per the provisions of Clause 49 of the
Listing Agreement and Companies Act, 1956 are given in the Corporate Governance Report annexed and
form part of this report.
13
DIRECTORS
ØAppointment of Mr. Devang Desai as an Executive Director
During the year under review, Mr. Devang Desai was appointed as an Additional Director by the Board at its
meeting held on 27th January, 2010. He was also appointed as an Executive Director of the Company
subject to approval of members at the ensuing Annual General Meeting. As an additional director he holds
office upto the ensuing Annual General Meeting. The Company has received notice from a member under
Section 257 of the Companies Act, 1956 proposing his appointment as a Director of the Company.
ØRe-appointment of Mr. Rajesh S. Adani as Managing Director
The tenure of Mr. Rajesh S. Adani, Managing Director of the Company will expire on 10th June, 2010.
th
The Remuneration Committee and the Board of Directors at their respective meetings held on 14 May,
2010 recommended and approved the re-appointment of and payment of remuneration to Mr. Rajesh S.
Adani as Managing Director of the Company for a further period of five years i.e. upto 10th June, 2015,
subject to the approval of shareholders. Terms and conditions for his re-appointment are contained in the
Explanatory Statement forming part of the notice of the ensuing Annual General Meeting.
ØRetirement by Rotation
In accordance with the requirements of the Companies Act, 1956 and Articles of Association of the
Company, Dr. Pravin P. Shah, Mr. Jay H. Shah and Mr. Yoshihiro Miwa, Directors of the Company retire by
rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.
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 the Annual General Meeting forming part of this Annual Report.
The Board recommends appointment / re-appointment of aforesaid Directors.
As per the declarations received, none of the Directors of the Company is disqualified to be appointed as a
Director of any Public Limited Company in terms of Section 274(1) (g) of the Companies Act, 1956.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of your
Company hereby confirm that: -
1. In the preparation of the annual accounts, the applicable accounting standards have been
followed ;
2. Appropriate accounting policies have been selected and applied consistently and
judgments and estimates are reasonable and prudent, so as to give a true and fair view of
st
the state of affairs of the Company as at 31 March, 2010 and of the profit and cash flow of
st
the Company for the year ended on 31 March, 2010.
14
3. 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 frauds and other irregularities;
4. The annual accounts have been prepared on a going concern basis.
SUBSIDIARY COMPANIES
Your Company has interests in several businesses and is having global presence with operations in various
countries across the globe either directly or through its Subsidiary Companies.
Your Company had 41 subsidiaries at the beginning of the year.
The following eleven subsidiaries were set up / acquired during the year :
1. Adani Gas Ltd.

2. Adani Pench Power Ltd. (set up by Adani Power Ltd.)
3. Adani Power Pte. Ltd., Singapore (set up by Adani Power Ltd.)
4. Kutchh Power Generation Ltd., (set up by Adani Power Ltd.)
5. Rahi Shipping Pte. Ltd., Singapore (set up by Adani Shipping Pte. Ltd.)
6. Vanshi Shipping Pte. Ltd., Singapore (set up by Adani Shipping Pte. Ltd.)
7. Adani Cements Ltd.
8. Maharashtra Eastern Grid Power Transmission Company Ltd.
9. Mahaguj Power Ltd. (set up by Adani Mining Pvt. Ltd.)
10. Adani Infra (India) Ltd.
11. PT Aneka Sumber Bumi., Indonesia (acquired by Adani Global Pte. Ltd., Singapore).
During the year under review, the following Companies ceased to be subsidiary Companies of your
Company:
1. Sunanda Agri Trade Pvt. Ltd.

2. PT Kapuas Coal Mining, Indonesia.
In view of above, the total number of subsidiary Companies as on March 31, 2010 were 50.
The Company has been granted an exemption for the year ended March 31, 2010 by The Ministry of
Corporate Affairs, Government of India from attaching to its Balance Sheet, the individual Annual Reports
of its subsidiary companies. As per the terms of the exemption letter, a statement containing summarized
financial details of each of the Company's subsidiaries for the year ended March 31, 2010 is included in the
Annual Report.
Shareholders interested in obtaining the statement of Company's interest in the subsidiaries or stand-alone
financial statements of the subsidiary Companies may obtain the same by writing to the Asst. Company
Secretary of the Company.
The annual accounts of subsidiary Companies are available for inspection by any investor at the registered
office of the Company.
15
CORPORATE SOCIAL RESPONSIBILITY
Your Company is committed to actively contribute to the social and economic development of the country.
In keeping Adani Group carries on social welfare activities through a trust namely, “Adani Foundation.”
Adani Foundation is one of the prominent organizations engaged in Corporate Social Responsibility
activity in the State of Gujarat. Adani Foundation has a vision for fostering Sustainable and Integrated
Development for communities resulting in improvement of quality of life of people. Adani Foundation
concentrates its efforts in Mundra Taluka, with special focus on 22 villages catering to more than 46,000
people. The work areas have been divided into focus areas like: Education, Community Health, Livelihood
Programmes and Rural Infrastructure Development. Cluster based approach has been adopted with
peoples' participation as cluster Advisory Committee Members.
AUDITORS AND AUDITORS' REPORT
M/s. Dharmesh Parikh and Co., Chartered Accountants retire as Statutory Auditors of the Company at the
conclusion of the ensuing Annual General Meeting. The Statutory Auditors have confirmed their eligibility
and willingness to accept the office on re-appointment. The necessary resolution seeking your approval for
re-appointment of Statutory Auditors has been incorporated in the notice convening the Annual General
Meeting.
The Audit Committee has recommended their re-appointment as Statutory Auditors of the Company. The
necessary resolution is being placed before the shareholders for approval.
The Board has duly reviewed the Statutory Auditors Report on the Accounts. The notes forming part of the
accounts referred to in the Auditors’ Report of the Company are self explanatory and do not call for any
further explanation under Section 217(3) of the Act.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO.
The information relating to foreign exchange earnings and outgo are annexed hereto as Annexure-I and
forms part of this report.
Since your Company does not own manufacturing facility, the other particulars relating to conservation of
energy and technology absorption stipulated as per 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 not
applicable.
“GROUP” FOR INTER-SE TRANSFER OF SHARES
As required under Clause 3(e) of the Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997, persons constituting “Group” (within the meaning as defined in
the Monopolies and Restrictive Trade Practices Act, 1969) for the purpose of availing exemption from
applicability of the provisions of Regulation(s) 10 to 12 of the aforesaid SEBI Regulations are given in
Annexure II attached herewith and the said Annexure forms part of this report.
16
PERSONNEL
As required by the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 as amended up-to-date, the names and other particulars of the
Employees are set out in the Annexure to the Directors' Report. However, as per the provisions of
Section 219(1)(b)(iv) of the Companies Act, 1956, the Reports and Accounts are being sent to all the
Shareholders of the Company excluding the aforesaid information. Any shareholder interested in obtaining
such particulars may write to the Asst. Company Secretary of the Company.
The employee strength of your Company as on 31st March, 2010 was 391 as against 505 as on 31st March,
2009.
During the year under review, the relationships of your Company with its employees remained cordial at all
levels.
AWARDS AND RECOGNITIONS
During the year under review, your company was included in Forbes's annual ranking of Asia-Pacific's
biggest listed companies.
ACKNOWLEDGEMENT
The Board of Directors places on record its deep sense of gratitude to all Investors, Vendors, Traders,
Customers, Banks, Financial Institutions, Central and State Governments, Non-Government Agencies,
local authorities and the society at large for their continued support. Your Directors also acknowledge the
commitment and contribution of all employees to the growth of your Company.
For and on behalf of the Board of Directors
PLACE : AHMEDABAD GAUTAM S. ADANI

DATE : 14th May, 2010. Chairman
st
Annexure to Directors' Report for the year ended 31 March, 2010
ANNEXURE I
FOREIGN EXCHANGE EARNINGS AND OUTGO:
(Rs. in Crores)
Particulars Current year Previous year
(I) Foreign exchange earned
(Including export of goods on FOB basis) 3707.89 6137.08
(II) Foreign exchange used 7990.05 5895.31
17
ANNEXURE - II FORMING PART OF THE DIRECTORS REPORT
The following is the list (in alphabetical order) of persons constituting “Group” (within the meaning as
defined in the Monopolistic and Restrictive Trade Practices Act, 1969) for the purpose of availing exemption
from applicability of the provisions of Regulation(s) 10 to 12 of Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (”the said Regulations”), as provided
in Clause 3(e) of the said Regulations:
Sr. Sr. Sr.

Particulars Particulars Particulars
No. No. No.
1. Accurate Finstock Pvt. Ltd. 43. Adani Wilmar Ltd. 85. Pride Trade and Investment Pvt. Ltd.
2. Adani Agri Fresh Ltd. 44. M/s. Advance Exports 86. Priti G. Adani
3. Adani Agri Logistics Ltd. 45. Advance Tradex Pvt. Ltd. 87. Priti R. Shah
4. Adani Agro Pvt. Ltd. 46. Asset Trade & Investment Pvt. Ltd. 88. PT Adani Global, Indonesia
5. Adani Cements Ltd. 47. B2B India Pvt. Ltd. 89. PT Aneka Sumber Bumi, Indonesia
6. M/s. Adani Commodities (formerly Adani 48. Baramati Power Pvt Ltd. 90. PT Kapuas Coal Mining, Indonesia
Investment) 49. Bhavik B. Shah 91. Pushpa V. Adani
7. Adani Developers Pvt. Ltd. 50. Chemoil Adani Pte. Ltd., Singapore 92. Radiant Trade and Investment Pvt. Ltd.
8. Adani Energy Ltd. 51. Chemoil Adani Pvt. Ltd. 93. Rahi R. Adani
9. Adani Estates Pvt. Ltd. 52. Columbia Chrome (India) Pvt Ltd. 94. Rahi Shipping Pte. Ltd., Singapore
10. M/s. Adani Exports 53. Concord Trade & Investment Pvt. Ltd. 95. Rajasthan SEZ Pvt. Ltd.
11. Adani Gas Ltd. 54. M/s. Crown International 96. Rajesh S. Adani
12. Adani Global FZE, Dubai 55. M/s. Ezy Global 97. Rajesh S. Adani Family Trust
13. Adani Global Ltd., Mauritius 56. Gautam S. Adani 98. Rajeshbhai S. Adani HUF
14. Adani Global Pte. Ltd., Singapore 57. Gautam S. Adani Family Trust 99. Rakesh R. Shah
15. AdanI Habitats Pvt. Ltd. 58. Gautambhai S. Adani HUF 100. Ranjan V. Adani
16. Adani Hazira Port Pvt. Ltd. 59. Gujarat Adani Infrastructure Pvt. Ltd. 101. Riddhi V. Adani
17. Adani Infra (India) Ltd. 60. I Call India Pvt. Ltd. 102. S. B. Adani Family Trust
18. Adani Infrastructure and Developers Pvt. Ltd. 61. I Gate India Pvt. Ltd. 103. Sagar R. Adani
19. Adani Infrastructure Services Pvt. Ltd. 62. Jeet G. Adani 104. Shantaben Adani
20. Adani Land Developers Pvt. Ltd. 63. Karan G. Adani 105. Shantigram Estate Management Pvt. Ltd.
21. Adani Landscapes Pvt. Ltd. 64. Karnavati Aviation Pvt. Ltd. 106. Shantigram Utility Services Pvt. Ltd.
22. Adani Logistics Ltd. 65. Kunal D. Shah 107. Shantikrupa Estates Pvt. Ltd.
23. Adani Mining Pvt. Ltd. 66. Kutchh Power Generation Ltd. 108. Shantikrupa Services Pvt. Ltd.
24. Adani Mundra SEZ Infrastructure Pvt. Ltd. 67. m to M Traders Pvt. Ltd. 109. Sharmishta Sanghavi
25. Adani Murmugao Terminal Port Pvt. Ltd. 68. Mahaguj Power Ltd. 110. Shilin R. Adani
26. Adani Pench Power Ltd. 69. Maharashtra Eastern Grid Power 111. Surekha B. Shah
27. Adani Petronet (Dahej) Port Pvt. Ltd. Transmission Company Ltd. 112. Suvarna M. Adani
28. Adani Power (Overseas) Ltd., Dubai 70. Mahasukh S. Adani 113. Swayam Realtors and Traders Ltd.
29. Adani Power Dahej Ltd. 71. Mahasukh S. Adani Family Trust 114. Trident Trade and Investment Pvt. Ltd.
30. Adani Power Ltd. 72. Mahasukh S. Adani HUF 115. Vanshi R. Adani
31. Adani Power Maharashtra Ltd. 73. Mansi K. Shah 116. Vanshi Shipping Pte. Ltd., Singapore
32. Adani Power Pte. Ltd., Singapore 74. Miraj Impex Pvt. Ltd. 117. Vasant S. Adani
33. Adani Power Rajasthan Ltd 75. MPSEZ Utilities Pvt. Ltd. 118. Vasant S. Adani Family Trust
34. Adani Properties Pvt. Ltd. 76. Mundra International Airport Pvt. Ltd. 119. Vasantbhai S. Adani HUF
35. Adani Retail Pvt. Ltd. 77. Mundra Port and Special Economic Zone Ltd. 120. Ventura Power Investment Pvt. Ltd.
36. Adani Shipping Pte. Ltd., Singapore 78. Mundra Power SEZ Ltd. 121. Ventura Trade and Investment Pvt. Ltd.
37. Adani Shipyard Pvt. Ltd. 79. Mundra SEZ Textile & Apparel Pvt. Ltd. 122. Vinod N. Sanghavi
38. M/s. Adani Textile Industries 80. Namrata P. Adani 123. Vinod S. Adani
39. Adani Trade and Investments Ltd. 81. Netvantage International Pvt. Ltd. 124. Vinod S. Adani Family Trust
40. Adani Tradelinks Pvt. Ltd. 82. Param P. Adani 125. Vinodbhai S. Adani HUF
41. Adani Virginia Inc. 83. Parsa Kente Collieries Ltd.
42. Adani Welspun Exploration Ltd. 84. Pranav V. Adani
18
ANNEXTURE - III
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management's views on the Company's performance and outlook are discussed below:
Economic Outlook
The year 2009-10 witnessed relative stability contrary to expectations of a prolonged turmoil; the
turnaround was much quicker than apprehensions. On the back of a strong last quarter performance, the
Indian economy has registered an impressive GDP growth of 7.4 per cent in 2009-10. The robust growth is
driven largely due to low dependence on external factors and a growing domestic demand. Your Company
continued to strengthen its business and has sustained its position in the global market and posted
encouraging performance for the year under review.
Core Businesses
We have interests in four business sectors: Energy, Trading, Real Estate and Agro-related businesses.
v
Energy
In the energy sector, we are engaged in coal trading, power trading, coal mining, power generation, power
transmission, city gas distribution, oil and gas exploration and bunkering businesses.
Ø
Coal trading
The Company undertakes coal trading business directly and through its subsidiaries, Adani Global FZE,
Dubai and Adani Global Pte. Ltd., Singapore. We believe that we were one of the largest traders of coal in
India for fiscal 2010. We source coal mainly from suppliers in Indonesia, South Africa and Australia and
supply it to various states within India.
Ø
Power trading
The Company undertakes power trading activities and has been designated as a “Category I” power trader
by CERC until June 2029. Our power trading business involves making purchases of surplus power and
selling this surplus to energy deficit electricity boards. Going forward, we also intend to sell a significant
portion of power generated from our power projects on merchant basis.
Further, we have obtained membership of the first power exchange in India, Indian Energy Exchange
Limited (“IEX”) in Fiscal 2008 and as at 31st March, 2010 held approximately 5% equity interest in IEX.
Our membership of IEX allows us to trade energy units online and widen the scope of our trading business.
Ø
Coal mining
Our coal mining business involves mining, processing and the acquisition, exploration and development of
mining assets.
19
o Indonesian Coal Mining Concessions
PT Adani Global, Indonesia a subsidiary of the Company, has been awarded coal mining concessions in
Bunyu island, Indonesia from which coal will be used for the power projects being developed by
Adani Power Ltd.
o Domestic Coal Mining Operations
In India, as a part of the public private partnership model, Government sector companies, which are allotted
coal blocks, appoint a mine developer and operator (“MDO”) to undertake all activities relating to the
development and operations of a particular coal block.
o Parsa East and Kente Basan Coal Block
Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) has been allocated the Parsa East and Kente
Basan coal blocks at Chhattisgarh. The Company entered into a joint venture agreement with RRVUNL to
form Parsa Kente Collieries Limited (“PKCL”), wherein we own 74% equity interest and the remaining 26%
equity interest is owned by RRVUNL. We expect to start mining and delivering of coal from June 2011
onwards. In addition, we have been granted clearance from the Ministry of Railways for the movement of
coal from the coal blocks at Parsa East and Kente Basan to the power plants being developed by RRVUNL.
o Machhakata Coal Block
Recently, the Company entered into coal mining services agreement with Mahaguj Collieries Limited for
the development and operation of Machhakata coal block in Orissa. This entails the development of the
coal block, mining of coal from the coal block and supplying coal to the designated power plants of
Maharashtra Power Generation Company Limited and the Gujarat State Electricity Corporation Limited.
o Parsa Coal Block
The Company has received a LOA dated October 20, 2009 (the “Chhattisgarh LOA”) from Chhattisgarh
State Power Generation Company Limited (“CSPGCL”) regarding selection as joint venture partner for
development, mining and transportation of coal from Parsa coal block.
Ø
Power Generation
We intend to capitalize on the emerging opportunities in the Indian power generation sector, which are
being driven by the current and expected demand and supply imbalance in India. Our power projects are
located in leading industrial areas in the Western and Central parts of India, which are currently
experiencing a significant power deficit.
Adani Power Ltd., our subsidiary has been incorporated to construct and operate power projects.
Adani Power Ltd, together with its subsidiaries, Adani Power Maharashtra Ltd., Adani Power Rajasthan Ltd.
and Adani Pench Power Ltd., currently has seven thermal power projects under various stages of
development and implementation, with combined installed capacity of 10,560 MW out of which 660 MW
has already been commissioned. Additionally, Adani Power Ltd. is planning to develop a thermal power
project in Dahej, Gujarat with installed capacity of 2640 MW.
20
The power projects of Adani Power Ltd. are being developed as follows:
·Mundra phase I and II power projects (“Mundra I and II”) will have four coal-fired,sub-critical
generation units of 330 MW each, with combined capacity of 1,320 MW. The first two 330 MW units
of Mundra I and II were commissioned in July 2009 and March 2010 respectively.
·Mundra phase III power project (“Mundra III”) will have two coal fired, super-critical generation units
of 660 MW each, with combined capacity of 1,320 MW. It is currently expected that the first 660 MW
unit of Mundra III will be commissioned by January 2011, and that the power project will be fully
commissioned by June 2011.
·Mundra phase IV power project (“Mundra IV”) will have three coal fired, super-critical generation
units of 660 MW each, with combined capacity of 1,980 MW. It is currently expected that the first
660 MW unit of Mundra IV will be commissioned by August 2011, and that the power project will be
fully commissioned by April 2012.
·Tiroda I and II power project (“Tiroda I and II”), which is being developed by Adani Power
Maharashtra Limited (“APML”) (a subsidiary of Adani Power Ltd), will have three coal fired, super-
critical generation units of 660 MW each, with combined capacity of 1,980 MW. It is currently
expected that the first 660 MW unit of Tiroda I and II will be commissioned by July 2011 and that the
power project will be fully commissioned by April 2012.
·Tiroda III power project (“Tiroda III”), which is also being developed APML, will have two coal fired,
super-critical generation units of 660 MW each, with combined capacity of 1,320 MW. It is currently
expected that the first 660 MW unit of Tiroda III will be commissioned by April 2013 and that the
power project will be fully commissioned by July 2013.
·Kawai power project, which is being developed by Adani Power Rajasthan Limited (“APRL”)
(a 100% subsidiary of Adani Power Ltd), will have two super-critical generation units of 660 MW
each, with combined capacity of 1,320 MW. It is currently expected that the first 660 MW unit will be
commissioned by April 2013, and that the power project will be fully commissioned by August 2013.
·Chhindwara power project, which is being developed by Adani Pench Power Limited (“Adani
Pench”) (a 100% subsidiary of Adani Power Ltd), to set up a 1,320 MW thermal power project based
on super-critical technology at Chhindwara in the state of Madhya Pradesh. It is currently expected
that the commercial operation of the first unit of the power project will be achieved within 42 months
from the date of Chhindwara LOI and that the power project will be fully commissioned by February
2014.
In addition, Adani Power Ltd. is also planning to develop a coal-based power project with an
aggregate capacity of 2,640 MW at Dahej and it is proposed to be developed by Adani Power Dahej
Limited, a wholly owned subsidiary of Adani Power Ltd.
21
Ø
City gas distribution
Our city gas distribution business is undertaken through Adani Gas Limited (“Adani Gas”) with an objective
to provide piped natural gas (“PNG”) to household and industrial consumers and compressed natural gas
(“CNG”) for use in automobiles. Our city gas distribution business was demerged and transferred to Adani
Gas from Adani Energy Limited (“Adani Energy”), with effect from 1st January, 2007 pursuant to a scheme of
arrangement, approved by the High Court of Gujarat on 19th November, 2009. Adani Gas has set up a gas
distribution network of approximately 328 km of steel pipeline network and approximately 1,800 km of
polyethylene pipelines spread across Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana,
Noida, Khurja and Lucknow in Uttar Pradesh and Jaipur and Udaipur in Rajasthan, and 58 CNG stations in
Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana. Adani Gas is also serving approximately
450 industrial units, 75,000 households and 600 commercial units in these cities through its infrastructure
network.
Adani Gas has received “No Objection Certificates” from respective State Governments to develop,
construct, own, operate and maintain city gas distribution projects in Lucknow Noida, and Khurja in Uttar
Pradesh, and Udaipur, Jaipur in Rajasthan. It has already initiated the infrastructure development in these
cities to meet the fuel needs of industrial and domestic consumers. Pursuant to the enactment of the
Petroleum and Natural Gas Regulatory Board Act, 2006, Adani Gas has applied to Petroleum and Natural
Gas Regulatory Board for authorisation of its operations in Lucknow, Noida, Khurja, Udaipur and Jaipur.
Ø
Oil and gas exploration
As part of our integrated strategy we have entered the oil and gas exploration sector and formed a joint
venture, Adani Welspun Exploration Limited (“Adani Welspun”) in which we have 65% stake.
o Domestic Oil and Gas Blocks
The Company, in a consortium with Naftogaz India Private Limited, Adani Infrastructure Services Private
Limited (“Adani Infrastructure”) and Welspun group have been awarded 2 Oil and Gas blocks under NELP
VI (Assam Block & Palej Block) which covers a total area of approximately 95 and 75 square kms
respectively. The Company and Adani Infrastructure hold 35% & 20% participating interest in each of the
aforesaid two blocks and is a non-operator.
Adani Welspun was awarded a 100% participation interest in Block under NELP VII (“Mumbai Offshore
Block”) under a production sharing contract which covers a total area of approximately 1191 square kms.
Adani Welspun in a consortium with Oil and Natural Gas Corporation Ltd (“ONGC”), Indian Oil Corporation
Ltd (“IOC”) and Gujarat State Petroleum Corporation Ltd (GSPC) has been awarded a exploration block
located offshore in the gulf of Kutchh region and covers a total area of approximately 1264 square kms.
The Company also in a consortium with ONGC and IOC has been awarded another exploration block
located offshore in the gulf of Kutchh region and covers a total area of approximately 1242 square kms.
Adani Welspun has 20% & 30% participating interest in the aforesaid respective blocks and is a
non-operator.
o Overseas Oil and Gas Blocks
Adani Welspun was awarded petroleum concessions of two onshore blocks, L39/48 and L22/50 with a total
area of approximately 3,975 square km. and 3,947 square km. respectively, for a period of six years by the
Ministry of Energy of the Government of Thailand.
22
Adani Welspun, in consortium with GSPC, was awarded a Exploration block in Egypt. This block is located
offshore in the Gulf of Suez region and covers total surface area of approximately 108 square kms.
Adani Welspun holds 40% participating interest in the consortium and is a non-operator.
o Bunkering
Chemoil Adani Pvt. Ltd. (Chemoil Adani) our 50% joint venture company, is a registered bunker supplier
with Directorate General of Shipping in India. We have leased one floating barge, with an approximate
capacity of 3,000 metric tons, to refuel vessels. We, along with Chemoil Adani, are engaged in importing
petroleum products, including fuel oil, and gas oil.
v
Trading Business
Ø
Scrap Business
We trade in steel scrap through our wholly owned subsidiary, Adani Global FZE, Dubai. We import scrap
from America and Europe. The imported scrap is sold to large steel mills in the Indian sub-continent.
Ø
Minerals
We trade in iron ore and export a substantial amount of the same through Belekeri port, a dedicated port in
Karnataka. Iron ore is procured from mines in proximity to the port.
Ø
Gems and precious metals
We buy polished diamonds in the Middle East and sell them to jewellery manufacturers primarily in
Singapore and also buy and sell unbranded diamonds in bulk. We also trade in gold and jewellery products.
Ø
Ship dismantling business
Adani Virginia Inc. our wholly owned subsidiary, through its subsidiary, operates ship dismantling yards in
Virginia and Texas, United States. We sell the metal scrap recovered from our ship dismantling operations.
v
Real Estate
We operate the real estate sector through our subsidiary, Adani Infrastructure and Developers Private
Limited (“AIDPL”). AIDPL is the holding Company of our real estate business and each project is
undertaken through separate SPVs.
The break-up of the planned development activities are as follows:
Shantigram Township, Ahmedabad - 41.60 million square feet

BKC Commercial Development, Mumbai - 1.50 million square feet
Khatau Mill Development at Byculla and Borivali, Mumbai - 1.90 million square feet
23
Ø
Commercial
Bandra Kurla Complex (“BKC”) is planned to be developed as an integrated prime commercial property in
Mumbai. Adani Developers Private Ltd. (ADPL), a 100% owned subsidiary of AIDPL, is developing
1.50 million square feet of development area in BKC at the International Finance and Business Centre. We
are developing multi-storey towers and expect to complete the project by 2013.
Ø
Integrated township
Shantigram Estate Management Private Limited, a wholly owned subsidiary of AIDPL, has submitted an
application to Ahmedabad Urban Development Authority for developing a township, “Shantigram”, in
Ahmedabad. The project is expected to have 41.6 million square feet of development area. The project will
involve residential, commercial and community development. The construction of the project will
commence upon receipt of requisite approvals.
Ø
Commercial and residential
We are planning to develop a residential complex in Borivali, Mumbai of a development area of

approximately 1.20 million square feet and a residential cum commercial complex in Byculla, Mumbai of a
development area of approximately 0.70 million square feet both of which are part of Mill Land
Development Programme.
v
Agro
Ø
Edible oil and Agro-commodities trading
We entered the edible oil refining business through a 50:50 joint venture company, Adani Wilmar Ltd.
(Adani Wilmar) with Singapore's Wilmar Group.
Our “Fortune” brand products are available in a range of edible oils including, soya oil, sunflower oil,
groundnut oil, non-refined mustard oil and cotton seed oil. Other growing brands of Adani Wilmar are
“Kings”, “Ivory”, “Bullet”, “Avsar”, “Jubilee” and “Raag”. In India, Adani Wilmar has also added Vanaspati
Ghee under its “Raag” brand and bakery shortening under its “Jubilee” brand to its product basket.
Adani Wilmar has 11 refineries and crushing plants at Mundra and Kadi in Gujarat, Mantralayam in Andra
Pradesh, Bundi in Rajasthan, Nagpur in Maharashtra, Shujalpur, Neemuch, Chhindwara and Vidisha in
Madhya Pradesh, Mangalore in Karnataka and Haldia in West Bengal. Adani Wilmar has spread its
distribution network across India and exports to around 19 countries in the Middle-East, South East Asia
and East Africa. Adani Wilmar has a distribution network spread across India.
We have a diverse product mix in respect of agro-commodities, which includes food grains, castor oil,
pulses, soya meal, rapeseed meal and castor meal.
Ø
Agro-storage business
Our wholly owned subsidiary, Adani Agri Fresh Limited (“Adani Agri Fresh”) has been developing integrated
storage, handling and transportation infrastructure. It has set up modern controlled atmospheric storage
facilities for the storage of fruits and vegetables at three locations, Rewali, Sainj, and Rohru in Himachal
Pradesh with a combined capacity of approximately 18,000 metric tonnes per year. It has already set up a
marketing network in major towns across India for wholesale, cash and carry and organized retail.
24
Ø
Agro-supply business
Our wholly owned subsidiary, Adani Agri Logistics Limited (“Adani Logistics”) has entered into a service
agreement with the Food Corporation of India (FCI) to implement a bulk food grains handling, storage and
transportation network on a commercial Build, Own, and Operate basis. Pursuant to this, Adani Logistics
will develop, design, finance, construct, operate and maintain facilities for bulk handling and storage of food
grains procured and handled by FCI for distribution. At present, Adani Logistics has operated and
maintained storage facilities at seven locations across India, including Moga, Kaithal, Hooghly, Navi
Mumbai, Chennai, Coimbatore and Bangalore. Adani Logistics plans to create more storage capacities and
related infrastructure at multiple locations across India to expand its business.
Competitive Strengths and Outlook on opportunities
Ø
Synergistic Growth in Operations
The Company invests significant management resources towards ensuring that its businesses are
integrated in an efficient and organized manner that enables it to maximize the synergies that exist
amongst them and provide end-to-end services. We have developed ability and expertise to leverage our
existing assets and experience to expand our product portfolio, geographical coverage and market
presence to cater to increases in demand of our products. Our trading and agro-businesses are
complemented with our relatively new businesses, such as power generation and transmission, coal
mining and oil and gas exploration. Additionally, we also undertake oil and gas exploration which may, in the
future, enable us to address any PNG/CNG demands from our gas distribution business. Our diversified
businesses also diminish the risks associated with the specific dynamics, such as seasonality and
cyclicality, of any particular industry sector. We believe that our synergies across diverse business sectors
provide us with the ability to adapt our business operations in accordance with the opportunities available in
a given business.
Ø
Well-positioned in targeted geographical markets and products
With the growth of our operations and our foray into new business segments in recent years, we have been
able to access new geographic markets successfully. Further, we have also been able to access new
sources for procuring industrial or agricultural raw materials in India and abroad. We have also entered into
concession agreements for oil and gas exploration in India, Thailand and Egypt. We believe our diverse
geographical presence enables us to monitor and respond to global supply and demand imbalances,
identify opportunities for strategic investments and enhance strategies for substitution of suppliers.
Ø
Ability to identify new business opportunities
In addition to our trading business, we have focused on new businesses, such as our power generation and
transmission, coal mining, oil and gas exploration, and property development businesses. We have also
entered into joint ventures and strategic alliances with leading market players to grow our businesses.
We continually seek to identify and enter into business activities that we consider to be high growth
businesses, such as infrastructure and energy businesses.
25
Ø
Proven Project Management and Execution Skills
We have a strong track record in the successful development and execution of projects over a wide range of
industries. We believe that our access to financing sources, partners and industry expertise enables us to
identify and value new projects effectively, assess risks and compare evaluation results against our
experience. Further, we believe that our expertise in the successful execution of projects provide us with a
significant competitive advantage.
Ø
Focus on high value businesses
We will continue to focus on and seek to enter higher value businesses, which we believe present attractive
opportunities and enable us to reduce our exposure to the cyclicality of the commodities trading business.
We are actively focused on becoming a diversified infrastructure player.
Risks & Concerns
Risk taking is intrinsic to business growth. The Company operates in diversified businesses, on its own
and /or through subsidiaries, joint ventures and associates. These various businesses, include power
generation and transmission, coal mining, coal and power trading, gas distribution, oil and gas exploration,
bunkering, real estate development, production and sale of edible oils, storage, supply and trading of
agricultural products and metals and mineral trading. Consequently, the management requires
considerable expertise in managing businesses. The ability of the Company to benefit from developments
in the various sectors and other future growth will depend upon a number of factors, several of which are
beyond Company's control.
The Company's trading operations are international in nature. These international operations involve
additional risks, including the possibility of restrictive actions by foreign governments, changes in foreign
laws; limitations on repatriation of earnings; changes in currency exchange rates; local sabotage;
nationalisation and expropriation risks; loss of contract rights; and political and economic instability, war
and civil disturbances or other risks that may limit or disrupt markets in which the Company operates.
The Company has a well – defined system of identifying and mitigating risks. Risk identification process
starts at the departmental level. Risks identified at the departmental level are collated in the Company level
risk register for review and discussion by the Management. On the basis of discussion and review, risk
ratings and mitigation plans are finalised and documented in Risk Register. For each key risk, responsibility
is assigned to the concerned department head. Risk Register containing key risks, mitigation plan and
responsibility assigned for the risks is presented to the Audit Committee for review and discussion.
This process ensures that the Company is cognizant of possible risks and builds resilience to address the
same.
Internal Control Systems and their adequacy
The Company is committed to ensure a comprehensive internal control structure across its operations to
ensure that all assets are adequately safeguarded and protected against loss from unauthorized use or
disposition. The Company has already established a full fledged operational Internal Audit Department,
which is headed by Head – Internal Audit and assisted by a team of highly qualified professionals.
The Department closely monitors and evaluates the efficacy and adequacy of internal control systems,
their compliance with operating systems and accounting procedures and policies at all Company's
26
locations including its subsidiaries. The Company has also successfully implemented SAP system for
every possible area of deployment. SAP is the most suitable Enterprise Resource Planning software, which
provides for availability of robust information and can be operated from anywhere in the world. Apart from
this, the Company has established well defined written policies and processes across the organization
covering all major activities including authority for approvals. In all cases where monetary decision is
involved, various limits and authorities are in place.
Structured management information and reporting system together with exhaustive budgetary control
process for all major operational activities from part of overall control mechanism to ensure that requisite
information related to operations is being reported and is available for control and review.
Findings of internal audit reports and effectiveness of internal control measures is reviewed by top
management and Audit Committee of the Board.
Financial Performance with respect to operational performance
Details of various milestones achieved and financial performance of the Company with respect to
operational performance are as under :
Ø
Sales & Operating Earnings
During the year under review, the Company has recorded Sales and Operating Earnings on
standalone and consolidation basis to the tune of Rs. 11,584.78 Crores and Rs. 25,889.87 Crores
respectively as compared to Rs. 11,575.05 Crores and Rs. 26,258.28 Crores respectively in the
previous year.
SALES & OPERATING EARNINGS (CONSOLIDATED)
26258.28
25889.87
19609.71
Rs. In Crores
16949.06
15005.34
12341.48
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
YEAR
27
Ø
Fixed Assets (Net Block) :
st
The Net Block of the Company on standalone and consolidation basis as at 31 March, 2010 was Rs. 160.64
Crores and Rs. 4577.28 Crores respectively as compared to Rs. 210.08 Crores and Rs. 1918.46 Crores
respectively as at 31st March, 2009.
FIXED ASSETS (CONSOLIDATED)
5,500.00
4,960.33
5,000.00 4,577.28
4,500.00
4,000.00
Rs. In Crores
3,500.00
3,000.00
2,500.00 2,130.52
1,918.46
2,000.00
1,500.00
927.54
1,000.00 812.20
465.40
500.00 64.61 161.15 414.08
50.22 140.09
-
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
Year
Gross Block Net Block
Ø
Profits and profitability
During the year, the Company generated earnings before interest, depreciation, tax and after prior period
adjustments & exceptional items (EBIDTA) of Rs. 605.75 Crores on standalone and Rs. 1722.54 Crores on
consolidation basis as compared to Rs. 604.31 Crores and Rs. 1016.64 Crores respectively as at
31st March, 2009. Net profit of the Company on standalone and consolidation basis was Rs. 254.41 Crores
and Rs. 919.30 Crores respectively as compared to Rs. 326.43 Crores and Rs. 504.65 Crores respectively
during the previous year. Earnings per share (EPS) of the Company on standalone and consolidation basis
st
as on 31 March, 2010 are Rs. 5.13 and Rs. 18.55 respectively on face value of Re. 1 each.
OPERATING & NET PROFIT(CONSOLIDATED)

2,000.00
1,722.54
1,500.00
Rs. In Crores
1,016.64
1,000.00 919.30
754.66
474.39 504.65
500.00 369.75
317.55
215.55
121.58 134.58 173.28
-
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
YEAR
Operating Profit Net Profit
28
The Management is pleased with the financial milestones achieved by the Company during the year under
review and confident of achieving bright growth in the years to come.
Material Developments in Human Resources / Industrial Relations
The Company believes that a motivated, qualified and skilled employee base is key to our competitive
advantage. The Company through its participative work environment, skill development activities and
values of commitment, integrity, passion, seamlessness and speed ensures a healthy relationship with its
employees at all levels. Our consistent growth firmly establishes our remarkable team, their potential and
capabilities to deliver. The Company involves its employees at all level in personal development
programmes and provides the requisite training at regular intervals.
Our personnel policies are aimed towards recruiting talented employees, facilitating their integration into
our organization and encouraging the development of their skills and expertise. We believe that the skills
and diversity of our employees gives us the flexibility to adapt to the challenging needs of our diverse
businesses.
Cautionary Note
The statements in this Report describing the Company's objectives, projections, estimates, and
expectations may constitute “forward looking statements” within the meaning of applicable laws and
regulations. Forward looking statements are identified in this report, by using the words “anticipates”,
“believes”, “expects”, “intends” and similar expressions in such statements.
Although we believe that our expectations are based on reasonable assumptions, these forward-looking
statements may be influenced by numerous risks and uncertainties that could cause actual outcomes and
results to be materially different from those expressed or implied.
The Company assumes no responsibility to publicly amend, modify or revise any forward-looking
statements on the basis, of any subsequent developments, information or events etc.
**********
29
ANNEXURE IV
CORPORATE GOVERNANCE REPORT
The status of implementation of Clause 49 of the Listing Agreement with the Stock Exchanges on
Corporate Governance in your Company is as under:
A. MANDATORY REQUIREMENTS
1. COMPANY'S PHILOSOPHY ON CORPORATE GOVERNANCE
Your Company is committed to the adoption of best corporate governance practices and its adherence in
the true spirit, at all times. Adani Enterprises Ltd. (AEL) being a flagship Company of Adani Group adheres
to best corporate governance practices and is constantly striving to better them and adopt emerging best
practices. By combining ethical values with business acumen, globalization with national interests and core
business with emerging business, the Company aims to be amongst the largest and most respected global
corporations. The Company believes that good Corporate Governance means creation of an environment
which ensure accountability, fairness, transparency and integrity at all levels and provide framework for
better performance and greater ability to compete successfully in a globalised business arena and
maximizing value for all its stakeholders, employees, customers, government, lenders and society at large.
The Company will continue to focus its resources, strengths and strategies to achieve its vision of
becoming a truly global Company, while upholding the core values of excellence, integrity, responsibility,
unity and understanding, which are fundamental values of the Adani Group.
Compliance with Clause 49 of the Listing Agreement
Your Company has complied with the Corporate Governance Code enriched in Clause 49 of the Listing
Agreement.
2. BOARD OF DIRECTORS
The Members of the Board are from diversified backgrounds and have varied expertise and considerable
experience in their respective fields.
The Company's policy is to maintain optimum combination of Non-Executive Directors. The Non-Executive
Directors with their diverse knowledge, experience and expertise bring in their independent judgment in the
deliberations and decisions of the Board.
Your Company has a balanced Board, comprising of Executive and Non-Executive Directors which
includes independent professionals.
As on 31st March, 2010, the Board of Directors of your Company comprises of Nine Directors of which six
Directors (67% of the total board strength) are Non Executive. Mr. Gautam S. Adani is the Executive
Chairman of the Company. Hence, as per the provisions of Clause 49 of the Listing Agreement, at least half
of the Board should comprise of independent directors. Out of total Nine Directors of the Company, five
(56% of the total board strength) are Independent Directors. As on date, the composition of the Board is in
conformity with the provisions of the Corporate Governance Code of the Listing Agreement.*
30
Board Procedure
The Board meets atleast once a quarter, inter alia to review the quarterly performance and the financial
results. The Board meetings are generally scheduled well in advance and the notice of each Board Meeting
is given in writing to each Director. The Company Secretary in consultation with the concerned person in the
senior management finalizes the agenda, which is distributed to the Board members in advance before the
meetings. All the Agenda Items are also circulated well in advance and detailed presentations on all Agenda
Items are made regularly. The Board is also free to recommend the inclusion of any matter for discussion in
consultation with the Chairman.
The information as specified in Annexure 1A to Clause 49 of the Listing Agreement is regularly made
available to the Board.
To enable the Board to discharge its responsibility effectively, the members of the Board are briefed at every
Board Meeting on the overall performance of the Company. Senior Management officials are invited to
attend the Board Meetings so as to provide additional inputs to the items being discussed by the Board.
The Boards' role, functions, responsibility and accountability are clearly defined. In addition to matters
statutorily requiring Boards' approval, all major decisions involving policy formulation, strategy and
business plans, annual operating and capital expenditure budgets, new investments, details of joint
ventures, compliance with statutory / regulatory requirements, major accounting provisions and write-offs
are considered by the Board.
The Minutes of the Board Meetings are circulated in advance to all Directors and confirmed at subsequent
Meeting. The Minutes of Audit Committee and other Committees of the Board are on regular basis noted by
the Board at its meeting.
The Board also reviews periodically the compliance status of all the applicable laws. All the decisions are
taken after detailed discussions by the Board Members at the meetings. The members of the Board have
complete freedom to express their views and have unfettered and complete access to information in the
Company.
During the financial year 2009-10, four meetings of the Board were held on 20th May, 2009, 30 July, 2009,
th
30th October, 2009 and 27th January, 2010. The time gap between two meetings did not exceed four months.
The Board Meetings are generally held in Ahmedabad.
The composition of the Board as on date, attendance at Board Meetings and Last Annual General Meeting,
the changes during the year under review and Directorship / Committee positions in other Companies are
as follows:
31
Name of Director Category No. of Attendance No. of No. of Board
Board at the AGM other Committees2 (other
Meetings held on Director than AEL) in which
attended August 31, ships1 Chairman / Member.
(out of 4 2009. held
Meetings (other
held) than
AEL) Chairman Member
Mr. Gautam S. Adani Promoter 4 Yes 5 1 Nil

Executive Chairman Executive
Mr. Rajesh S. Adani Promoter 4 Yes 11 3 4
Managing Director Executive
Mr. Devang Desai Executive 1 N.A. 10 Nil 1
Executive Director Director
(appointed on
th
27 January, 2010)
Mr. Vasant S. Adani Promoter 4 Yes Nil Nil Nil
Non Executive
Dr. A.C. Shah Non Executive 3 No 6 1 8
(Independent)
Dr. Pravin P. Shah Non Executive 3 No 5 4 5
(Independent)
Mr. Jay H. Shah Non Executive 4 Yes Nil Nil Nil
(Independent)
Mr. Yoshihiro Miwa * Non Executive 1 No Nil Nil Nil
(Independent)
Mr. Tatsuo Fuke Non Executive 1 No Nil Nil Nil
(an alternate (Independent)
Director to
Mr. Yoshihiro Miwa)
Mr. Anil Ahuja Non Executive 3 No 2 Nil Nil
(Independent)
* SEBI while granting its final observation to the Draft letter of offer in respect of Rights issue of the
Company in the month of March 2010, observed that M/s Kowa Company Limited, Japan (of which
Mr. Yoshihiro Miwa is a Chairman) has certain business transactions in respect of power projects of
subsidiary Company. In view of the same, SEBI has directed the Company to appoint an independent
director on the Board of Directors in compliance with clause 49 of the Listing agreement.
Notes : 1. The Directorships held by the Directors, as mentioned above excludes alternate directorships,
directorships in foreign Companies, Companies under Section 25 of the Companies Act, 1956
and Private Limited Companies, which are not the subsidiaries of Public Limited Companies.
2. Represents Membership / Chairmanship of three Committees viz. Audit Committee,

Remuneration Committee and Shareholders' / Investors' Grievance Committee as per
Clause 49 of the Listing Agreement.
3. As on 31st March, 2010, none of the Directors of the Company were related to each other except
Mr. Rajesh S. Adani, Managing Director and Mr. Vasant S. Adani, Director being brothers of
Mr. Gautam S. Adani, Chairman.
32
None of the Directors on the Board is a Member of more than 10 Committees or a Chairman of more than 5
Committees (as specified in Clause 49), across all the Companies in which he is a Director. All the Directors
have intimated periodically necessary disclosures regarding holding of Directorships and Committee
positions held by them in other Companies and none of the Directors of the Company holds the office of
Director in more than 15 Companies.
Notes on Directors appointment / re-appointment
Brief details of the Directors proposed to be appointed / re-appointed are annexed to the Notice convening
the Annual General Meeting.
3. BOARD LEVEL COMMITTEES
In terms of the provisions of the Companies Act, 1956 and Clause 49 (Corporate Governance code) of the
Listing Agreement, the Board of Directors has constituted 3 committees of the Board viz.
· Audit Committee
· Remuneration Committee and
· Shareholders’ / Investors’ Grievance Committee
The Committees comprise of experienced members of the Board who ensure implementation of good
Corporate Governance.
A. Audit Committee
The Board of Directors of the Company had constituted an Audit Committee at its meeting held on
27th January, 2001. The composition of the Audit Committee meets the requirements of Section 292A of the
Companies Act, 1956 and Clause 49 of the Listing Agreement. As on date, the Audit Committee consists of
three Non Executive and Independent Directors as under:
Sr. Name of the Director(s) Designation Category of

No. Director(s)
1. Mr. Jay H. Shah Chairman Non-Executive
Independent
2. Dr. A.C. Shah Member Non-Executive
Independent
3. Dr. Pravin P. Shah Member Non-Executive
Independent
All members of the Audit Committee have expertise in financial management.
In addition to the members of the audit committee, the Internal Auditors, Statutory Auditors and
Chief Financial Officer are permanent invitees to Audit Committee. The Committee also invites such other
senior executives of your Company as it considers appropriate. Mr. Parthiv Parikh, Asst. Company
Secretary acts as a Secretary to the Audit Committee.
33
Terms of Reference
The role and terms of reference of Audit Committee are as per the Clause 49 of the Listing Agreement and
Section 292A of the Companies Act, 1956 and also and other terms as may be referred by the Board of
Directors, which interalia, include overseeing financial reporting process, reviewing periodical financial
results, financial statements, internal control and internal audit systems, accounting policies and practices,
related party transactions, performance of Internal and Statutory Auditors and fix their remuneration,
adequacy of Internal audit function, discussions with Internal and Statutory Auditors about audit
qualifications, if any, review compliance of listing agreements and other requirements of the Company.
The Committee also reviews the risk factors, mitigation plan and responsibility assigned for the risks.
The Committee also gives directions to the management in areas that needs to be strengthened.
As a part of good corporate governance practice, the Audit Committee also reviews the risk factors and
project reports of Subsidiary Companies.
Details of the meetings of Audit Committee and attendance
During the financial year, the Audit Committee met four times on 20th May, 2009, 30th July, 2009,
th th
30 October, 2009 and 27 January, 2010.
Details of meetings attended by the members thereof are as follows:
Sr. Name of the Director(s) Position No. of meetings

No. attended
1. Mr. Jay H. Shah Chairman 4
2. Dr. A.C. Shah Member 3
3. Dr. Pravin P. Shah Member 3
Minutes of the Audit Committee are circulated and reviewed at the subsequent Board Meetings.
The Chairman of the Committee was present at the last Annual General Meeting of the Company held on
31st August, 2009.
B. Remuneration Committee
The Remuneration Committee was constituted on 23rd June, 2001. During the financial year 2009-10,
one meeting of remuneration committee was held on 27th January, 2010.
34
The composition of the Committee and attendance during the year under review at meetings is as given
below:
Sr. Name of the Designation Category No. of meetings during

No. Directors the year 2009-10
Held Attended
1. Dr. Pravin P. Shah Chairman Non-Executive 1 -
Independent
2. Dr. A.C. Shah Member Non-Executive 1 1
Independent
3. Mr. Jay H. Shah Member Non-Executive 1 1
Independent
Quorum of the Committee is of two members.
Terms of reference:
The terms of reference of the Remuneration Committee are as follows:
Øto recommend to the Board the terms of appointment and remuneration payable to the
Executive Director(s) including Commission, revision in salary based on evaluation of their
performance as well as Company's performance subject to such consents & permissions as
may be required.
Øto recommend the remuneration payable to Non-Executive Directors based on their

performance and defined assessment criteria.
The terms of reference of the Committee is as per the provisions of the Companies Act, 1956 and
Clause 49 of the Listing Agreement with stock exchanges.
Remuneration Policy
A. Remuneration to Non-Executive Directors
The remuneration by way of commission to the Non-Executive Directors is decided by the Board of
Directors and distributed to them based on their contribution and attendance at the Board and Committee
meetings. The members had, at the Annual General Meeting held on 29th July, 2006, approved the payment
of remuneration by way of commission to the non-executive and independent Directors of your Company,
in accordance with and up to the limits laid down under the provisions of Section 309(4) of the Act,
computed in the manner specified in the Act, for a period of 5 years from the financial year commencing
from 1st April, 2006, in such manner and up to such extent as the Remuneration Committee / Board may,
from time to time determine in addition to sitting fees being paid to them for attending the meeting of the
Board and its committees.
35
Looking to the increase in the responsibilities, time devoted and contribution made by the non executive
and independent Directors, the board has approved the payment of commission upto Rs. 3 Lacs per
quarter to Dr. Pravin P. Shah, Dr. A.C. Shah, Mr. Jay H. Shah and Mr. Yoshihiro Miwa, Non Executive and
independent Directors in addition to sitting fees being paid to them for attending the meetings of Board and
its Committees.
The Non-Executive and Independent Directors of your Company are being paid an amount of Rs. 10,000/-
as sitting fees for attending each meeting of Board and Committee(s) thereof viz. Audit Committee,
Shareholders / Investors Grievance Committee and Remuneration Committee. Executive and Promoter
group Directors are not being paid sitting fees for attending meetings of the Board of Directors and its
committees. Other than sitting fees and commission paid to non executive Directors, there were no material
pecuniary relationships or transactions by your Company with the Non Executive and Independent
Directors of your Company.
The details of sitting fees and commission paid to Non Executive and Independent Directors for the
Financial Year 2009-10 are as under:
(Rs. in Lacs)
Name(s) Sitting Fees paid during Commission Total No. of Shares
FY 2009 -10 held as on
Board Committee 31st March,
Meeting Meeting 2010.
Dr. Pravin P. Shah 0.30 0.30 12.00 12.60 6000
Dr. A.C. Shah 0.30 0.70 12.00 13.00 NIL
Mr. Jay H. Shah 0.40 0.90 12.00 13.30 21000
Mr. Yoshihiro Miwa 0.10 N.A. 12.00 12.10 NIL
Mr. Anil Ahuja 0.30 N.A. N.A. 0.30 NIL
Mr. Tatsuo Fuke* 0.10 N.A. N.A. 0.10 NIL
* an alternate director to Mr. Yoshihiro Miwa.

No remuneration has been paid to one Non-executive and Non-independent Director of your Company.
B. Remuneration to Executive Directors.
The present remuneration structure of Executive Directors comprises of fixed salary, commission and other
perquisites. The said Remuneration has been duly approved by the Board and is as per the resolutions
passed at the respective meetings of the Remuneration Committee, Board of Directors and Annual General
Meetings at the time of fixation / revision. Details of the remuneration paid / payable to them during the year
2009-10 are as under:
36
(Rs. in Crores)
Name(s) & Salary Perquisites & Commission* Incentive Total
Designation(s) Allowances Remuneration
Mr. Gautam S. Adani 1.27 0.15 0.50 Nil 1.92
Executive Chairman
Mr. Rajesh S. Adani 1.77 0.44 0.50 Nil 2.71

Managing Director
Mr. Devang Desai** 0.08 0.11 N. A. Nil 0.19

Executive Director
* Payable in FY 2010-11
** Appointed w.e.f. 27th January, 2010.
There is no separate provision for payment of severance fees under the resolutions governing the
appointment of Executive Chairman, Managing Director and Executive Director.
Your Company has not granted stock options to the Managing / Executive Directors or Employees.
The aforesaid Executive Directors, so long as they function as such shall not be entitled to any sitting fees
for attending any meetings of Board or Committees thereof.
The Board of Directors review the Minutes of the Remuneration Committee Meetings at subsequent Board
Meetings.
The Asst. Company Secretary acts as a Secretary to the Committee.
C. Shareholders'/Investors' Grievance Committee –
In order to ensure quick redressal of the complaints of the stakeholders, your Company has in due
compliance with Clause 49 of the Listing Agreement constituted a Shareholders' / Investors' Grievance
Committee. The Shareholders'/Investors' Grievance Committee of the Board of Directors has been
functioning since June, 2001.
During the year 2009-10, four meetings of Shareholders' / Investors' Grievance committee were held on
20th May, 2009, 30th July, 2009, 30th October, 2009 and 27th January, 2010. The composition of
Shareholders' / Investors' Grievance committee as on March 31, 2010 and the details of meetings attended
by its members are as follows :
37
Sr. Name(s) Category Number of Meetings during
No. the year 2009-10
Held Attended
1. Mr. Jay H. Shah Independent, 4 4
Chairman Non -Executive
2. Mr. Vasant S. Adani Non-Independent, 4 4
Director Non -Executive
3. Dr. A.C. Shah Independent, 4 3
Director Non -Executive
Mr. Parthiv Parikh, Asst. Company Secretary acts as a Secretary to the Committee and also designed as
the compliance officer of the Company as per the requirement of Listing Agreements.
The Minutes of the Shareholders’/Investors’ Grievance Committee are reviewed by the Board of Directors
at the subsequent Board Meeting.
Terms of Reference:
This committee has been formed with a view to undertake the following :
ØTo look into the redressal of investors' grievances including related to transfer / transmission of
shares and ensure expeditious share transfer process, non-receipt of declared dividends,
dematerialization / rematerialization of shares, issuance of duplicate share certificates etc.
ØThe committee also reviews the performance of the Company's Registrar & Transfer Agent (R & TA)
and their system of dealing with and responding to correspondences from all categories of
shareholders and statutory authorities and the responses thereto.
ØFollow up on implementations of suggestions for improvement in investor services.
ØOther related issues and to strengthen investors' relations.
The terms of reference of the committee cover the matters specified under Clause 49 of the Listing
Agreement with Stock Exchanges.
As a part of good corporate governance practice, your Company places before the committee a certificate
of practicing Company Secretary certifying the details of complaints received and their disposal every
quarter.
Details of Shareholders' Complaints
During the year, 257 complaints were received from the shareholders and were resolved to their
satisfaction. There was no unattended or pending investor grievance as on March 31, 2010.
38
Share Transfer Committee
The Board of Directors has delegated the power of approving transfer/transmission of shares, issue of
duplicate share certificates and other related formalities to the Share Transfer Committee comprising of
Mr. Gautam S. Adani, Executive Chairman, Mr. Rajesh S. Adani, Managing Director and Mr. Vasant S.
Adani, Director of your Company.
The meetings of the said committee are held once in a fortnight. The Board of Directors review the Minutes
of such Committee at subsequent Board Meeting.
No requests for share transfers are pending as on 31.03.2010 except those that are disputed and /or
sub-judiced.
Investor Services
M/s. Sharepro Services (India) Pvt. Ltd. have been appointed as new Registrar & Share Transfer Agent of
the Company in place M/s. Pinnacle Share Registry Pvt. Ltd. They have adequate infrastructure and VSAT
connectivity with both the depositories, which facilitate better and faster services to the investors.
a) Name and Address of Compliance Officer :
Mr. Parthiv Parikh, Asst. Company Secretary and Compliance Officer

Adani Enterprises Ltd. “Adani House”,
Near Mithakhali Six Roads, Navarangpura, Ahmedabad – 380 009
Tel No. (079) 25555 555, 26565 555,
Fax No. (079) 26565 500, 25555 500
Email : [email protected]
4. PARTICULARS OF PAST THREE ANNUAL GENERAL MEETINGS
Location, day, date and time of Annual General Meetings held during last three years as under:
Financial Day & Date Location of Meeting Time No. of Special

Year resolutions
passed
2006-07 Saturday, Hotel Le Meridian, 10.00 a.m. 2
29th September, 2007 Khanpur,
Ahmedabad - 380 001.
2007-08 Friday, Bhaikaka Bhavan, 10.00 a.m. -
26th September, 2008 Law Garden,
Ellisbridge,
2008-09 Monday, Bhaikaka Bhavan, 10.00 a.m. -
st
31 August, 2009 Law Garden,
Ellisbridge,
39
Details on Extraordinary General Meetings (EGMs) held in the last three years:
Financial Day & Date Location of Meeting Time No. of Special

Year resolutions
passed
2006-07 Saturday 7th Floor, Shikhar, 11.30 a.m. 1
30th December, 2006. Near Adani House,
Navrangpura,
Ahmedabad – 380 009.
2007-08 Monday, 7th Floor, Shikhar, 9.30 a.m. 1
4th February, 2008. Near Adani House,
Navrangpura,
Ahmedabad – 380 009.
No Extra Ordinary General Meetings were held during the year 2008-09.
Postal Ballot
Details of voting by means of postal ballot process conducted during the year under review for
seeking approval of the shareholders are as under:
Date Date of Special Resolutions Results

of Result passed
Notice
30-01-09 08-06-09 Approval u/s. 372A of the Total number of votes in favour
Companies Act, 1956 to of the resolution were
authorize the Board to make 14,76,02,397 as against 7,078
inter-corporate investments. votes polled against the
resolution. Resolution was
passed as a special resolution.
30-07-09 01-10-09 1. Approval u/s. 372A of the 1. Total number of votes in

Companies Act, 1956 to favour of the resolution were
authorize the Board to give 18,73,03,576 as against 1,786
guarantee and/or provide votes polled against the
security in excess of the resolution. Resolution was
limits prescribed in the said passed as a special resolution.
section.
2. To ratify the security 2. Total number of votes in
provided by the Board of favour of the resolution were
Directors of the Company 18,73,01,611 as against 3,751
under exceptional votes polled against the
circumstances. resolution. Resolution was
passed as a special resolution.
40
The postal ballot process was carried out as per the procedure laid down in terms of Section 192A of the
Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001.
All the above said Resolutions were declared passed through requisite majority. Mr. Rohit Choksi, an
eminent Practicing Chartered Accountant was appointed as a Scrutinizer for conducting the aforesaid
postal ballot process.
No Special Resolution is proposed to be passed by the Postal Ballot at the ensuing Annual General
Meeting.
5. SUBSIDIARY COMPANIES
Your Company does not have a material non-listed Indian Subsidiary Company hence, it is not mandatory
to have an independent Director on the Board of such subsidiary Company.
The financial statements including investments made by the unlisted subsidiaries were placed before and
reviewed by the Audit Committee of your Company. The minutes of all the subsidiary Companies (including
off-shore subsidiaries) are being placed before the Board for its review.
The Board of Directors of your Company, reviewed periodically, the statement of all significant transactions
and arrangements entered into by the unlisted subsidiary Company. The risk factors and project reports of
the Subsidiary Companies are also reviewed by the Audit Committee of your Company.
6. DIVIDEND PAYMENT AND HISTORY (EQUITY SHARES)

Year Rate Per Share (Rs.) Dividend Payout
(Rs. in Lacs)#
1996-97* 30% 3 222.44
1997-98 30% 3 330.71
1998-99 30% 3 330.71
1999-00* 30% 3 415.60
2000-01 30% 3 661.42
2001-02 30% 3 661.42
2002-03 30% 3 661.42
2003-04 40% 4 881.89
2004-05 40% 0.40 902.16
2005-06 45% 0.45 1017.86
2006-07 45% 0.45 1109.19
(Interim)
2007-08 60% 0.60 1730.26
2008-09 100% 1.00 2885.20
2009-10* 100% 1.00 5826.66
(Proposed)
* Bonus issue in proportion of 1 : 1 # Including dividend tax
th
The face value of shares changed to Re. 1 each per share w.e.f. 7 August, 2004.
41
CONSISTENT DIVIDEND PAYMENT TRACK RECORD
120%
100%
100% 100%
80%
% OF DIVIDEND
60%
60%
45%
45%
40% 40%
40%
30% 30%
20%
0%
2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
(Proposed)
YEAR
7. OTHER DISCLOSURES
a) Disclosure on materially significant related party transactions:
No transaction of material nature has been entered into by your Company with any related parties
as per Accounting Standard that may have any potential conflict with the interests of your Company.
The Register of Contracts containing the transactions in which Directors are interested is being
placed before the Board regularly for its approval. The transactions with Related Parties
are disclosed in Note 32 of Schedule 20 to the Financial Statements of the Annual Report.
The Audit Committee review the related party transactions undertaken by your Company in the
ordinary course of business.
b) Details of non-compliance by your Company
There were no instances of non-compliance by your Company on any matters related to various
capital markets or penalties / strictures imposed on your Company by the Stock Exchange or SEBI
or any statutory authority during the last 3 financial years.
c) Code of Conduct
The Board of Directors has adopted the Code of Conduct for Directors and senior management
personnel and the same has been placed on the Company's website. The Code has been circulated
to all the members of the Board and senior management personnel and the compliance of the same
is affirmed by them annually.
42
The Managing Director has confirmed the compliance of code of conduct and as required under sub
clause I (D) of clause 49 of the listing agreement given a declaration as under :
“In accordance with sub-clause I (D) of Clause 49 of the Listing Agreement with the
Stock Exchanges, I hereby confirm that, all the Directors and the Senior Management
Personnel of the Company have affirmed compliance with the code of conduct
applicable to them, for the year 2009-10."
Place : Ahmedabad Rajesh S. Adani
Date : 14th May, 2010. Managing Director
d) CEO / CFO Certificate
As per the requirements of Clause 49 VII of the Listing Agreement, the Managing Director and the
Chief Financial Officer (CFO) of your Company have furnished the requisite certificate to the Board
of Directors of your Company. They have also provided quarterly certificates on financial results
while placing the same before the Board pursuant to clause 41.
e) OTHERS
In the preparation of the financial statements, the Company has followed the Accounting Standards
issued by the Institute of Chartered Accountants of India. The significant accounting policies
applied in preparation and presentation of financial statements has been set out in Schedule 20
forming part of the financial statements.
The Company has laid down procedure to inform the Board Members about the risk assessment
and minimization procedure covering the entire gamut of business operations of the company and
the same have been reviewed by the Board during the year.
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.
8. MEANS OF COMMUNICATION
a) Financial Results :
The annual, half-yearly and quarterly results were published in the following newspapers:
Financial Results for the quarter ended Newspapers
th
30 June, 2009 Business Standard (English) and Loksatta Jansatta (Gujarati)
30th September, 2009 Indian Express (English) and Financial Express (Gujarati)
31st December, 2009 Indian Express (English) and Financial Express (Gujarati)
st
31 March, 2010 Indian Express (English) and Financial Express (Gujarati)
b) Your Company intimates to Stock Exchanges all price sensitive and other informations which are
material and relevant to the shareholders
c) Management Discussion and Analysis Report is attached with the Directors Report in this
Annual Report.
43
44
Foreign Currency Convertible Bonds (FCCBs) :
Aggregating to USD 250 Million issued in January, 2007 are listed at
Singapore Exchange Securities Trading Ltd. (Code : XS0282031870)

2. Shenton way # 19-00 SGX Centre
1, Singapore 068804
(b) Depositories : 1. National Securities Depository Ltd.

Trade World, 4th Floor, Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel, Mumbai - 400 013.
2. Central Depository Services (India) Limited
Phiroze Jeejeebhoy Towers, 28 th Floor, Dalal Street,
Mumbai – 400 023.
The Shares of your Company are traded compulsorily in Demat Segments. The ISIN No. allotted to your
Company's Equity Shares under the depository system is INE423A01024.
Annual Issuer charges for the year 2010-2011 have been paid to the above depositories.
F. Market Price Data : High, Low during each month in financial year 2009-10.
Monthly share price movement during the year 2009-10 at BSE & NSE :
BSE (In Rs.) NSE (In Rs.)
Month
High Low Volume High Low Volume
Pre Bonus
April 462.40 270.00 2059834840 463.40 267.10 2504459565
May 676.65 408.00 1641792005 674.95 406.50 2209810494
June 865.30 658.00 1805106086 868.95 658.00 4031197848
July 858.90 663.00 3198863643 859.85 661.40 4030570938
August 842.00 680.05 999355171 842.20 670.00 1513699313
September 723.90 622.00 554937391 725.00 618.40 1217025566
October 760.00 633.00 1161383150 758.00 630.00 2511218758
November 965.00 707.00 1422304512 959.90 714.00 2868254470
December 868.00 755.00 284806949 857.80 423.00 843743288
Post Bonus
December 444.40 397.00 671477459 445.00 388.00 661124545
January 518.00 429.20 2295336222 519.40 430.10 3755194744
February 527.00 444.00 1705155162 525.90 437.00 2667146551
March 514.90 460.80 937821316 509.90 418.50 2127051036
Total 18738173906 Total 30940497115
Market Capitalisation 23364.92 Market Capitalisation 23392.31
as on 31.03.2010 as on 31.03.2010
45
G. Performance in comparison to broad-based indices such as BSE Sensex.
PRICE SENSEX GRAPH
20,000.00 1200.00
18,000.00 BSE SENSEX AEL Share Price
1000.00
16,000.00
14,000.00
800.00
12,000.00
AEL SHARE PRICE
10,000.00 600.00
8,000.00
400.00
6,000.00
4,000.00
200.00
2,000.00
0.00 0.00
April, 09 May, 09 June, 09 July, 09 August, 09September, Oct, 09 Nov, 09 * Dec, 09 * Jan, 10 * Feb, 10 * Mar, 10
09
MONTHS
* Share Price adjusted due to bonus issue in the ratio of 1: 1
H. Registrar and Transfer Agents :
M/s. Sharepro Services (India) Private Limited are appointed as Registrar and Transfer Agents
(R & T) of your Company for both Physical and Demat Shares. The address is given below:
M/s. Sharepro Services (India) Private Limited

416 - 420, 4th Floor, Devnandan Mall,
Opp. Sanyash Ashram,
Ashram Road, Ellisbridge,
Ahmedabad - 380 006
Tel. No. 079 26582381 to 84
Fax No. 079 26582385
Email Id : [email protected]
Contact Person : Mr. Nitin V. Joshi
Shareholders are requested to correspond with the R & T Agent for transfer / transmission of shares,
change of address, queries pertaining to their shares, dividend etc.
46
Transfer to Investor Education and Protection Fund (IEPF)
As per Section 205C of the Companies Act, 1956, the amount of dividend that remained unpaid / 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. To ensure maximum disbursement of unclaimed
dividend, your Company sends reminders to the relevant investors, before transfer of dividend to the IEPF.
During the year under review, the unclaimed dividend amount for the year 2001-2002 was transferred to
the IEPF as per Section 205C of the Companies Act, 1956. The unclaimed dividend for the year 2002-03
will be transferred to the IEPF by October, 2010.
I. Share Transfer System :
Since your Company's shares are compulsorily traded in the demat segment on stock exchanges, bulk of
the transfers take place in the electronic form.
For expediting physical transfers, the board has delegated the authority relating to transfer of shares to
Share Transfer Committee. All the physical transfers received are processed by the Registrar and Share
Transfer Agent and are approved by the Share Transfer Committee well within the statutory period of one
month. The share transfer committee meets every fortnightly for approval of the transfer, dematerialization
etc. and all valid share transfers during the year ended 31.03.2010 have been acted upon.
All share transfer and other communication regarding share certificates, change of address, dividend etc.
should be addressed to R & T Agents of your Company at the address given above.
During the year under review, following compliance certificates have been obtained by the Company from
a Practicing Company Secretary:
1. Timely transfer and dispatch of share certificates in case of physical transfer of shares
as per Clause 47 (C) of the Listing Agreement.
2. Timely dematerialization of shares and reconciliation of issued and paid up share capital
with the listed capital on the stock exchanges in terms of SEBI (Depositories and
Participants) Regulations, 1996 on a quarterly basis.
J. Dematerialization of Shares and Liquidity :
The Shares of your Company are compulsorily traded in dematerialized form. A total number of
49,72,66,495 Equity Shares of the Company constituting about 99.85% of the issued, subscribed and paid-
up share capital were in dematerialized form as on March 31, 2010. Your Company has entered into
agreements and established connectivity with both the depositories i.e. National Securities Depository
Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for dematerialization of its Equity
Shares whereby shareholders have an option to dematerialize their shares with either of the depositories.
47
34,01,700 Equity Shares of Re. 1 each allotted pursuant to conversion of 3,316 Foreign Currency
Convertible Bonds (FCCBs) of USD 10,000 each during the year under review were also issued in
de-materialized form.
Your Company's Equity Shares are frequently traded on the Bombay Stock Exchange Ltd. (BSE) and
National Stock Exchange of India Ltd. (NSE).
K. Distribution of Shareholding as on 31st March, 2010:
Number of Number of shareholders Equity Shares held in each category

shares
Holders % of total Total Shares % of total
1 to 5000 25350 97.51 5611032 1.13
5001 to 10000 331 1.27 2433089 0.49
10001 to 20000 105 0.40 1546815 0.31
20001 to 30000 57 0.22 1422713 0.29
30001 to 40000 27 0.10 977474 0.20
40001 to 50000 13 0.05 595944 0.12
50001 to 100000 33 0.13 2436236 0.49
100001 and 82 0.32 483003247 96.98
above
TOTAL 25998 100.00 498026550 100.00
st
L. Shareholding Pattern as on 31 March, 2010 :
Categor(ies) No. of Shares (%) of total

held
Indian Promoters 369510462 74.19
Foreign Institutional Investors 61379572 12.32
Mutual Funds, Banks, Financial Institutions and 6581815 1.32
Insurance Companies
N.R.I. and Foreign National 24258364 4.87
Private Bodies Corporate 17167939 3.45
Indian Public 18877030 3.79
Any other (Shares in transit) 251368 0.05
Total 498026550 100.00
48
NRIs/Foreign National, 4.87% Any other (Shares in transit), 0.05%
Indian Public, 3.79%
Private Bodies Corporates, 3.45%
Foreign Institutional Investors, 12.32%
Mutual Funds, Banks,

Financial Institutions and
Insurance Companies 1.32%
Indian Promoters, 74.19%
M. Outstanding ADRs/GDRs/Warrants or any convertible instruments conversion date and

likely impact on equity.
ØForeign Currency Convertible Bonds (FCCBs)
Your Company had during January, 2007 issued 25000 Foreign Currency Convertible Bonds
(FCCBs) of USD 10,000 each aggregating to USD 250 million including the green shoe option of
US$ 30 million in the international market.
During the year 2009-10, 3,316 FCCBs of USD 10,000 each were converted into 34,01,700
Equity Shares of Re. 1 each. As on 31st March, 2010, 21,484 FCCBs were outstanding for
conversion, which can be converted into 3,11,51,800 Equity Shares during any time of its
th th
conversion period from 27 January, 2008 to 27 December, 2011 at the option of FCCB holders.
The shares to be issued upon conversion of FCCBs shall rank pari passu with the existing
Equity Shares in all respects.
N. Plant Locations :
Your Company is a “Five Star Export House” engaged in export/import activities and is having no
plants.
O. Address for correspondence :

The shareholders may address their correspondences to :
1. Mr. Parthiv Parikh 2. M/s. Sharepro Services (India) Private Limited
Asst. Company Secretary and 416 - 420, 4th Floor, Devnandan Mall,
Compliance Officer Opp. Sanyash Ashram,
Adani Enterprises Ltd. Ashram Road, Ellisbridge,
“Adani House”, Near Mithakhali Ahmedabad - 380 006
Six Roads, Navarangpura, Tel. No. 079 26582381 to 84
Ahmedabad 380 009 Fax No. 079 26582385
Tel No. (079) 25555 555, 65652555, Email Id : [email protected]
Fax No. (079) 26565 500, 25555 500. Contact Person : Mr. Nitin V. Joshi
49
B. 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 :
a. Chairman's Office
Your Company has an Executive Chairman and hence, the need for implementing this non
mandatory requirement has not arisen.
b. Remuneration Committee
Your Company has a Remuneration Committee to recommend appointment / re-appointment

and to recommend/review remuneration of the Executive Chairman / Managing / Executive
Directors.
c. Shareholder rights
The quarterly / half quarterly results of your Company after being subjected to a Limited Review
by the Statutory Auditors are published in the newspapers and posted on Company's website
www.adani.in The same are also available at the sites of the stock exchanges where the shares
of the Company are listed i.e. www.bseindia.com and www.nseindia.com.
d. Postal Ballot
The provisions relating to Postal Ballot have been complied with in respect of matters as
applicable.
e. Audit Qualifications
Your Company continues to adopt best practices to ensure the regime of unqualified financial
statements.
f. Whistle Blower Policy
The employees of your Company are accessible to the senior management for any counseling
or consultation and your Company has not denied any employee to access the audit committee.
g. Training of Board Members
All the Non-Executive Directors have rich experience and financial expertise in their functional
areas.
50
Auditors' Certificate on Corporate Governance
The Members,
Adani Enterprises Limited
We have examined the compliance of conditions of Corporate Governance by Adani Enterprises Limited
for the year ended on March 31, 2010, as stipulated in clause 49 of the Listing Agreement of the said
Company with the Stock Exchange(s).
The compliance of conditions of Corporate Governance is the responsibility of the Management.

Our examination has been limited to a review of the procedures and implementations thereof, adopted by
the Company for ensuring the compliance with 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, and the
representations made by the Directors and the Management, we hereby certify that the Company has
complied with the conditions of Corporate Governance as stipulated in 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.
For DHARMESH PARIKH & CO.

Chartered Accountants
PLACE : Ahmedabad (D. A. PARIKH)

th
DATE : 14 May, 2010. Partner
Membership No. 45501
51
The Board of Directors
Adani Enterprises Ltd.
Ahmedabad.
CERTIFICATON BY
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
We have reviewed the financial statements and the cash flow statements for the year 2009-2010 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. There are, to the best of our knowledge and belief, no transactions entered into by the Company
during the year which are fraudulent, illegal or violative of the Company's code of conduct.
4. We accept responsibility for establishing and maintaining internal controls and that we have
evaluated the effectiveness of the internal control systems of the Company and we have disclosed
to the auditors and the Audit Committee, deficiencies in the design or operation of internal controls,
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:
(a) there have been no significant changes in internal control during this year.
(b) there have been no significant changes in accounting policies during this 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
systems.
Rajesh S. Adani Devang Desai

Managing Director Executive Director &
Chief Financial Officer
PLACE : Ahmedabad
DATE : 14th May, 2010.
52
STANDALONE FINANCIAL STATEMENTS
Auditors' Report to the members of ADANI ENTERPRISES LIMITED

st
We have audited the attached Balance Sheet of ADANI ENTERPRISES LIMITED as at 31 March, 2010 and
also the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow statement
for the year ended on that date, which we have signed under reference to this report. These financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We have conducted our audit in accordance with auditing standards generally accepted in India.
Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis
for our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003 (the “Order”) (as amended), issued by
the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act,
1956 (the “Act”), we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5
of the said Order.
2. Further to our comments in the annexure referred to above, we report that:
i) 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;
ii) 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;
iii) The Balance Sheet, Profit & Loss Account and Cash-flow statement dealt with by this report
are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash Flow Statement dealt with
this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956;
v) On the basis of written representations received from the directors, as on 31st March, 2010,
and taken on record by the Board of Directors, we report that none of the directors is
st
disqualified as on 31 March, 2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to the explanations given to us,
the said accounts read together with the Significant Accounting Policies and other notes
thereon give the information required by the Companies Act, 1956 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
31st March, 2010;
b) in the case of Profit & Loss account, of the Profit for the year ended on that date; and
c) in the case of cash flow statement, of the cash flows for the year ended on that date.
Firm Reg No : 112054W
Place : Ahmedabad D. A. PARIKH
Date : 14th May, 2010. Partner
(Membership No. 45501)
53
ANNEXURE TO THE AUDITORS' REPORT RE: ADANI ENTERPRISES LIMITED

(Referred to in Paragraph 1 of our Report of even date.)
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets. The same are in the process of being
updated;
(b) As explained to us, fixed assets, according to the practice of the Company, are physically
verified by the management at reasonable intervals, in a phased verification-programme,
which, in our opinion, is reasonable, looking to the size of the Company and the nature of its
business. No material discrepancies were noticed on such verification.
(c) As the Company has disposed off an insignificant part of the fixed assets during the year,
provisions of clause 4 (i)(c) of the Order are not applicable.
(ii) (a) During the year, the inventories have been physically verified by the management, except
for stocks lying with third parties, which have, however, been confirmed by them. In our
opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations given to us, the procedures
of physical verification of inventories followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the record of inventories, we are of the opinion that, the
Company is maintaining proper records of inventories. The discrepancies noticed on
physical verification of inventories as compared to book records were not material and have
been properly dealt with in the books of account.
(iii) (a) According to the information and explanation given to us, the Company had granted
unsecured loan to six Companies covered in the Register maintained under Section 301 of
the Companies Act, 1956. The maximum amount involved during the year was Rs. 1040.15
Crores and the year end balance of loans granted to such parties was Rs. 935.68 Crores.
The Company has not granted secured or unsecured loans to firms or other parties covered
in the Register maintained under Section 301 of the Companies Act, 1956.
(b) In our opinion, the rate of interest, (except the interest free loan given to two of its Wholly
Owned Subsidiary) and the other terms and conditions on which loans have been granted to
Companies listed in the register maintained under Section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the Company.
(c) The parties have repaid the principal amounts as stipulated and have been regular in the
payment of interest, where applicable and in absence of an agreement on repayment terms
and conditions, we are unable to comment about the regularity of principal payment.
(d) There is no overdue amount of loans granted to Companies listed in the Register
maintained under Section 301 of the Companies Act, 1956. Accordingly, provisions of
clause 4 (iii)(d) of the Order are not applicable.
54
(e) According to the information and explanation given to us, the Company has not taken any
loan secured or unsecured from Companies, firms or other parties covered in the Register
maintained under Section 301 of the Companies Act, 1956. Accordingly, provisions of
clause 4 (iii)(e) to 4(iii)(g) of the Order are not applicable.
(iv) 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 goods and services. During the course of our audit,
no major weakness has been noticed in the internal control system.
(v) (a) Based on the audit procedures applied by us and according to the information and
explanations provided by the management, we are of the opinion that the particulars of the
contracts or arrangements that need to be entered into the register maintained under
Section 301 have been so entered.
(b) In respect of transactions made in pursuance of such contracts or arrangements have been
entered into during the financial year are reasonable except in some of the transactions, for
which no comments is being made owing to the unique and specialized nature of the items
involved and absence of any comparable prices. For price justification reliance is placed on
the information and explanation given by the management.
(vi) The Company has not accepted deposits from the public within the meaning of section 58A & 58AA
of the Companies Act, 1956 or any other relevant provisions of the Act and the Rules framed there
under. We are informed that no order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.
(vii) As per the information and explanations given to us by the management, the Company's internal
control procedures together with the internal checks conducted by the group internal audit team
during the year can be considered as an internal audit commensurate with the size and nature of its
business.
(viii) According to the information and explanations given to us, the maintenance of cost records under
Section 209(1)(d) of the Companies Act, 1956 is not applicable to the Company. Accordingly, the
provisions of Clause 4(viii) of the Order are not applicable.
(ix) (a) As explained to us, the statutory dues payable by the Company comprises of Provident
Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax,
Sales Tax/VAT, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess, Octroi, Entry Tax,
Purchase Tax, Municipal tax and other applicable statutory dues. According to the records
of the Company, the Company is generally regular in depositing undisputed statutory dues
with the appropriate authorities; however there has been delay in few cases which is not in
arrears for more than six months at the end of financial year. There are no undisputed
statutory dues as referred to above as at 31st March, 2010 outstanding for a period of more
than six months from the date they become payable.
There were no dues on account of Cess under Section 441A of the Companies Act, 1956
since the aforesaid section has not yet been made effective by the Central Government.
55
(b) According to the records of the Company and representation made by the Management, the
following are the disputed amounts in respect of various statutes:
Name of Statute Nature of the dues Amount Period to Forum where dispute
(Rs. in Crores) which the is pending
amount
relates
Income Tax Act, 1961 Income Tax and Interest 1.46 2001-2002 Appellate Tribunal, Ahmedabad
Income Tax Act, 1961 Income Tax and Interest 0.55 2005-2006 CIT Appeal, Ahmedabad
Income Tax Act, 1961 Withholding Tax and Interest 17.77 2008-2010 CIT Appeal, Gandhinagar
Income Tax Act, 1961 Fringe Benefit Tax 0.34 2006-2007 CIT Appeal, Ahmedabad
1988-1989 High Court of Gujarat
Income Tax Act, 1961 Income Tax 0.02
1990-1991
Sales Tax , Penalty and Dy. Commissioner
Gujarat Sales Tax Act 0.07 1999-2000
Interest Appeals, Ahmedabad
Sales Tax, Penalty and Appellate Tribunal,
Maharashtra Sales Tax 0.31 2001-2002
Interest Mumbai,Maharashtra
Maharashtra Central Sales Tax, Penalty and Appellate Tribunal,
0.69 2001-2002
sales Tax Interest Mumbai,Maharashtra
Sales Tax, Penalty and Joint Commissioner
Maharashtra sales Tax 1.03 2002-2003
Interest Appeal, Mumbai
Maharashtra Central Sales Tax, Penalty and Joint Commissioner
0.58 2002-2003
sales Tax Interest Appeal, Mumbai
Kerala VAT Tax Dy. Commissioner
Sales Tax and Interest 0.98 2005-2007
Appeals, kochin
Sales Tax, Penalty and Interest Asst.Commissioner Appeal
Rajasthan Sales Tax 2.32 2007-2008
Appellate Tribunal,
Maharashtra Sales Tax Sales Tax 31.74 2001-2003
Mumbai, Maharashtra
Customs Act, 1962 Custom Duty and Penalty 0.74 1997-1998 Supreme Court
Amount - With various appellate authorities
Customs Act, 1962 Custom Duty and Penalty
Unascertainable
Foreign Exchange
Penalty 4.00 1998-1999 High Court of Gujarat
Regulation Act
Customs, Excise and
Customs Act, 1962 Custom Duty and Interest 0.22 2003-2004 Service Tax appellate
Tribunal, Chennai.
Customs Act, 1962 Penalty 0.05 1998-1999 CESTAT - Ahmedabad.
Customs Act, 1962 Custom Duty and Penalty 2.31 1997-1998 CESTAT, Mumbai
1997-1998 With various Assessing &
Customs Act, 1962 Custom Duty 0.39 1999-2000 Appellate Authorities.
2000-2001
Commissioner of Income Tax
Foreign Exchange
Penalty 0.16 1997-1998 (Appeals) - V, Chennai
Regulation Act
56
Name of Statute Nature of the dues Amount Period to Forum where dispute
(Rs. in Crores) which the is pending
amount
relates
Commissioner of
Recovery Excess Rebate and 1998-1999
Central Excise Rules 0.61 Customs
Penalty 1999-2000
(Appeals),Salem
Commissioner of
Customs Act, 1962 Custom Duty 0.30 1997-1998 Customs,ICD,
Tuglakabad
1993-1994 Commissioner of
Customs Act, 1962 Custom Duty 0.22
1995-1996 Customs, Mumbai
Asst. Commissioner of
Customs Act, 1962 Custom Duty 0.07 2004-2005
customs, Mundra
Customs Act, 1962 Custom Duty 0.50 2006-2007 Deputy Commissioner
2005-2006 Customs (Appeal)
Commissioner of
Customs Act, 1962 Custom Duty 0.14 2005-2006
Customs (Appeal)
2004-2005 Customs, Mumbai
2006-2007 Asst. Commissioner of
Customs Act, 1962 Duty Drawback 0.31
2007-2008 Customs, Mundra
Commissioner of
Customs Act, 1962 Custom Duty 29.98 2004-2005 Customs (import),Air
Cargo, Sahar,Mumbai
(x) The Company has no accumulated losses at the end of the financial year and it has not incurred any
cash losses in the current and immediately preceding financial year.
(xi) Based on our audit procedures and on the information and explanations given by the management,
we are of the opinion that the Company has not defaulted in repayment of dues to a financial
institution, bank and debenture holders.
(xii) According to the information and explanations given 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.
Accordingly, the provisions of Clause 4(xii) of the Order are not applicable.
(xiii) According to the information and explanations given to us, the Company is not a chit fund or a
nidhi/mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the order are not
applicable.
(xiv) In respect of dealing in securities and other investments, in our opinion and according to the
information and explanations given to us, proper records have been maintained of the transactions
and contracts and timely entries have been made therein. All investments at the end of the year are
held in the name of the Company and its nominees, wherever required.
(xv) In respect of guarantees given by the Company for loans taken by others from banks, the terms and
conditions are prima facie not prejudicial to the interest of the Company.
(xvi) To the best of our knowledge and as explained, the term loans raised during the year have been
applied for the purpose for which they were raised.
57
(xvii) According to the Cash-flow statement and other records examined by us and the information and
explanations given to us, on an overall basis, funds raised on short term basis have not, prima facie,
been used during the year for long term investment except permanent working capital.
(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered
in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly, the
provisions of Clause 4(xviii) of the Order are not applicable.
(xix) According to the information and explanations given to us, during the period covered by our audit
report, the Company has not issued any debentures. The Company has created securities or
charge in respect of secured debentures issued in earlier years.
(xx) During the year, the Company has not raised money by way of public issue. Accordingly, the
provisions of Clause 4(xx) of the Order are not applicable.
(xxi) Based upon the audit procedures performed and information and explanations given by the
management, no fraud on or by the Company were reported or noticed, except the fact that
complaint is filed alleging evasion of customs duty in sum of Rs.1.07 Crores.

Place : Ahmedabad D. A. PARIKH

Date : 14th May,2010 Partner
(Membership No. 45501)
58
BALANCE SHEET AS AT 31st MARCH, 2010 (RS. IN CRORES)
PARTICULARS SCHEDULE AS AT 31-03-2010 AS AT 31-03-2009
A SOURCES OF FUNDS :
I. SHAREHOLDERS' FUND
(A) Share Capital 1 49.80 24.66
(B) Reserves & Surplus 2 1,920.30 1,618.45
1,970.10 1,643.11
II. LOAN FUNDS :

(A) Secured Loans 3 17.38 353.82
(B) Unsecured Loans 4 3,453.93 2,852.90
3,471.31 3,206.72
III. DEFERRED TAX LIABILITY

Deferred Tax Liability 22.56 22.65
Less :
Deferred Tax Assets 4.91 2.81
17.65 19.84
TOTAL 5,459.06 4,869.67
B APPLICATION OF FUNDS :
I. FIXED ASSETS 5
(A) Gross Block 203.38 253.07
(B) Less : Depreciation 42.74 42.99
(C) Net block 160.64 210.08
(D) Capital Work-In-Progress 31.61 11.92
(E) Capital Advance 19.35 6.96
211.60 228.96
II. INVESTMENTS 6 2,381.01 2,217.69
III. CURRENT ASSETS, LOANS & ADVANCES
(A) Inventories 7 266.15 331.80

(B) Receivables 8 1,383.40 1,742.42
(C) Cash & Bank Balances 9 1,182.41 1,380.21
(D) Loans & Advances 10 2,007.40 796.59
4,839.36 4,251.02
Less :
CURRENT LIABILITIES & PROVISIONS
(A) Current Liabilities 11 1,693.35 1,609.82

(B) Provisions 12 281.82 218.18
1,975.17 1,828.00
NET CURRENT ASSETS 2,864.19 2,423.02
IV. MISCELLANEOUS EXPENDITURE 13 2.26 -
TOTAL 5,459.06 4,869.67
Notes forming part of the accounts 20

As per our attached report of even date For and on behalf of the Board
For DHARMESH PARIKH & CO., GAUTAM S. ADANI RAJESH S. ADANI

Chartered Accountants Chairman Managing Director
D. A. PARIKH PARTHIV PARIKH DEVANG S. DESAI

Partner Asst. Company Secretary Executive Director & CFO
PLACE : Ahmedabad PLACE : Ahmedabad

DATE : 14th May,2010 DATE : 14th May,2010
59
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2010 (RS. IN CRORES)
PARTICULARS SCHEDULE 2009-2010 2008-2009
A INCOME :
Sales & Operating Earnings 14 11,584.78 11,575.05

Other Income 15 30.10 12.84
11,614.88 11,587.89
B EXPENDITURE :
Cost of Materials 16 10,462.18 10,464.64

Personnel Expenses 17 38.43 62.73
Operation & Other Expenses 18 508.52 456.21
Finance Charges 19 310.05 214.43
Depreciation 12.76 12.08
11,331.94 11,210.09
Profit for the year before Prior Period Adjustments & Exceptional items 282.94 377.80
(Less)/Add : Prior Period Adjustment (1.04) 0.83
Add/(Less) : Exceptional items (net) 5.85 (4.02)
Profit for the year before taxation 287.75 374.61
Provision For Taxation:

- Current Tax 34.29 44.05
- Adjustment of earlier years 1.24 (0.28)
- Deferred Tax (2.19) 3.69
- Fringe Benefit Tax - 0.72
Profit After Taxation 254.41 326.43
Add : Surplus Brought Forward From Previous Year 843.95 606.38
Profit Available for Appropriation 1,098.36 932.81
APPROPRIATIONS :
Proposed Dividend on Equity Shares 49.80 24.67
Tax on Dividend (including surcharge) 8.27 4.19
Transfer to General Reserve 50.00 50.00
Transfer to Debenture Redemption Reserve - 10.00
Balance Carried to Balance Sheet 990.29 843.95

1,098.36 932.81
Earning per Share of Re. 1 each

- Basic 5.13 6.62
- Diluted 5.59 7.15
Notes forming part of the accounts 20

As per our attached report of even date For and on behalf of the Board


PLACE : Ahmedabad PLACE : Ahmedabad

DATE : 14th May,2010 DATE : 14th May,2010
60
CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH, 2010 ( Rs. In crores )
Particulars 2009-2010 2008-2009
A CASH FLOW FROM OPERATIONS
Net Profit before tax 287.75 374.60
Adjustment for:
Depreciation / Amortization 12.76 12.08
Interest / Dividend from investments (1.70) (1.73)
Provision for Diminution of Investment 0.29 0.83
Unrealised Exchange Rate Difference (46.96) 139.53
Loss on sale of investment - 4.04
Income From Mutual Fund/profit on sale of Investment (4.91) (7.23)
Loss/(Profit) on sale of fixed assets (Net) (2.54) 0.24
Bad debts / Provision for doubtful debts, loans & advances 10.77 46.33
Interest Expenses 300.10 417.72
Interest Income (140.10) (198.66)
Exceptional Items (Net) (5.85) 4.02
121.86 417.17
Operating Profit before working capital changes 409.61 791.77
Adjustment for:
Trade & other receivables 342.81 (500.74)
Inventories 65.65 583.09
Loans & Advances (1323.09) 784.62
Trade Payables 141.36 (508.30)
(773.27) 358.67
Cash generated from operations (363.66) 1150.44
Direct tax (paid) / refund (44.29) (44.30)
Net cash from operating activities (407.95) 1106.14
B Cash Flow from Investing Activities

Additions to fixed assets (Incl. CWIP) (58.58) (15.93)
Sale of fixed assets 65.74 0.70
Deffered Revenue Expenditure (2.26) -
Proceeds from Redemption of Investments - 1.70
Sale of Investments 22.60 597.82
Purchase of Investments (85.69) (997.40)
Income From Liquid / Mutual Fund 4.73 6.34
Interest / Dividend from investments 1.70 1.73
Interest received 144.89 219.79
Net cash used in Investing Activities 93.14 (185.25)
C Cash Flow from Financing Activities

Proceeds/(repayment) from working capital borrowings (net) (87.38) (2.64)
Proceeds/(repayment) from long term borrowings (net) (264.86) 137.77
Proceeds/(repayment) from short term borrowings (net) 894.80 (149.52)
Interest Paid (299.50) (428.73)
Dividend Tax paid (4.19) -
Dividend paid (24.61) (14.75)
214.25 (457.87)
Net Increase/(Decrease) in cash & cash equivalents (100.56) 463.02

Cash & cash equivalent at the beginning of the year 1550.21 1096.23
Cash & cash equivalent as at 31/03/2010 1449.65 1559.25

Adjustments:
Exchange rate difference in cash & cash equivalents 3.11 (9.04)
Note: Cash and Cash equivalents includes Short Term Investments of Rs.270.35 Crores (Previous Year Rs. 170 crores) and Rs.275.90 crores
(Previous Year Rs. 383.85 Crores), which are not available for use by the company (refer schedule 9 to accounts)
As per our attached report of even date. For and on behalf of the Board
D.A. PARIKH PARTHIV PARIKH DEVANG S. DESAI

Place : Ahmedabad Place : Ahmedabad
Date : 14th May, 2010 Date : 14th May, 2010
61
st
SCHEDULES 1 TO 13 FORMING PART OF THE BALANCE SHEET AS AT 31 MARCH, 2010
(RS. IN CRORES)
PARTICULARS AS AT 31-03-2010 AS AT 31-03-2009
SCHEDULE : 1
SHARE CAPITAL
AUTHORISED
100,00,00,000 (Previous year 50,00,00,000) 100.00 50.00
Equity Shares of Re. 1/- (Previous Year Re. 1/-) each
NIL (Previous year 5,00,00,000) - 50.00

Preference Shares of Rs. 10/- each
100.00 100.00
ISSUED, SUBSCRIBED & PAID-UP
49,80,26,550 (Previous Year 24,66,09,175) 49.80 24.66
Equity Shares of Re. 1/- each
49.80 24.66
NOTES :
SCHEDULE : 2
RESERVES & SURPLUS
1 GENERAL RESERVE
As per last balance sheet 561.32 495.32
Add : Transferred during the year from Profit & Loss Account 50.00 50.00
Add : Transferred from Debenture redemption Reserve 24.00 16.00
635.32 561.32
2 DEBENTURE REDEMPTION RESERVE
Add : Created during the year - 10.00
Less :Transfer to General Reserve 24.00 16.00
- 24.00
3 SHARE PREMIUM ACCOUNT
Add : Amount received on conversion of Foreign Currency Convertible Bonds 130.31 7.87
Less : Bonus shares issued by capitalisation of share premium 24.80 -
294.69 189.18
4 SURPLUS IN PROFIT & LOSS ACCOUNT 990.29 843.95

1,920.30 1,618.45
SCHEDULE : 3
SECURED LOANS
1 From Banks - Term Loans

a) In Rupee Loan (Note ) 10.00 225.00
2 From Banks - Working Capital (Note)
a) In Foreign Currency Loan - 9.76
b) In Rupee 7.38 85.34
3 Non Convertible Debenture - 33.33
4 Vehicle Loans - 0.02
5 Home Loans - 0.37
17.38 353.82
NOTE :
Above facilities are secured by :
SCHEDULE : 4
UNSECURED LOANS
Foreign Currency Convertible Bonds 969.79 1,263.56

Inter Corporate Loans (Interest Free) 612.90 4.00
Short Term Loans from Banks (Note) 1,871.25 1,585.34
3,453.93 2,852.90
NOTE :-
Loans from Banks are secured by Demand Promissory Note and pledge of shares of some of
the relatives of promoters and guaranteed by some of the promoter directors of the Company
in their personal capacity.
62
SCHEDULE : 5 SCHEDULES 1 TO 13 FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2010
FIXED ASSETS : (Rs. in Crores)
GROSS BLOCK DEPRECIATION NET BLOCK
Sr.No. PARTICULARS Additions Deductions As at Provided for the Deductions As at As at As at
As at 1-4-2009 As at 1-4-2009
during the year during the year 31-03-2010 year during the year 31-03-2010 31-03-2010 31-3-2009
A Tangible
1 Land 17.06 0.13 0.16 17.03 0.00 0.00 0.00 0.00 17.03 17.06
2 Building
Office Building 40.23 2.37 0.30 42.30 4.00 0.89 0.02 4.87 37.44 36.22
Factory Building 3.06 0.70 0.00 3.76 0.06 0.11 0.00 0.17 3.59 3.00
3 Plant & Machinery 91.94 6.46 71.66 26.74 11.25 3.91 10.77 4.39 22.35 80.70
4 Furniture & Fixtures 17.60 4.39 0.14 21.85 5.68 1.65 0.03 7.30 14.56 11.92
5 Electrical Fittings 5.59 2.38 0.01 7.96 1.20 0.67 0.00 1.87 6.09 4.38
6 Office Equipment 10.98 5.42 0.11 16.29 2.56 0.59 0.02 3.12 13.17 8.42
7 Computer Equipments 9.80 2.17 1.20 10.77 5.65 1.20 0.63 6.22 4.55 4.15
8 Vehicles 12.03 2.31 2.52 11.82 4.45 1.07 1.51 4.01 7.81 7.58
9 Air Craft 14.26 0.00 0.00 14.26 3.43 0.80 0.00 4.23 10.03 10.83
10 Ship 27.46 0.00 0.00 27.46 3.33 1.37 0.00 4.70 22.76 24.13
(A) Total 250.01 26.33 76.10 200.24 41.62 12.26 12.99 40.87 159.36 208.39
B
Intangible
1 Software 3.06 0.17 0.09 3.14 1.37 0.50 0.00 1.87 1.28 1.69
(B) Total 3.06 0.17 0.09 3.14 1.37 0.50 0.00 1.87 1.28 1.69
Grand Total(A+B) 253.07 26.50 76.19 203.38 42.99 12.76 12.99 42.74 160.64 210.08
Previous Year 233.55 21.16 1.64 253.07 31.60 12.09 0.69 42.99 210.08 -
Capital Work In Progress 31.61 11.92
Capital Advances 19.35 6.96
Note : Addition to Office Buildings Includes Rs. 2.37 Crore incurred towards Leasehold Improvements,which is amortised over a period of 10 years
(RS. IN CRORES)
SCHEDULE : 6
INVESTMENTS -
(A) LONG-TERM INVESTMENTS
I GOVERNMENT SECURITIES - UNQUOTED

(Lodged with Government departments)
- in 6 year National Saving Certificates 0.02 0.02
II INVESTMENT IN SUBSIDIARY COMPANY - QUOTED

1) 1,53,14,40,000 (Nil) Equity Shares of Adani Power Ltd of Rs 10/- each* 860.80 -
III INVESTMENT IN SUBSIDIARY COMPANIES - UNQUOTED

1) 64,000 (64,000) fully paid up equity shares of Adani Global Ltd. of USD 100/- each 30.90 30.90
2) 10,22,385 (10,22,385) fully paid up redeemable preference shares of Adani Global Ltd. of USD 100/- each. 461.50 520.90
3) 4,56,10,000 (4,56,10,000) equity shares of Adani Agri Fresh Ltd of Rs 10/ each 45.61 45.61
4) Nil (1,53,14,40,000) Equity Shares of Adani Power Ltd of Rs 10/- each* - 860.80
5) 9,98,28,000 (9,98,28,000) equity shares of Adani Agri Logistics Ltd. of Rs. 10/- each. # 99.83 99.83
6) 50,000 (50,000 ) Equity Shares of Adani Infrastructure & Developers Pvt Ltd of Rs 10/- each 0.05 0.05
7) 50,000 (50,000 ) Equity Shares of Miraj Impex Pvt Ltd of Rs 10/- each 0.05 0.05
8) 1000,000 (50,000 ) Equity Shares of Adani Mining Pvt Ltd of Rs 10/- each ## 1.00 0.05
9) 13,61,228 (16,31,39,200 ) Equity Shares of Adani Energy Limited of Rs 10/- each 1.36 172.85
10) 195,817,040 (Nil ) Equity Shares of Adani Gas Limited of Rs 10/- each *** 171.53 -
11) 56,961,000 ( Nil ) Pref. Share of Adani Agri Fresh Ltd of Rs. 10/- each 56.96 -
12) 50,000 ( Nil ) Equity Share of Adani Cements Ltd of Rs. 10/- each 0.05 -
13) 50,000 ( Nil ) Equity Share of Maharastra Estern Grid Trasmission Co. Ltd of Rs. 10/- each 0.05 -
14) 50,000 ( Nil ) Equity Share of Adani Infra (India) Ltd of Rs. 10/- each 0.05 -
15) Share Application Money in Adani Gas Limited (Pending Allotment) 60.93 60.93
IV OTHERS
1) 3,77,02,278 (3,77,02,278) Equity Shares of Adani Wilmar Ltd of Rs. 10/- each 157.74 157.74
2) 20,000 (20,000) Equity Shares of Kalupur Commercial Co-op. Bank of Rs. 25/- each 0.05 0.05
3) 31,50,000(31,50,000) Equity Shares of Adani Welspun Exploration Ltd of Rs.10/- each 10.95 10.95
4) 3,70,000 (3,70,000 ) Equity Shares of Parsa Kente Collieries Ltd of Rs 10/- each 0.37 0.37
5) 3,52,000 (3,52,000) Equity Shares of Mundra SEZ Textile & Apparel Park Pvt Ltd of Rs. 10/- each. 0.35 0.35
6) 3,61,08,450 (3,61,08,450) 0% Optionally Fully Convertible Preference Shares of Adani Wilmar Ltd. of Rs.10/- each. 36.11 36.11
7) 12,50,000 (12,50,000 ) Equity Shares of Indian Energy Exchange Ltd of Rs. 10/- each. 1.25 1.25
V INVESTMENT IN PARTNERSHIP FIRM 103.26 38.70
63
st
SCHEDULES 1 TO 13 FORMING PART OF THE BALANCE SHEET AS AT 31 MARCH, 2010
(RS. IN CRORES)
(B) SHORT TERM INVESTMENTS
I INVESTMENT IN BONDS (QUOTED)
2 ( 2 ) Bond of 7.49% GOI 2017 of Rs.5,00,00,000/- each 11.01 11.01
Less : Provision for diminution in value (1.12) (0.83)
9.89 10.18
II INVESTMENTS IN MUTUAL FUNDS (UNQUOTED)
1) 43,348,755.501 (75,503,609.073) units of Reliance Liquidity Fund of Rs.10/- each
60.07 100.00
2) 16,268,068.626 (5,674,241.779) Units of HDFC Liquid Fund of Rs.10/- each
30.02 10.00
3) Nil (7,248,793.076) Units of Principal Mutual Fund of Rs 10/- each
- 10.00
4) 13,893,279.009 (3,624,633.006) Units of J M High Liquidity Fund of Rs 10/- each
20.00 5.00
5) 31,128,633.1592 (10,798,902.831) Units of SBI premier liquid fund of Rs 10/- each
45.02 15.00
6) Nil (9,332,188.585) Units of LICMF Liquid Fund of Rs 10/- each - 15.00
7) Nil (11,220,070.462) Units of Fortis overnight growth Fund of Rs 10/- each
- 15.00
8) 66,162.932 (Nil) Units UTI Liquid Cash Plan of Rs 10/- each 10.00 -
9) 1,102,488.832 (Nil) Units PRU ICICI Inst Liquidity Fund of Rs 10/- each 15.00 -
10) 5,000,000 ( Nil) AXIS equity fund-growth of Rs. 10/- each 5.00 -
11) 88,325.598 (Nil) Units Tata liquid super high inv.Fund of Rs 10/- each
15.00 -
12) 8,934,314.917 (Nil) Units IDFC cash Fund of Rs 10/- each 10.00 -
13) 13,581,789.537 (Nil) Units Birla sun life cash plus Fund of Rs 10/- each
20.00
14) 250,000.000 (Nil) Units Baroda Pioneer Psu Bond Fund of Rs 10/- each -
0.25
15) 7,918,277.296 (Nil) Units Religare Liquid Fund of Rs 10/- each 10.01 --
16) 2,611,279.684 ( Nil ) SBNPP money fund institutional of Rs 10/- each
17) 196,260.871 ( Nil ) Axis Liquid Fund -Institutional Growth of Rs. 1000/- each 5.00 -
20.00 -
18) 3,418,239.753 ( Nil ) Principal Floating Rate Fund FMP-Inst. Option of Rs. 10/- each
4.98 -
2,381.01 2,217.69
Aggregate Book Value - Quoted 870.69 10.18
- Unquoted 1,510.32 2,207.51
Aggregate Market Value - Quoted 15,186.46 10.18
*** Persuant to the order of Hon’ble High Court of Gujarat for demerger of City Gas distribution business of Adani Energy Limited with Adani Gas Limited dated 9th December, 2009, and by virtue of
Special Resolution passed by the Members in the form of Consent Letter dated 17th August, 2009, Subscribed and Paid Up Equity Share Capital of Adani Energy Limited has been reduced from
Rs.163,13,92,000/- divided in to 16,31,39,200 no of Equity Shares to Rs.1,36,12,280/- divided into 13,61,228 no of Equity Shares, resulting into reduction of investment of the Company to that
extent. Further, under the scheme of demerger the Company has been alloted Equity Shares of Adani Gas Limited 19,57,67,040 no of Equity Shares of Rs.10/- each as fully paid up Equity Shares as
per the aggreed ratio 120 Equity Shares of Adani Gas Limited for every 100 Equity Shares of Adani Energy Limited. Part of these Shares are earmarked for pledge with financial institution as collateral
security for loan taken by a subsidiary Company, however the process for pledge is under progress.
* Includes 53.14 crores Shares pledged with banks as collateral security for loans taken by a Subsidiary Company.
# Include 5.10 crores Shares pledged with banks as collateral security for loans taken by a Subsidiary Company.
## Include 15,000 Shares pledged with financial institutions as collateral security for loans taken by a Subsidiary Company.
PURCHASED AND SOLD DURING THE YEAR
( A ) MUTUAL FUND
Sr No Name of Fund Face value Nos. Cost
(Rs.) (Rs In Crores)
1 UTI Liquid Cash Plan 1,000 619,913.520 92.16
2 Reliance Liquidity Fund -Growth Option 10 4,507,338,981.271 6,125.09
3 Kotak Liquid(Institutional Premium)-Growth 10 5,425,699.516 10.00
4 Pru Icici Inst Liquidity - Super Inst Growth 10 304,773,782.182 1,163.79
5 HDFC Liquid Fund -Premium Plan- Growth 10 881,168,894.295 1,584.74
6 Principal Liquid Option-Insti Plan Growth Plan 10 1,369,675.387 2.00
7 Principal Insti.Option. Growth Plan 10 99,410,969.886 139.00
8 ING Vysya Mutual Fund 10 3,491,048.122 5.00
9 JM High Liquidity Fund Super Institutional Plan Growth (94) 10 143,124,736.374 203.27
10 SBI Premier Liquid Fund-Super Institutional Growth 10 1,130,460,264.789 1,603.84
11 LIC MF Liquid Fund-Growth Plan 10 57,647,824.447 93.00
12 Fortis Overnight -Institutional Growth 10 85,155,530.606 117.00
13 DWS Insta Cash Fund-Super Institutional Plan Growth 10 49,746,661.074 58.00
14 Tata Liquid Super High Inv.Fund-Appreciation 1,000 2,029,785.249 340.20
15 SBNPP Money Fund Institutional -Apprn 10 6,925,857.672 13.07
16 IDFC Cash Fund -Super Inst Plan C-Growth 10 219,721,900.976 243.11
17 Birla Sun Life Cash Plus 10 974,562,899.968 1,417.25
18 Birla Sun Life Saving Fund Instl.Growth 10 5,850,519.234 10.00
19 Reliance Money Manager Fund-Institutional Option-Growth Plan 1,000 611,190.309 75.00
20 Axis Treasury Advantage Fund-Growth 1,000 123,853.980 16.00
21 Baroda Pioneer Liquid Fund-Institutional Growth Plan 10 1,926,411.096 2.00
22 Bharti Axa Liquid Fund 1,000 91,777.675 10.00
23 Canara Robeco Liquid Super Instt Growth Fund 10 4,519,733.155 5.00
24 Religare Liquid Fund -Super Institutional Growth 10 36,536,919.244 46.03
25 Principal Monthly Income Plan-Growth Accumulation Plan 10 2,453,626.460 5.00
26 Axis Liquid Fund-Growth 1,000 256,611.022 26.00
27 JM Money Fund Super Plus Plan-Growth 10 7,757,320.618 10.00
28 Axis Liquid Fund -Institutional Growth 1,000 196,468.234 20.01
29 L &T Liquid Inst.Plus-Cummulative 10 1,077,760.414 2.00
( B ) BONDS
Sr No Name of Bond Face value Nos. Cost
(Rs.) (Rs In Crores)
1 JP Associates - 11.75% 1,000,000 3.000 0.31
2 GOI -2014 -7.56% 100 2,000,000.000 21.36
(C) EQUITY SHARE

Sr No Particulars Face value Nos. Cost
(Rs.) (Rs in Crores)
1 Ahmedabad Commodity Exchange Limited 10 374,000.000 0.75
64
SCHEDULES 1 TO 13 FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2010
(RS. IN CRORES)
SCHEDULE : 7
INVENTORIES
(AS CERTIFIED BY THE MANAGEMENT)
Raw-materials 19.29 20.66

Finished Goods (Including Goods In Transist Rs.71.95 Crore,P.Y Rs.Nil) 238.01 310.89
Work In Progress 8.85 -
Stores and Spares - 0.25
266.15 331.80
SCHEDULE : 8
RECEIVABLES
(UNSECURED)
Over six months
Considered good 64.50 47.71
Considered doubtful 10.94 5.34
75.44 53.05
Less :- Provision for doubtful debts (10.94) 64.50 (5.34) 47.71
Others, Considered good 1,318.90 1,694.71

1,383.40 1,742.42
SCHEDULE : 9
CASH & BANK BALANCES

Cash on hand (including cheques on hand Rs.11.66 Crores Previous Year Rs 6.51 Crores)
Balances with Scheduled Banks : 13.34 8.26
In Margin money accounts :
- Margin money accounts (lodged against Bank Guarantee & Letter of Credit)
- Margin money accounts (Net of Buyers Credit of Rs.584.50 Crores, P.Y. Rs.156.29 Crore) 227.65 231.50
47.86 81.97
275.51 313.47
- In Fixed Deposit accounts (Including Pledged with govt. authorities
Rs.0.07 Crore, previous year Rs. 0.12 Crore) 0.08 20.80
- In Current Accounts 266.90 192.25
- In EEFC Accounts 8.99 8.79
- In Unclaimed Dividend Accounts 0.31 0.26
Balance with Foreign Bank :
- In Current Accounts (Deutsche Bank, Luxembourg) - 0.01
(Maximum balance outstanding during the year Rs.46.76 Crores, Previous Year Rs.448.55 Crores)
- In Deposit Accounts
Deutsche Bank, Luxembourg 617.28 836.37
ICICI Bank, Hongkong (Rs.18,399 P.Y. Rs. 20769) - -
Maximum balance outstanding- 617.28 836.38
Deutsche Bank, Luxembourg-Rs. 845.56 crores (P.Y.889.40 crores)
ICICI Bank, Hongkong Rs. 0.00 crores (P.Y. Rs. 102.23 crores)
1,182.41 1,380.21
SCHEDULE : 10
LOANS & ADVANCES

(UNSECURED, CONSIDERED GOOD)
Loans 1,369.59 298.64
Advances recoverable in cash or in kind or for value to be received 391.23 289.64
Less :- Provision for doubtful advances (2.28) (0.76)
388.96 288.88
Balances with Service Tax Authorities 6.43 6.16
Interest accrued but not due 5.29 10.08
Interest accrued and due on NSC (Lodged with Govt. Authorities) 0.01 0.01
Advance payment of Income tax 237.12 192.82
2,007.40 796.59
SCHEDULE : 11
CURRENT LIABILITIES
Sundry Creditors
-Micro,Small & Medium Enterprises - -
-Others 1,329.92 1,228.38
1,329.92 1,228.38
Other Liabilities 347.46 366.12
Unclaimed Dividend 0.31 0.26
1,693.35 1,609.82
SCHEDULE : 12
PROVISIONS
Provision for Taxation 218.74 183.20
Provision for employee benefits 5.01 6.13
Proposed Dividend 49.80 24.66
Tax on Dividend (Including surcharge) 8.27 4.19
281.82 218.18
SCHEDULE : 13
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Rights Issue Expenses 2.26 -

2.26 -
65
st
SCHEDULES 14 TO 19 FORMING PART OF THE PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH, 2010
(RS. IN CRORES)
PARTICULARS 2009-2010 2008-2009
SCHEDULE : 14
SALES & OPERATING EARNINGS
Sales 11,085.17 10,698.20

Export Incentives 12.26 60.01
Insurance Claim Received 3.42 4.23
Service Income 282.61 231.19
Profit From Partnership Firm 147.88 232.04
Profit on sale/relinquishment of Development Rights - 7.58
Other Operating Income 53.44 341.80
11,584.78 11,575.05
SCHEDULE : 15
OTHER INCOME
Dividend from Investment in Shares/Mutual fund 0.01 0.01

Interest from Current Investments 1.69 1.26
Dividend from Subsidiary Company - 0.46
Income / Profit from Mutual Fund 4.73 6.34
Profit on sale / transfer of Investments (net) 0.18 -
Profit on Sale of Assets (Net) 2.54 -
Recovery of Bad Debts 11.93 1.72
Miscellaneous Income 1.42 0.58
Liabilities no longer required written back 7.60 2.47
30.10 12.84
SCHEDULE : 16
COST OF MATERIALS
Raw material consumed

Opening Stock 20.66 46.87
Add : Purchases during the year (Including Incidental Expenses) 3,807.52 778.76
3,828.18 825.63
Less : Closing Stock 19.29 20.66
3,808.89 804.97
Add / Less : Stock Transfer 0.14 -
3,809.03 804.97
Add : Processing Charges 9.47 7.41
3,818.50 812.38
Purchase of traded goods 6,579.79 - 9,095.13

Add / Less : Stock Transfer (0.14) -
Purchase of traded goods (Including Incidental Expenses & Net of
6,579.65 9,095.13
Stock transfer to Raw Material)
Decrease/(Increase) in stock
Opening stock - Work In Process - -
Closing stock - Work In Process 8.85 -
(8.85) -
Opening stock of finished / traded goods 310.89 868.02
Closing stock of finished / traded goods 238.01 310.89
72.88 557.13
10,462.18 10,464.64
SCHEDULE : 17
PERSONNEL EXPENSES
Salaries & Bonus 34.21 57.76

Contributions to Provident & Other Funds 2.67 3.25
Staff Welfare Expenses 1.55 1.72
38.43 62.73
66
st
SCHEDULES 14 TO 19 FORMING PART OF THE PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH, 2010
(RS. IN CRORES)
PARTICULARS 2009-2010 2008-2009
SCHEDULE : 18
OPERATION & OTHER EXPENSES
Rent (net) 1.48 1.85

Rates & Taxes 1.73 1.50
Communication expenses 1.68 2.42
Stationery & Printing Expenses 0.73 0.91
Repairs to:
Buildings 0.90 1.37
Plant & Machinery 3.52 4.66
Others 3.19 3.28
7.61 9.31
Electric Power Expenses 2.25 2.54
Insurance Expenses 2.03 1.92
Fees & Subscription 24.80 22.13
Miscellaneous Expenses 17.73 10.19
Payment to Auditors 0.31 0.24
Office Expenses 1.09 1.40
Directors Sitting Fees 0.03 0.03
Commission (Non-Executive Directors) 0.54 0.36
Loss on Sale of Assets (Net) - 0.24
Clearing & Forwarding Expenses (Net) 401.26 293.13
Stores, Spares & Packing material Consumed 2.41 7.25
Supervision & Testing Expenses 7.58 7.14
Donation to Political parties - 2.25
Loss of stock due to Accident/ In transit 0.00 0.01
Advertisement and Selling Expenses 14.89 26.08
Bad debts/Advances written off 3.50 41.30
Provision for Doubtful debts / Advance 7.27 5.03
Business Support Services 3.16 7.27
Travelling & Conveyance Expenses 6.15 7.73
Loss on Sale / transfer of Investments (net) - 3.15
Diminution in Value of Investments 0.29 0.83
508.52 456.21
SCHEDULE : 19
FINANCE CHARGES
INTEREST PAID
Interest on Term Loan/Short Term Loan 191.40 174.19

Interest on Debentures / Bond 65.14 92.57
Interest on Bank Borrowings & Others 43.56 300.10 150.96 417.72
LESS : INTEREST INCOME
Interest from Banks 55.02 115.92

(TDS Rs. 1.02 Crores, Previous Year Rs. 15.41 Crores)
Interest from Others 85.08 82.74
(TDS Rs. 8.53 Crores, Previous Year Rs. 9.92 Crores)
(140.10) (198.66)
160.00 219.06
Bank Commission / Charges 25.98 32.39

Exchange Rate Difference (including premium) 124.07 (37.02)
310.05 214.43
67
SCHEDULE: “20”
NOTES FORMING PART OF THE ACCOUNTS
A) SIGNIFICANT ACCOUNTING POLICIES adopted by the Company in the preparation and

presentation of the Accounts: -
a) BASIS OF PREPARATION OF FINANCIAL STATEMENT
The financial statements have been prepared under the historical cost convention using the
accrual basis of accounting and comply with all the mandatory Accounting Standards as
specified in the Companies (Accounting Standard) Rules, 2006 and relevant provisions of
the Companies Act, 1956, as adopted consistently by the Company.
b) USE OF ESTIMATES
The preparation of financial statements in conformity with Generally Accepted Accounting

Principles (GAAP) requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent liabilities on
the date of the financial statements. Actual results could differ from those estimates.
Any revision to accounting estimates is recognized in the period in which such revision are
made.
c) INVENTORIES
i). Inventories are valued at lower of cost or Net Realisable value.
ii). Cost of inventories have been computed to include all costs of purchases, cost of
conversion and other costs incurred in bringing the inventories to their present
location and condition.
iii). The basis of determining cost for various categories of inventories are as follows:
a) Raw material : Weighted Average Cost
b) Traded / Finished goods : Weighted Average Cost.
c) Stores and Spares : Weighted Average Cost.
d) CASH FLOW STATEMENT
The Cash flow Statement is being prepared in accordance with the format prescribed by
Securities and Exchange Board of India and as per Accounting Stanadard-3 as specified in
the Companies (Accounting Standard) Rules, 2006.
e) PRIOR PERIOD AND EXCEPTIONAL ITEMS
All identifiable items of Income and Expenditure pertaining to prior period are accounted
through “Prior Period Adjustment Account”
Exceptional items are generally non-recurring items of income and expense within profit or
loss from ordinary activities, which are of such size, nature or incidence that their disclosure
is relevant to explain the performance of the Company for the year.
68
f) DEPRECIATION
i) Depreciation on Fixed Assets is provided on straight line method at rates and in the
manner specified in Schedule XIV to the Companies Act, 1956 read with the relevant
circulars issued by the Ministry of Corporate Affairs.
ii) Depreciation on Assets acquired / disposed off during the year is provided on pro-rata
basis with reference to the date of addition/disposal.
iii) Individual assets costing less than Rs.5,000/- are fully depreciated in the year of
purchase.
iv) Intangible Assets in the form of Software which are an integral part of Computer
Systems are amortised at the same rate as that of Computer Systems.
g) REVENUE RECOGNITION
i) Sales of goods are recognised on shipment or dispatch to customer sales and net of
Value added tax and return.
ii) Dividend income from investments is recognised when the Company's right to receive
payment is established.
iii) Income from services rendered is accounted for when the work is performed.
iv) Interest income is recognised on time proportion basis taking into account the amount
outstanding and the rate applicable.
v) Profit/Loss on sale investments are recognized on the contract date.
vi) Export benefits under various scheme announced by the Central Government under
Exim policies are accounted for on accrual basis to the extent considered receivable,
depending on the certainty of receipt.
h) FIXED ASSETS
i) Fixed assets are stated at cost of acquisition or construction. They are stated at
historical cost less accumulated depreciation.
ii) Expenditure on accounts of modification/alteration in plant and machinery, which

increases the future benefit from the existing asset beyond its previous assessed
standard of performance, is capitalized.
iii) Any capital expenditure in respect of assets, the ownership of which would not vest with
the Company, is charged off to revenue in the year of incurrence.
iv) The cost of fixed assets not put to use before the year end, are disclosed under capital
work-in-progress.
69
i) FOREIGN CURRENCY TRANSACTIONS
i) Initial Recognition
Transactions denominated in foreign currencies are recorded at the exchange rates

prevailing on the date of the transaction.
ii) Conversion
At the year-end, monetary items denominated in foreign currencies, other than those
covered by forward contracts, are converted into rupee equivalents at the year end
exchange rates.
iii) Exchange Differences
All exchange differences arising on settlement and conversion of foreign currency

transaction are included in the Profit and Loss Account.
iv) Forward Exchange Contracts
The Company uses foreign currency forward contracts to hedge its risks associated with
foreign currency fluctuations relating to certain firm commitments and forecasted
transactions.
The use of such foreign currency forward contracts is governed by the Company's policies
approved by the management, which provide principles on use of such financial derivatives
consistent with the Company's risk management strategy. The Company does not use
derivative financial instrument for speculative purposes.
In respect of transactions covered by forward exchange contracts, the difference between

the year end rate and the exchange rate at the date of contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over the life of the
contracts.
j) INVESTMENTS
a) Long-term Investments are stated at cost. Provision for diminution in the value of
long-term Investments is made only if such a decline is other than temporary in the opinion
of the management.
b) Current investments are carried at the lower of cost and quoted/fair value, computed
category wise.
c) Investments in Equity Shares of foreign subsidiaries are expressed in Indian Currency at

the rates of exchange prevailing at the time when the investment was made.
70
k) EMPLOYEES RETIREMENT BENEFITS
a) Defined Benefit Plan :
Gratuity with respect to defined benefit schemes are accrued based on actuarial valuations,
carried out by an independent actuary as at the balance sheet date. These contributions are
covered through Group Gratuity Scheme with Life Insurance Corporation of India and are
charged against revenue.
b) Defined Contribution plans :
Company's contribution to Provident Fund, Superannuation Fund, Employees' State

Insurance Fund are determined under the relevant schemes and/or statute, charged to the
Profit & Loss Account when incurred.
c) Provision is made for leave encashment based on actuarial valuation, carried out by an
independent actuary as at the balance sheet date.
d) Termination benefits, if any, are recognized as an expense as and when incurred.
l) BORROWING COSTS
Borrowing costs that are attributable to the acquisition or construction of qualifying assets
are capitalized as a part of the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for intended use. All other borrowing costs are
charged to revenue.
m) SEGMENT ACCOUNTING
Based on guiding principles given in Accounting Standard on “Segment Reporting”-

AS 17, single financial report contains both Consolidated financial statement and the
Standalone financial statements of the Company. Hence, the required segment information
appended in the Consolidated financial statements.
n) RELATED PARTY TRANSACTIONS
Disclosure of transactions with Related Parties, as required by Accounting Standard 18

“Related Party Disclosures” has been set out in a separate note forming part of this
Schedule. Related parties as defined under clause 3 of the Accounting Standard 18 have
been identified on the basis of representations made by key managerial personnel and
information available with the Company.
o) LEASES
The Company's significant leasing arrangements are in respect of operating leases for
premises (residential, office, stores, godowns, etc.) and land. The aggregate lease rental
payable are charged as rent including lease rentals.
71
p) EARNING PER SHARE
The Company reports basic and diluted earnings per share (EPS) in accordance with the
Accounting Standard 20 as specified in the Companies (Accounting Standard) Rules, 2006.
The Basic EPS has been computed by dividing the income available to Equity Shareholders
by the weighted average number of Equity Shares outstanding during the accounting year.
The Diluted EPS has been computed using the weighted average number of Equity Shares
and dilutive potential Equity Shares outstanding at the end of the year.
q) TAXES ON INCOME
I) DEFERRED TAXATION
In accordance with the Accounting Standard 22 – Accounting for Taxes on Income, as

specified in the Companies (Accounting Standard) Rules, 2006, the deferred tax for timing
differences between the book and tax profits for the year is accounted for by using the tax
rates and laws that have been enacted or substantively enacted as of the Balance Sheet
Date.
Deferred tax assets arising from timing differences are recognised to the extent there is
virtual certainty that the assets can be realised in future.
Net outstanding balance in Deferred Tax account is recognized as deferred tax

liability/asset. The deferred tax account is used solely for reversing timing difference as and
when crystallized.
ii). CURRENT TAXATION
Provision for taxation has been made in accordance with the income tax laws prevailing for
the relevant assessment years.
r) IMPAIRMENT OF FIXED ASSETS
The carrying amount of assets, other than inventories, is reviewed at each balance sheet
date to determine whether there is any indication of impairment. If any such indication
exists, the assets recoverable amount is estimated.
The impairment loss is recognised whenever the carrying amount of an asset or its cash
generation unit exceeds its recoverable amount. The recoverable amount is the greater of
the asset's net selling price and value in the uses which is determined based on the
estimated future cash flow discounted to their present values. All impairment losses are
recognised in the profit and loss account.
An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount and is recognised in the profit and loss account.
72
s) PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimation in measurements are recognized when

there is a present obligation as a result of past events and it is probable that there will be an
outflow of resources. Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the financial statements.
t) EXPENDITURE
Expenses are net of taxes recoverable, where applicable.
u) DERIVATIVE INSTRUMENTS
As per the Institute of Chartered Accountants of India ('ICAI') Announcement, accounting for
derivative contracts, derivative contract other than those covered under As–11 as specified
in the Companies (Accounting Standard) Rules, 2006, “The effects of Changes in the
Foreign exchange rates”, are marked to market on a portfolio basis, and the net loss after
considering the offsetting effect on the underlying hedge item is charged to the income
statement. Net gains are ignored.
v) ACCOUNTING OF CLAIMS
I). Claims received are accounted at the time of lodgment depending on the certainty of
receipt and claims payable are accounted at the time of acceptance.
ii). Claims raised by Government authorities regarding taxes and duties, which are
disputed by the Company, are accounted based on legality of each claim. Adjustments,
if any, are made in the year in which disputes are finally settled.
w) PROPOSED DIVIDEND
Dividend proposed by the Directors is provided for in the books of account pending approval
by the members at the Annual General Meeting.
x) DOUBTFUL DEBTS/ADVANCES
Provision is made in the accounts for Debts/Advances which in the opinion of the
management are considered doubtful of recovery.
y) MISCELLANEOUS EXPENDITURE (TO THE EXTENT NOT WRITTEN OFF OR

ADJUSTED)
Share issue expenses incurred in connection with the Rights Issue of the Company is
shown under Miscellaneous Expenditure (to the extent not written off or adjusted).
Such expenditure would be adjusted against the Share Premium Account as and when
shares will be issued after completion of rights issue.
73
(B) NOTES ON ACCOUNTS:-
1. The Authorised Share Capital of the Company has been restructured and accordingly
50,00,000 Preference Shares have been reclassified and converted into 5,00,00,000
Equity Shares of Re.1 each as per the Ordinary Resolution passed in the Extra Ordinary
General meeting of the Company held on 27th November, 2009.
2. The Company is a Partner in a Partnership firm namely M/s. Adani Exports. Information in
respect of Partnership Firms in which the Company is a partner :
Name of Partners Capital (as on 31/03/2010) Share of Profit (%)
Adani Enterprises Ltd. 1,032,592,172 99
386,976,974 99
Adani Agro Private Ltd. 20,915,134 01
10,477,374 01
Total 1,053,507,306 100
397,454,348 100
3. Buildings include cost of shares in Co-operative Housing Society Rs. 3,500/- (Previous year
Rs. 3,500/-).
4. Office premises of Rs. 3.75 Crores, include 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 alloted parking space.
5. 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.
6. The Company has ventured into Oil and Gas exploration business jointly with others,
whereby two exploration blocks - at Palej and Assam, 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.
7. For the Current Year on review as required by the Accounting Standard 28, Impairment of
Fixed Assets, as specified in the Companies (Accounting Standard) Rules, 2006, the
management is of the opinion that no impairment or reversal of loss is required.
8. 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.
74
9. The Company has raised US$ 250 million by way of 25,000, 6% Foreign Currency
Convertible Bonds (FCCBs) of US$ 10,000 each during the financial year ended
31st March, 2007. The Bondholders has an option to convert these bonds in to Equity Shares
between 27th January, 2008 to 27th December, 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
th th
before 27 January, 2012, elect, 30 days before 27 January, 2012, whether to redeem the
bonds in cash or convert them in to Shares.
If the 20 days volume weighted average price is below minimum floor price, 30 days before
27th January, 2012, the bonds will be redeemed in cash at par at 27th January, 2012.
During the year, 34,01,700 Equity Shares, having face value of Re. 1 each have been issued
upon conversion of 3,316 FCCBs.
10. 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 31st March, 2010 and the difference of
Rs. 59.40 Crores has been reflected in financial charges in Schedule-19.
11. Exceptional items include-
a) Reversal of Commission of Rs.15.01 Crores (Rs.7.50 Crores each) out of total

commission of Rs.16.02 Crores (Rs.8.01 Crores each) payable to the Chairman as well
as Managing Director of the Company for the financial year 2008-09 upon waiver
requests by them as income.
b) Loss of coal stock worth Rs.13.14 Crores due to fire, for which insurance claim has
been lodged.
c) Unilateral write-off of liabilities no longer required to be paid of Rs.3.37 Crore.
12. Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency

Exposure.
a) The outstanding foreign currency derivative contracts as at 31st March, 2010 in respect
of various types of derivative hedge instruments and nature of risk being hedged are as
follows:
75
i. Forward derivative contracts
a) In respect of Exports and other Receivables
(Amount in Crores)
Amount in Amount in
Derivative Equivalent Equivalent
Foreign Foreign
Contracts Indian Rupees Indian Rupees
Currency Currency
31st March, 31st March, 31st March, 31st March,
2010 2010 2009 2009
USD/INR 0.50 22.57 7.35 375.90
USD/JPY 1.23 55.30 1.61 76.57
EUR/INR - - 0.01 0.90
b) In respect of Imports and other Payables

(Amount in Crores)
Amount in Amount in Equivalent
Derivative Equivalent
Foreign Foreign Indian
Contracts Indian Rupees
Currency Currency Rupees
2010 2010 2009 2009
USD/INR 36.18 1,633.27 28.58 1,444.69
USD/JPY 0.05 2.26 - -
ii. Option derivative contracts :

a) In respect of Exports and other Receivables
(Amount in Crores)
Amount in Amount in
Derivative Equivalent Equivalent
Foreign Foreign
Contracts Indian Rupees Indian Rupees
Currency Currency
2010 2010 2009 2009
USD/INR 0.71 32.18 0.70 35.67
b) In respect of Imports and other Payables (Amount in Crores)
2010 2010 2009 2009
USD/CHF - - 0.01 0.51
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.2.97 Crore
(Previous Year Rs.1.96 Crores) to profit and loss account in respect of derivative contracts
outstanding as on 31st March, 2010.
76
c) Foreign currency exposures not covered by derivative instruments or otherwise as at

31st March, 2010 amounting to Rs.2, 990.51 Crores.( Previous Year Rs.3,751.27 Crores).
Amount In
Amount
Particulars Foreign Currency Currency
(Rs. In Crores)
(In Crores)
1.742 USD 78.65
Supplier Credit
1.287 USD 65.60
Packing Credit Forward - USD -
Contract 0.192 USD 9.76
0.001 EUR 0.01
0.001 EUR 0.01
0.001 GBP 0.04
Sundry Creditors 0.000 GBP 0.01
0.003 SGD 0.08
- SGD -
3.455 USD 155.94
1.391 USD 70.87
0.240 USD 10.83
0.318 USD 16.23
Other Payable
- JPY -
0.027 JPY 0.02
Foreign Currency 21.484 USD 969.79
Convertible Bonds 24.800 USD 1,263.56
- EUR -
Sundry Debtors 0.010 EUR 0.65
15.224 USD 687.22
18.791 USD 957.41
13.675 USD 617.28
Time Deposit
16.416 USD 836.37
0.203 USD 9.17
Other Receivable
0.194 USD 9.87
Preference Share 10.224 USD 461.50
Investment 10.224 USD 520.91
13. Loans & Advances include : -
Share application money pending allotment of Rs.Nil (Previous Year Rs. 57.02 Crores) in
which some of the Directors of the Company are interested.
(Rs. In Crores)
Sr.No. Particulars 2009-10 2008-09
1 Adani Agri Fresh Ltd. - 56.96
2 Adani Power Ltd. - 0.06
TOTAL - 57.02
14. Looking to the history and uncertainty attached to “Target Plus Scheme -2004-05”, benefit
under the scheme, will be accounted when certainty exists.
77
15. During the year, the company has invested Rs. 58.11 Crores (Previous year Rs. 614.64
Crores) in shares of the following Group Companies.
(Rs. In Crores)
% of Holding
Total As on
Name of Company Type No of Shares
Investment
31st March, 2010
56,961,000 56.96 100%
Adani Agri Fresh Ltd. Preference (Nil) (Nil) (100%)
Nil Nil 50%
Adani Wilmar Ltd. Equity
(78,43,170) (70.59) (50%)
Nil Nil 83.14%
Adani Power Ltd. Equity (103,14,40,000)* (360.80) (83.14%)
50,000 0.05 100%
Adani Cements Ltd. Equity
(Nil) (Nil) (Nil)
Adani Welspun Exploration Ltd. Nil Nil 65%
Equity
(26,00,000) (10.40) (65%)
Maharastra Eastern Grid 50,000 0.05 100%
Equity
Power Trasmission Co. Ltd (Nil) (Nil) (Nil)
950,000 0.95 100%
Adani Mining Pvt. Ltd. Equity
(Nil) (Nil) (Nil)
Nil Nil 100%
Adani Energy Ltd. Equity
(16,31,39,200) (172.85) (100%)
50,000 0.05 100%
Adani Infra (India) Ltd. Equity
(Nil) (Nil) (Nil)
50,000 0.05 100%
Adani Gas Ltd. Equity
(Nil) (Nil) (Nil)
58.11
Total
(614.64)
* Includes bonus shares issued nos. 68,06,40,000 during the previous year.
16. 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 is lying in General
Reserve to meet the eventuality of this account being irrecoverable.
17. Other liabilities include Rs. 0.13 Crores (Previous Year Rs. Nil), being temporary overdrawn
balance in current account with scheduled banks.
18. a) 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.
b) Various taxes related legal proceedings are pending against the Company. Potential
liabilities, if any, 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 Income Tax Act, 1961.
The management is of the opinion that its international transactions are at arm's 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.
78
19. Contingent liabilities not provided for : (Rs. In Crores)

AS AT AS AT
PARTICULARS
31-03-2010 31-03-2009
a) Claims against the Company not acknowledged as Debts 10.08 18.49
b) In respect of :
Income Tax 13.45 3.47
Service Tax 10.67 7.64
Sales Tax 27.30 29.26
Custom Duty 41.49 10.81
Excise Duty 0.92 -
FERA / FEMA 4.16 -
In respect of Corporate Guarantee given:-
I To Companies under the Same Management 243.29 223.04
c)
II To it’s Subsidiares
ies 135.42 157.85
III For obligations to Associates 60.00 -
d) Bills of Exchange Discounted 355.84 909.49
e) In respect of Bank Guarantees given to Government agencies.
34.51 10.63
Certain claims / show cause notices disputed have neither been considered as contingent
f)
liabilities nor acknowledged as claims, based on internal evaluation of the management.
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,
g) 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.
Show cause notices issued under the Custom Act, 1962 , wherein the Company has been
h) asked to show cause why, penalty should not been imposed under section 112 (a) and 114
(iii) of the Custom Act,1962 in which liability is uncertainable.
Investments are pledged with Banks / Financial Institutions towards collateral security for
i) loan taken by a group Company - Amount of contingent liability is to the extent of value of
Shares Pledged.
Complaint filed by Asst. Labour Commissioner, Hubli under Section 30 of the Payment of
j) Bonus Act, 1956. Matter being contested by the Company and projected liability in terms of
penalty would be not more than Rs. 0.01 Crore (P.Y. Rs. 0.01 Crore).
20. Capital Commitments:-
(Rs. In Crores)
PARTICULARS AS AT A S AT
31-03-2010 31-03-2009
Estimated amounts of contracts remaining to be
98.14 59.94
executed and not provided for (Net of Advances)
21. The Company has circulated letters to all its suppliers 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
requirements in this regards as per schedule-VI of the Companies Act ,1956 could not be
provided.
79
22. No amounts are due for deposits as at the Balance Sheet date to the Investors' Education
and Protection Fund.
23. The Company has consistently followed the practice of netting the interest earned against
interest paid . The aggregate interest earned and expended is set out in the Schedule 19.
24. Items of Expenditure in the Profit and Loss Account include reimbursements for common
sharing facilities to and by the Company.
25. The Company has paid donation to the political parties of Rs. Nil, (Previous Year
Rs. 2.25 Crore) (All India Congress Samiti Rs.1.50 Crores & Bharatiya Janta Party
Rs. 0.75 Crore.)
26. Disclosure as required by the Accounting Standard 19, “Leases” as specified in the
Companies (Accounting Standard) Rules, 2006, 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 18.
(ii) The Leasing arrangements, which are cancellable at any time on month to month
basis and in some cases between 11 months to 5 years, are usually renewable by
mutual consent mutually agreeable terms. Under these arrangements, generally
interest free refundable deposits have been given.
(iii) The Leasing arrangements, which are non-cancellable with Government of

Karnataka represented by the Director of Ports & Inland Water Transport,
Karnataka, for use of port land. Disclosure in respect of the same arrangements:
(Rs. In Crores)
Particulars 2009-10 2008-09
Total of future minimum lease payments under non-cancellable

operating lease for each of the following periods.
Not later than one year 0.22 0.20
Later than one year and not later than five years 1.19 1.12
Later than five years 17.95 18.23
Lease payment recognised in Profit and Loss Accounts 0.95 0.18
27. 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.
28. Payments to Auditors (including service tax):- (Rs. In Crores)

I Audit fee 0.23 0.17
II Tax Audit fee 0.04 0.04
Other Matters - (Of Rs.0.22 Included in Miscellaneous
III 0.25 0.01
Expenditure in Schedule-13 )
IV Reimbursement of Expenses 0.01 0.02
Total 0.53 0.24
80
29. Prior period adjustments include :

(Rs. In Crores)
Debits relating to earlier years 1.04 0.01
Credits relating to earlier years - (0.84)
Net Total 1.04 (0.83)
Nature of prior period adjustment
(Rs. In Crores)
Income :
Interest Income - (0.84)
Expense :
Brokerage & Commission 0.38 -
Clearing & Forwarding 0.24 -
Interest Expenses 0.24 -
Repairs & Maintainance 0.12 -
Professional Fees 0.04 -
Travelling Expenses 0.02 0.01
TOTAL 1.04 (0.83)
30. Computation of Net Profit under Section 349 of the Companies Act,1956
(Rs. In Crores)
PARTICULARS 2009-10 2008-09
A. Profit Before Taxation 287.75 374.61
ADD: Depreciation as per accounts 12.76 12.09
Provision for doubtful debts / advances 7.27 5.03
Provision for diminution in the value of investments 0.29 0.83
Directors Remuneration 3.82 6.12
Commission to Non-executive directors 0.54 0.36
Directors Commission 1.00 16.02
Loss on sale of investments / assets 0.85 4.29
314.28 419.35
LESS: Depreciation as per Sec. 350 of the Companies Act, 1956 12.76 12.09
Write back of provision for doubtful debts / advances 0.15 3.35
Profit on sale of assets 3.39 0.90
Profit for the purpose of Directors Commission 297.99 403.01
Chairman @ Rs. 0.50 Crores 0.50 8.01
(Previous Year @ 2% on Rs. 403.01 Crores)
Managing Director @ Rs. 0.50 Crores 0.50 8.01
(Previous Year @ 2% on Rs. 403.01 Crores)
1.00 16.02
B. Managerial remuneration to Chairman, Managing and Executive
Director under section 198 of the Companies Act, 1956
i) Salaries 3.45 5.78
ii) Contributions to provident and other funds 0.37 0.35
iii) Commission 1.00 16.02
4.82 22.14
81
31. 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.
a) Contributions to Defined Contribution Plan, recognized as expense for the year are as
under: (Rs. In Crores)
Employer’s Contribution to Provident Fund 1.42 1.49
Employer’s Contribution to Superannuation Fund 0.62 0.78
Employer’s Contribution to Pension Fund 0.25 0.33
b) Contributions to Defined Benefit Plans are as under:
(I) Gratuity (Rs. In Crores)

Change In the defined benefit obligation
st
Defined benefit obligation as at 1 April, 2009 4.51 4.67
Service cost 0.61 0.61
Interest cost 0.36 0.39
Actuarial loss/(gain) (0.82) (0.32)
Benefits paid (0.25) (0.84)
st
Defined benefit obligation as at 31 March, 2010 4.41 4.51
Change in plan assets
st
Fair value of plan assets as at 1 April, 2009 2.35 1.76
Expected return on plan assets 0.19 0.14
Contributions by employer 1.10 1.30
Actuarial loss/(gain) (0.21) (0.01)
st
Fair value of plan assets as at 31 March, 2010 3.19 2.35
Present value of unfunded obligations 1.22 2.16
The Net amount recognized in the statement of Profit & Loss
st
for year ended 31 March, 2010 is as follows
Current Service cost 0.61 0.61
Expected return on plan assets (0.19) (0.14)
Net actuarial loss/(gain) recognized (0.61) (0.30)
0.17 0.54
Net amount recognized
(0.03) 2.35
Actual return on Plan Assets
The major categories of plan assets as a percentage of total

st
plan assets as at 31 March, 2009 are as follows:
- -
Government of India Securities
Insurer Managed Funds - -
Policy of Insurance 100% 100%
st
The principal actuarial assumption used as at 31 March,
2010 are as follows:
8.00% 8.00%
Discount Rate
Expected rate of return on Plan Assets 8.00% 8.00%
Rate of increase in Compensation Levels (Refer Note below) 6.00% 6.00%
82
(Rs. In Crores)
(ii) Leave Encashment
Change In the defined benefit obligation
st
Defined benefit obligation as at 1 April, 2009 3.97 4.79
Service cost 0.26 0.26
Actuarial loss/(gain) 0.19 (0.20)
st
Defined benefit obligation as at 31 March, 2010 3.79 3.97
The Net amount recognized in the statement of Profit & Loss

st
for year ended 31 March, 2010 is as follows
0.26 0.26
Current Service cost
Expected return on plan assets -
Net actuarial loss/(gain) recognized 0.19 (0.20)
0.53 0.46
Net amount recognized
st
The principal actuarial assumption used as at 31 March,
2010 are as follows:
8.00% 8.00%
Discount Rate
Expected rate of return on Plan Assets - -
Rate of increase in Compensation Levels (Refer Note below) 6.00% 6.00%
Note: The estimate of future salary increase, considered in actuarial variation, take account of
inflation, seniority, promotion and other relevant factors, such as supply and demand in the
employment market.
32. As per the Accounting Standard 18, disclosure of transactions with related parties
(As identified by the Management ), as defined in Accounting Standard are given below:
i) Name of related parties & description of relationship
1. Controlling Companies
-
2. Subsidiary Companies
? Adani Agri Logistics Ltd. ?Adani Agri Fresh Ltd,
? Adani Power Ltd. ?Adani Power Maharashtra Ltd.
? Adani Power Rajasthan Ltd. ?Adani Power Dahej Ltd.
? Mundra Power SEZ Ltd ?Adani Pench Power Ltd.
? Adani Infrastructure and Developers
?Adani Estates Pvt. Ltd.
Pvt. Ltd.
? Adani Land Developers Pvt. Ltd. ?Adani Developers Pvt. Ltd.
? Adani Energy Ltd. ?Adani Landscapes Pvt. Ltd.
? Adani Mining Pvt. Ltd. ?Columbia Chrome (India) Pvt. Ltd.
? Swayam Realtors and Traders Ltd. ?Miraj Impex Pvt. Ltd.
? Shantigram Estate Management ?Adani Mundra SEZ Infrastructure
Pvt. Ltd. Pvt. Ltd.
83
2. Subsidiary Companies
? Belvedere Golf and Country club Pvt. Ltd. ?Shantigram Utility Services Pvt Ltd.
? Lushgreen Landscapes Pvt. Ltd. ?Natural Growers Pvt. Ltd.
? 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. ?Panchdhara Agro Farms Pvt. Ltd.
? Aaloka Real Estate Pvt. Ltd. ?Kutchh Power Generation Ltd.
? Adani Gas Ltd. ?Adani Cements Ltd.
? Maharashtra Eastern Grid Power
?Mahaguj Power Ltd.
Transmission Company Ltd.
? Adani Infra (India) Ltd. ?Adani Global Ltd., Mauritius.
? Adani Global Pte. Ltd., Singapore. ?Adani Global FZE, Dubai.
? Adani Shipping Pte. Ltd, Singapore. ?Rahi Shipping Pte. Ltd, Singapore.
? Vanshi Shipping Pte. Ltd, Singapore. ?Adani Virginia Inc, USA
? PT Adani Global, Indonesia. ?Adani Power Pte. Ltd., Singapore
? Adani Power (Overseas) Ltd., Dubai ?Bay Bridge Enterprise LLC, USA
? PT Kapuas Coal Mining, Indonesia
th ?M/s. Adani Exports
(upto 25 February, 2010)
? Sunanda Agri Trade Pvt. Ltd.
th ?M/s. Adani Township and Real Estate Co. (Firm)
(upto 25 February, 2010)
3. Associate Entities
?Adani Petronet (Dahej) Port Pvt. Ltd. ?Accurate Finstock Pvt. Ltd.
?Mundra SEZ Textile and Apparel Park
?Adani Retail Pvt. Ltd. Pvt. Ltd.
?Mundra Port and Special Economic
?Rajasthan SEZ Pvt. Ltd. Zone Ltd.
?Adani Logistics Ltd. ?I Call India Pvt. Ltd.
?Aditya Corpex Pvt. Ltd. ?Hinduja Exports Pvt. Ltd.
?Adani Shipyard Pvt. Ltd. ?Adani Infrastructure Services Pvt. Ltd.
?m to M Traders Pvt. Ltd. ?Netvantage International Pvt. Ltd.
?M/s. Adani Textile Industries ?M/s. Ezy Global
?M/s. Adani Commodities (Formerly
Adani Investments) ?M/s Advance Exports
?M/s Advance Tradex (Formerly Advance ?Adani Tradelinks Pvt. Ltd. (Formerly
Investment) M/s. Adani Tradelinks)
?M/s. Crown International ?M/s. Shanti Builders
?Adani Agro Pvt. Ltd. ?Gujarat Adani Infrastructure Pvt. Ltd.
?B2B India Pvt. Ltd. ?Adani Habitats Pvt. Ltd.
?Adani Properties Pvt. Ltd. ?I-Gate (India) Pvt. Ltd.
?Dholera Port and Special Economic
Zone Ltd. ?Mundra Aviation U.K.
?Karnavati Aviation Pvt. Ltd. ?Mundra SEZ Utilities Pvt. Ltd.
?Ventura Trade and Investment Pvt Ltd., ?Trident Trade and Investment Pvt Ltd.,
Mauritius Mauritius
?Pride Trade and Investment Pvt Ltd., ?Radiant Trade and Investment Pvt Ltd.,
Mauritius Mauritius
?Baramati Power Pvt. Ltd. ?Shankheshwar Buildwell Pvt. Ltd.
?Adani Hazira Port Pvt. Ltd. ?Mundra International Airport Pvt. Ltd.
?Adani Murmugao Terminal Port Pvt. L td. ?Gujarat State Export Corporation Ltd.
84
4. Joint Control
? Adani Wilmar Ltd. ?Chemoil Adani Pte Ltd. Singapore
? Parsa Kente Collieries Ltd. ?Adani Welspun Exploration Ltd.
? Chemoil Adani Pvt. Ltd. ?Adani Wilmar Pte. Ltd. Singapore
5. Key Management Personnel

? Mr. Gautam S. Adani, Chairman ?Mr. Devang Desai
Executive Director (w.e.f. 27.01.2010)
?Mr. Rajesh S. Adani, Managing Director
Relatives of Key Management Personnel with whom transactions done during the
6.
year.
? Mr. Vinod S. Adani
ii ) Nature and Volume of Transaction with Related Parties

(Rs. In Crores)
Relatives
Subsidiary Associate Jt Control Key Mgmt of Key
Particulars
Company Entities Company Personnels Management
Personnel
2,409.82 5.68 106.88 - -
1 Sales (Net of Return)
3,213.86 92.07 119.22 - -
2,305.82 - 0.64 - -
2 Purchase ( Net of Return)
787.30 26.99 3.23 - -
- - - - -
3 Sale of Investment
- 0.05 - - -
0.65 0.07 0.15 - -
4 Sale of Fixed Asset
- - 2.45 - -
0.15 - 0.01 - -
5 Purchase of Fixed Asset
- - 0.05 - -
0.15 - - - -
6 Purchase of Investments
106.04 - - - -
83.37 (5.00) 1.71 - -
7 Interest – received / (paid)
82.39 - 0.55 - -
- - - - -
8 Dividend received
0.46 - - - -
Funds given [ includes investment in 1,719.81 712.62 76.28 - -
9 Preference Shares/Equity
1,005.69 483.42 61.60 - -
participation/ business arrangement ]
Funds received [ including 409.88 1,302.41 72.98 - -
10 redemption of Preference
1,381.44 451.56 10.85 - -
share/business arrangement ]
14.93 3.14 0.15 - -
11 Service rendered
8.11 4.97 0.26 - -
- 678.93 0.03 - -
12 Service availed
15.04 621.56 0.06 - -
Profit/(Loss) Sharing / Business 157.13 - - - -
13
Arrangement 360.30 - - - -
0.50 0.02 - 0.02
14 Rent paid
- 0.67 0.03 - 0.02
0.02 0.42 - -
15 Rent received
- 0.02 0.03 - -
4.82* -
16 Remuneration
- - - 22.14* -
85
(Rs. In Crores)
Relatives
Subsidiary Associate Jt Control Key Mgmt of Key
Particulars
Company Entities Company Personnels Management
Personnel
Guarantee & Collateral securities 195.42 - 243.29 - -
17
(Outstanding facility as on 31-03-2010) 157.85 - 223.04 - -
18 Balance Outstanding
31st March 2010 (Due From) 2,020.62 47.69 65.16 - -
31st March 2010 (Due To) (390.13) (613.14) (25.70) - -
31st March 2009 (Due From) 1,376.37 50.16 14.45 - -
31st March 2009 (Due To) 204.44 17.55 5.99 - -
* The above does not include Provision for Leave Encashment and Gratuity as it is provided
in the books on the basis of actuarial valuation for the Company as a whole and hence
individual figures cannot be identified.
Disclosure in Respect of Material Related Party Transactions during the year :
1. Sales (Net of Return) to M/s. Adani Exports Rs. 2,320.23 Crore (Previous Year
Rs. 2,644.97 Crore); Adani Global FZE Rs. 21.65 Crore (Previous Year Rs. 204.72 Crore);
Adani Global Pte Ltd. Rs.63.76 Crore (Previous Year Rs. 327.57 Crore); Mundra Port &
Special Economic Zone Ltd.Rs. Nil (Previous Year Rs. 34.12 Crore); Aditya Corpex Pvt. Ltd.
Rs.3.52 Crore (Previous Year Rs.Nil); Hinduja Exports Pvt. Ltd. Rs. Nil (Previous Year
Rs. 30.63 Crore); Gujarat State Export Corporation Ltd. Rs. 2.16 Crore (Previous Year
Rs. 27.33 Crore); Adani Wilmar Ltd. Rs.69.49 Crore (Previous Year Rs. 110.26
Crore); Chemoil Adani Pvt. Ltd. Rs.37.39 Crore (Previous Year Rs.8.96 Crore).
2. Purchase (Net of Return) from Adani Global FZE Rs.299.97 Crore (Previous Year
Rs. 83.94 Crore); Adani Global Pte Ltd. Rs.1,558.56 Crore (Previous Year Rs. 703.31
Crore); Adani Power Ltd. Rs.437.04 Crore (Previous Year Rs. Nil); Aditya Corpex Pvt. Ltd.
Rs.Nil (Previous Year Rs. 26.99 Crore); Adani Wilmar Ltd. Rs.0.64 Crore (Previous Year
Rs. 3.23 Crore).
3. Sale of Investment to B2B India Pvt. Ltd. Rs. Nil (Previous Year Rs. 0.05 ).
4. Sale of Fixed Asset to Adani Global FZE Rs.0.50 Crore (Previous Year Rs.Nil); Adani
Power Ltd. Rs.0.08 Crore (Previous Year Rs. Nil); Adani Minning Pvt. Ltd.Rs.0.07 Crore
(Previous Year Rs. Nil); Gujarat State Export Corporation Ltd. Rs. 0.07 Crore (Previous
Year Rs Nil); Adani Wilmar Ltd. Rs.0.11 Crore (Previous Year Rs 2.45 Crore ); Chemoil
Adani Pvt. Ltd. Rs.0.04 Crore (Previous Year Rs.Nil).
5. Purchase of Fixed Asset from Adani Agrifresh Ltd. Rs.0.06 (Previous Year Rs.Nil); Adani
Infrastructure and Developers Pvt. Ltd. Rs.0.09 Crore (Previous Year Rs. Nil); Chemoil
Adani Pvt. Ltd. Rs.0.01 Crore (Previous Year Rs.Nil); Adani Wilmar Ltd. Rs.Nil (Previous
Year Rs. 0.05 Crore).
6. Purchase of Investments from Adani Mining Pvt. Ltd. Rs.0.15 Crore (Previous Year
Rs.Nil); Adani Habitats Pvt. Ltd. Rs. Nil (Previous Year Rs. 106.04 Crore).
7. Interest – received / (paid) from Adani Infrastructure and Developers Pvt. Ltd. Rs.55.26
Crore (Previous Year Rs. 77.57 Crore); M/s. Adani Townships and Real Estate Co.Rs.19.05
Crore (Previous Year Rs.Nil); Aditya Corpex Pvt. Ltd. Rs.5.00 Crore (Previous Year Rs. Nil);
Adani Welspun Exploration Ltd. Rs. 1.28 Crore (Previous Year Rs. 0.23 ); Parsa Kente
Collieries Ltd. Rs.0.43 Crore (Previous Year Rs. 0.32 Crore).
86
8. Dividend received from Adani Global Ltd. Rs.Nil (Previous Year Rs. 0.46 Crore).
9. Funds given [includes investment in Preference shares/equity participation/
business arrangement] to Adani Infrastructure and Developers Pvt. Ltd. Rs.966.16 Crore
(Previous Year Rs. 423.63 Crore); M/s. Adani Townships and Real Estate Co.Rs.382.57
Crore (Previous Year Rs.Nil); Adani Power Ltd. Rs.138.75 Crore (Previous Year Rs.326.15
Crore); Aditya Corpex Pvt. Ltd. Rs. 453.63 Crore (Previous Year Rs. 403.82 Crore); Adani
Agro Pvt. Ltd. Rs.235.96 Crore (Previous Year Rs.Nil); Hinduja Exports Pvt. Ltd. Rs. Nil
(Previous Year Rs 78.60); Adani Welspun Exploration Ltd.Rs.74.16 Crore (Previous Year
Rs. 7.79 Crore ); Adani Wilmar Ltd. Rs.1.78 Crore (Previous Year Rs. 50.87 Crore).
10. Funds received [including redemption of Preference share/business arrangement]
from Adani Infrastructure and Developers Pvt. Ltd. Rs.183.32 Crore (Previous Year
Rs. 1,061.88 Crore); Adani Developers Pvt. Ltd. Rs.76.00 Crore (Previous Year Rs.Nil);
Adani Power Ltd. Rs.147.54 Crore (Previous Year Rs.10.51 Crore); Adani Habitats Pvt. Ltd.
Rs.Nil (Previous Year Rs 176.39 Crore); Aditya Corpex Pvt. Ltd. Rs. 453.53 Crore
(Previous Year Rs. 403.82 Crore); Adani Agro Pvt. Ltd. Rs.848.86 Crore (Previous Year
Rs. 4.00 Crore); Hinduja Exports Pvt. Ltd. Rs.Nil (Previous Year Rs. 43.55 Crore);
Adani Welspun Exploration Ltd. Rs.72.98 Crore (Previous Year Rs. 10.85 Crore ).
11. Service rendered to Adani Agri Fresh Ltd. Rs.0.10 Crore (Previous Year Rs. 0.17 Crore);
Adani Agri Logistics Ltd. Rs.0.09 Crore (Previous Year Rs.0.14 Crore); Adani Power Ltd.
Rs.3.29 Crore (Previous Year Rs. 5.92 Crore); Adani Energy Ltd. Rs. Nil (Previous Year
Rs.1.74 Crore); Adani Gas Ltd. Rs.11.09 Crore (Previous Year Rs. Nil); Mundra Port &
Special Economic Zone Ltd. Rs. 3.00 Crore (Previous Year Rs. 4.47 Crore); Adani Wilmar
Ltd. Rs.0.13 Crore (Previous Year Rs. 0.08 Crore); Parsa Kente Collieries Ltd. Rs.Nil
(Previous Year Rs. 0.03 ); Chemoil Adani Pvt. Ltd. Rs.0.01 Crore (Previous Year Rs. 0.14
Crore).
12. Service availed from Mundra Port & Special Economic Zone Ltd. Rs. 678.19 Crore
(Previous Year Rs. 620.33 Crore); Adani Wilmar Ltd. Rs.0.03 Crore (Previous Year Rs. 0.06
Crore).
13. Profit/(Loss) Sharing / Business Arrangement from M/s. Adani Exports Rs.147.88 Crore
(Previous Year Rs. 232.04 Crore); Adani Global Pte Ltd. Rs. 9.25 Crore (Previous Year
Rs. 128.26 Crore).
14. Rent paid to Mundra Port & Special Economic Zone Ltd. Rs. Nil (Previous Year Rs. 0.13
Crore); Adani Properties Pvt. Ltd. Rs.0.50 Crore (Previous Year Rs. 0.54 Crore); Adani
Wilmar Ltd. Rs.0.02 Crore (Previous Year Rs. 0.03 Crore); Mr. Vinod S. Adani Rs.0.02 Crore
(Previous Year Rs. 0.02 Crore).
15. Rent received from Mundra Port & Special Economic Zone Ltd. Rs. 0.02 Crore (Previous
Year Rs. 0.02 Crore); Adani Wilmar Ltd. Rs.0.42 Crore (Previous Year Rs. 0.03 Crore).
16. Remuneration to Mr. Gautam S Adani Rs.1.92 Crore (Previous Year Rs. 9.20 Crore);
Mr.Rajesh S Adani Rs.2.71 Crore (Previous Year Rs. 9.95 Crore); Mr. Pradeep Mittal Rs.Nil
(Previous Year Rs. 2.99 Crore).
17. Guarantee & Collateral securities to Adani Agri Fresh Ltd. Rs.60.00 Crore (Previous Year
Rs. 5.00 Crore); Adani Global Pte Ltd. Rs.45.14 Crores (Previous Year Rs. 120.50 Crores);
Adani Global FZE Rs.90.28 Crores (Previous Year Rs. 101.90 Crores); Adani Wilmar Ltd.
Rs.83.91 Crores (Previous Year Rs. 101.49 Crores); Adani Welspun Exploration Ltd.
Rs.159.38 Crores (Previous Year Rs.121.55 Crores).
87
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 following disclosure have been made :
(a) Loans and advances in the nature of loans to subsidiaries

(Rs. In Crores)
Closing Balance Maximum amount
Sr. No. Name of Entity
As at 31-03-2010 Outstanding during the year
14.68 14.68
1 Adani Agri Fresh Limited
6.35 6.85
Adani Infrastructure and Developers 782.85 782.85
2
Private Limited 187.99 918.55
15.38 55.00
3 Adani Power Limited
Nil 11.00
32.15 32.15
4 Adani Agri Logistics L imited
2.94 2.94
Nil Nil
5 Adani Habitats Private Limited
Nil 173.93
73.06 73.06
6 Adani Mining Private Limited
10.93 10.95
13.99 13.99
7 Miraj Impex Private Limited
11.12 11.12
Nil Nil
8 Vyom Tradelinks Private Limited
Nil 33.28
Nil Nil
9 Adani Energy Limited
4.00 4.00
58.36 58.36
10 Adani Gas Limited
Nil Nil
(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
demand.
All the above loans and advances are interest bearing except for an amount of Rs.14.68
Crore to Adani Agrifresh Ltd. and Rs. 58.36 Crores to Adani Gas Ltd.,
(c) Loans and advances in the nature of loans to firms / companies in which directors are
interested :
(Rs. In Crores)
14.68 14.68
1 Adani Agri Fresh Limited
6.35 6.85
Adani Infrastructure and Developers 782.85 782.85
2
Private Limited 187.99 918.55
15.38 55.00
3 Adani Power Limited
Nil 11.00
32.15 32.15
4 Adani Agri Logistics L imited
2.94 2.94
Nil Nil
5 Adani Habitats Private Limited
Nil 173.93
73.06 73.06
6 Adani Mining Private Limited
10.93 10.95
13.99 13.99
7 Miraj Impex Private Limited
11.12 11.12
Nil Nil
8 Vyom Tradelinks Private Limited
Nil 33.28
88
(Rs. In Crores)
Nil Nil
9 Adani Energy Limited
4.00 4.00
1.96 66.81
10 Adani Welspun Exploration Limited.
Nil 4.85
4.07 4.07
11 Parsa Kente Collieries Limited
3.12 3.12
58.36 58.36
12 Adani Gas Limited
Nil Nil
33. Earning Per Share
(Rs. In Crores)
Year ended Year ended
Particulars
31-03-2010 31-03-2009
Net Profit after tax available for Equity Shareholders 254.41 326.43
Weighted Number of shares used in computing Earning Per Share
Basic 49,56,13,007 49,32,18,350
Diluted 52,67,64,807 52,68,26,472
Earning Per Share (Equity Shares, face value Re. 1/-)
Basic (in Rs.) 5.13 6.62
Diluted (in Rs.) 5.59 7.15
Dilutive potential Equity Shares are those which are deemed for the purpose of the computation
pertains to the expected conversion of Foreign Currency Convertible Bonds.
34. a) Deferred Tax

(Rs. In Crores)
As at As at
Particulars
31-03-2010 31-03-2009
Deferred Tax Liability on account of
(i) Depreciation 22.56 22.65
Total 22.56 22.65
Deferred Tax Assets on Account of
(i) Provision for Bad-debts 4.50 2.07
(ii) Gratuity 0.41 0.74
Total 4.91 2.81
Net Deferred Tax Liability 17.65 19.84
b) In accordance with the Accounting Standard 22, the deferred tax Assets of
Rs. 2.19 Crores (Previous Year liability Rs. 3.69 Crore) for the year has been
recognised in the Profit & Loss Account.
89
35. Pursuant to Accounting Standard (AS 27) – Financial Reporting of Interests in Joint Venture,
the disclosures relating to the Joint Ventures are as follows :
Percentage of Percentage of
Country of ownership ownership
Name
Incorporation interest as at interest as at
st st
31 March,2010 31 March,2009
Adani Wilmar Ltd. India 50.00% 50.00%
Parsa Kente Collieries Ltd. India 74.00% 74.00%
Chemoil Adani Pvt. Ltd. India 50.00% 50.00%
Adani Welspun Exploration Ltd. India 65.00% 65.00%
Adani Wilmar Pte. Ltd. Singapore 50.00% -
Chemoil Adani Pte Ltd. Singapore 50.00% 50.00%
As at As at
Particulars 31st March, 2010 31st March, 2009
(Rs. In Crores) (Rs. In Crores)
I ASSETS
Fixed Assets (Including Capital Work In

1 445.43 227.22
Progress)
2 Investments 103.73 27.12
3 Current Assets, Loans & Advances
(a) Inventories 592.79 325.58
(b) Sundry Debtors 259.15 111.56
(c) Cash & Bank Balances 109.45 164.32
(d) Loans & Advances 175.92 59.08
4 Miscellaneous Expenditure - -
Total 1,686.47 914.88
II LIABILITIES
1 Share Capital 100.13 103.65

2 Reserve & Surplus 152.48 153.69
3 Loan Funds
(a) Secured Loans 530.07 218.34
(b) Unsecured Loans 117.96 4.82
4 Deferred Tax Net 26.34 20.64
5 Current liabilities and Provisions
(a) Current Liabilities 752.67 411.88
(b) Provisions 6.82 1.86
Total 1,686.47 914.88
90
As at As at
st st
31 March, 2010 31 March, 2009
Particulars
(Rs. In Crores) (Rs. In Crores)
2009-10 2008-09
III INCOME
1 Sales & Operating earnings 4,317.69 3,024.47

2 Other Income 1.69 0.50
4,319.38 3,024.97
IV EXPENSES
1 Operating Expenses 4,257.96 2,954.22

2 Finance Expenses 32.02 21.01
3 Miscellaneous Expenditure written off - 0.19
4 Depreciation 13.86 8.47
4,303.84 2983.89
PROFIT FOR THE YEAR BEFORE PRIOR
15.54 41.08
PERIOD ADJUSTMENTS
Add: Prior Period Income / (Expenses) (0.43) (0.09)
PROFIT FOR THE YEAR BEFORE TAXATION 15.11 40.99
Less: Provision For Taxation 7.11 11.39
Less: Excess Tax Provision of Earlier years (0.14) 0.06

PROFIT AFTER TAXATION 8.14 29.54
Surplus brought forward from previous year 1.97 4.54
36. Quantitative information to the extent applicable for the year pursuant to the paragraphs
3 & 4 of part II of Schedule VI to the Companies Act, 1956 (As certified by the management)
(A) Installed and License Capacity
Sr. License Capacity Installed Capacity
CLASS UNITS
No. 2009-10 2008-09 2009-10 2008-09
1 AGRO
SEED CRUSHING MT N.A. N.A. 60,833.333 121,000.000
SOLVENT
MT N.A. N.A. 27,375.000 54,450.000
REFINING
OIL REFININING MT N.A. N.A. 33,458.333 66,550.000
PRODUCTION QUANTITY
Sr. CLASS UNITS Actual Production
No. 2009-10 2008-09
1 AGRO PRODUCTS MT 52,261.029 86,290.007
GM 21,346,768.098 -
2 PRECIOUS & OTHER METAL
KGS 10,845,585.000 27,537.651
MT 1,846.610 596.768
3 CHEMICAL / PLASTICS
KGS 172,650.000 -
4 TEXTILE PRODUCTS KGS 23,250.430 951,823.360
91
(B) SALES AND STOCKS OF GOODS TRADED AND PROCESSED (Rs. In Crores)
Sr. CLASS UNITS OPENING STOCK CLOSING STOCK SALES
No. QTY RUPEES QTY RUPEES QTY RUPEES
- - - - 172,650.000 0.76
KGS
CHEMICAL / - - - - - -
1
PLASTICS - - - - 1,846.610 8.62
MT
189.453 0.87 - - 1,061.940 8.24
41,272.898 79.58 - - 326,185.200 677.08
2 AGRO PRODUCTS MT
443,608.786 704.45 41,272.898 79.58 1,069,959.365 1,807.48
300.000 44.69 200.000 32.10 10,878,431.768 5,983.69
PRECIOUS & KGS
- - 300.000 44.69 48,237.651 3,208.03
3 OTHER
METAL 55,826.550 29.55 - - 2,190,878.420 1,123.76
CTS
- - 55,826.550 29.55 3,111,155.480 1,628.60
468,116.470 154.15 545,414.692 205.65 5,773,115.056 2,656.15
MT
318,147.302 156.39 468,116.470 154.15 2,950,469.705 1,924.58
100.795 0.08 - - - -
4 MINERALS / OILS CBM
221.061 0.28 100.795 0.08 78.127 0.02
22,109.870 0.19 18,628.602 0.26 197,988.000 2.00
SFT
42,581.496 0.83 22,109.870 0.19 97,162.860 1.68
- - - - 986,598,000.00 628.92
5 POWER TRADING KWH
- - - - 2,788,000,000.000 2,051.08
9,420.000 0.14 - - 23,250.430 0.33
KGS
TEXTILE - - 9,420.000 0.14 942,403.600 12.68
6
PRODUCTS - - - - - -
MTR
4,485.500 0.04 - - 3,300,280.000 18.01
2,346.090 2.51 1,581.447 8.85 3,501.509 3.87
MT
4,114.150 5.15 2,346.090 2.51 22,076.750 36.99
7 OTHERS
- - - - - -
NOS
- - - - 1.000 0.81
310.89 246.86 11,085.17
GRAND TOTAL
868.02 310.89 10,698.19
(C) PURCHASE OF TRADED GOODS (Rs. In Crores)

SR. CLASS UNITS 2009-10 2008-09
NO. QTY AMOUNT QTY. AMOUNT
CHEMICAL /
1 MT - - - 0.21
PLASTICS
2 AGRO PRODUCTS MT 239,225.449 440.44 603,145.052 906.48
3 PRECIOUS & KGS 15,300.000 2,309.53 21,000.000 2,687.24
OTHER METAL CTS 2,135,051.870 1,081.52 3,166,982.030 1,629.07
MT 5,870,336.798 2,108.41 3,113,938.887 1,762.72
4 MINERALS / OILS
SFT 143,322.000 1.46 44,423.480 1.05
5 POWER TRADING KWH 986,598,000.00 624.78 2,788,000,000.000 2,039.42
TEXTILE
6 MTR - - 3,295,794.000 17.31
PRODUCTS
MT 2,876.623 13.64 20,300.340 50.84
7 OTHERS
NOS - - 1.000 0.81
TOTAL 6,579.79 9,095.15
92
(D) RAW MATERIAL CONVERTED (Rs. In Crores)

SR. CLASS UNITS 2009-10 2008-09
NO. QTY AMOUNT QTY. AMOUNT
KGS 121.75 27,540.469 567.91
1 PRECIOUS METAL 10,851,552.000
GM 21,346,979.673 3,553.82 - -
2 TEXTILES KGS 14,558.360 0.35 1,009,415.340 13.38
3 AGRO PRODUCTS MT 56,429.906 133.44 87,456.653 224.35
CHEMICAL / MT 1,865.085 8.38 - -
4
PLASTICS KGS 98,250.000 0.76 598.250 6.74
TOTAL 3,818.50 812.38
(E) IMPORTED & INDIGENOUS CONSUMPTION (Rs. In Crores)
2009-10 2008-09
Particulars
AMOUNT % AMOUNT %
–IMPORTED 3,685.06 96.51 588.03 72.38
RAW MATERIALS
–INDIGENOUS 133.44 3.49 224.35 27.62
TOTAL 3,818.50 100.00 812.38 100.00
(F) VALUE OF IMPORTS ON CIF BASIS (Rs. In Crores)
Trade goods 7,878.10 5,666.59
TOTAL 7,878.10 5,666.59
(G) EXPENDITURE IN FOREIGN CURRENCY (Rs. In Crores)

Travelling expenses 0.32 0.59

Other matter 0.26 1.35
Interest 100.61 185.69
Bank charges 0.62 1.04
Clearing & Forwarding 0.38 37.20
Brokerage & Commission 0.54 1.34
Professional Fees 9.22 1.51
TOTAL 111.95 228.72
(H) EARNING IN FOREIGN CURRENCY (Rs. In Crores)

Export of Goods on F.O.B. Basis 3,688.77 5,987.94
Interest Income 7.78 20.30
Dividend Income - 0.46
Other Income 11.35 128.38
TOTAL 3,707.89 6,137.08
93
37. The Ministry of Corporate Affairs, Government of India vide its Order No.47/333/2010/-CL
–III dated 4th May, 2010 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.
38. Previous year's figures have been regrouped wherever necessary to confirm to this year's
classification.
39. Additional Information as required under Part IV of Schedule VI to the Companies

Act, 1956. Balance Sheet Abstract and Company's General Business Profile:-
I. Registration Details:
Registration No. : L51100GJ1993PLC19067
State Code : 04
Balance Sheet Date : 31-03-2010
II. Capital Raised during the year (Amount in Rs. Thousands)
Public Issue - NIL Rights Issue - NIL
Bonus Issue - 248016 Private Placement - NIL
III. Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)
Total Liabilities : 74342249
Total Assets : 74342249
Sources of Funds:
Paid-up Capital : 498027
Reserves & Surplus : 19700812
Secured Loans : 173812
Unsecured Loans : 34539337
Deferred Tax Liability : 176518
Application of Funds:
Net Fixed Assets : 1606386
Investments : 23809927
Net Current Assets : 28642056
Miscellaneous Expenditure : 22555
Accumulated Losses : -
IV. Performance of Company (Amount in Rs. Thousands)
Turnover (Including other Income) : 116148800
Total expenditure : 113319249
Profit/(Loss) before tax : 2877680
Profit/(Loss) after tax : 2544197
Earning per share (Rs.) : 5.13
Dividend Rate % : 100
V Generic Names of Three Principal products/services of Company (as per monetary
terms)
Item Code No. (ITC Code) Not Ascertainable
Product Description Merchant Exporters
Signature to Schedules “ 1 ” to “ 20 “ For and on behalf of the Board
GAUTAM S. ADANI RAJESH S. ADANI

Chairman Managing Director
PLACE : Ahmedabad PARTHIV PARIKH DEVANG S. DESAI

DATE : 14th May,2010. Asst. Company Secretary Executive Director & CFO
94
CONSOLIDATED FINANCIAL STATEMENTS
AUDITORS' REPORT TO THE BOARD OF DIRECTORS OF ADANI ENTERPRISES LIMITED.
1) We have audited the attached consolidated Balance Sheet of Adani Enterprises Limited, its
Subsidiaries and Associates (the Adani Group) as at March 31, 2010 and the related consolidated
Profit and Loss Account and consolidated cash flow statement for the year ended on that date
annexed thereto, which we have signed under reference to this report. These consolidated
financial statements are the responsibility of the Company's management and have been prepared
by the management on the basis of separate financial statement and other financial information
regarding its Subsidiaries and Associates. Our responsibility is to express an opinion on these
consolidated financial statements based on our audit.
2) We conducted our audit in accordance with auditing standards generally accepted in India. Those
Standards require that we plan and perform and audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by
the management, as well as evaluating the overall financial statements presentation. We believe
that our audit provides a reasonable basis for our opinion.
3) a) We conducted the audit of financial statements of 25 (Twenty Five) Indian subsidiaries for the
st
year ended 31 March, 2010 whose financial statements reflect total assets of Rs. 1,842.14
st
crore as at 31 March, 2010, total revenue of Rs. 517.40 crore and cash flows amounting to
Rs. 43.36 crore for the year then ended. The said financial statements have been considered for
consolidation.
b) We did not audit the financial statements of 9 (Nine) Foreign subsidiaries for the year ended
31st March, 2010 whose financial statements reflect total assets of Rs. 3,642.92 crore as at
st
31 March, 2010, total revenue of Rs. 11,625.32 crore and cash flows amounting to Rs. (27.44)
crore for the year ended on that date as considered in the consolidated financial statements.
These financial statements have been audited by other auditors, whose reports have been
furnished to us and our opinion, insofar as it relates to the amounts included in respect of these
subsidiaries, is based solely on the report of the other auditors.
c) We did not audit the financial statements of 12 (Twelve) Indian subsidiaries for the year ended
st
31 March, 2010, whose financial statements reflect total assets of Rs. 22,596.58 crore as at
st
31 March, 2010, total revenue of Rs. 614.54 crore and cash flows amounting to Rs. 566.95
These financial statements have been audited by other auditors, whose reports have been
furnished to us and our opinion, insofar as it relates to the amounts included in respect of these
subsidiaries, is based solely on the report of the other auditors.
4) a) We conducted the audit of the separate financial statements of 5 (Five) joint ventures for the year
ended 31st March, 2010 whose audited financial statements reflect total assets of Rs. 2,548.54
crore as at 31st March, 2010, total revenue of Rs. 6,190.44 crore and cash flows amounting to
Rs. (43.18) crore for the year then ended. The said financial statements have been considered
for consolidation.
b) We did not audit the financial statements of 4 (Four) joint ventures for the year ended 31st March,
2010 whose financial statements reflect total assets of Rs. 819.78 crore as at 31st March, 2010,
total revenue of Rs. 2,326.37 crore and cash flows amounting to Rs. (71.27) crore for the year
95
ended on that date as considered in the consolidated financial statements. These financial
statements have been audited by other auditors, whose reports have been furnished to us and
our opinion, in sofar as it relates to the amounts included in respect of these joint ventures, is
based solely on the report of the other auditors.
c) We did not audit the financial statements of 1 (One) joint venture (Foreign) for the year ended
31st March, 2010 whose unaudited financial statements reflect total assets of Rs. 65.59 crore as
st
at 31 March, 2010, total revenue of Rs. 250.84 crore and cash flows amounting to Rs. 3.11
5) a) We conducted the audit of the separate financial statements of partnership firm namely,
Adani Exports, whose audited financial statements reflect total assets of Rs. 671.21 crore as at
31st March, 2010, total revenues of Rs. 2,473.67 crore and cash flows amounting to Rs. (0.89)
crore for the year ended on that date. The said financial statements have been considered for
consolidation.
b) We did not audit the financial statements of partnership firm namely Adani Township and Real
Estate Company. whose audited financial statements reflect total assets of Rs. 467.49 crore as
at 31st March, 2010, total revenues of Rs. 0.04 crore and cash flows amounting to Rs. 1.31 crore
for the year ended on that date. The said financial statements have been considered for
consolidation.
6) We report that the consolidated financial statements have been prepared by the Company's
management in accordance with the requirements of Accounting Standard (AS) 21–Consolidated
Financial Statements, Accounting Standard (AS) 23–Accounting for Investments in Associates and
Accounting Standard (AS) 27– Financial Reporting of Interest in Joint Ventures in consolidated
financial statement notified pursuant to the Companies (Accounting Standards) Rules, 2006
(as amended).
7) On the basis of the informations and explanations given to us and on the consideration of the
separate audit reports on individual audited financial statements and on the other financial
information of the subsidiaries and associates and to the best of our information, we are of the
opinion that 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 Adani Group as at
March 31, 2010;
b) in the case of the Consolidated Profit and Loss Account, of the profit of the Adani Group for the
year ended on that date; and
c) in the case of the Consolidated Cash Flow Statement, of the cash flows of the Adani Group for the
year ended on that date.

Place : Ahmedabad (D. A. PARIKH)

96
The Subsidiary Companies considered in consolidation financial statements are :
ANNEXURE I
Sr. No. Name of the Subsidiaries (Foreign)
1 Adani Global Ltd.
2 Adani Global FZE
3 Adani Global Pte Ltd.
4 Adani Virginia Inc.
5 PT Adani Global
6 PT. Aneka Sumber Bumi
7 Adani Shipping Pte. Ltd.
8 Rahi Shipping Pte. Ltd. (consolidated with Adani Shipping Pte Ltd.)
9 Vanshi Shipping Pte. Ltd. (consolidated with Adani Shipping Pte Ltd.)
10 Adani Power (Overseas) Ltd.
11 Adani Power Pte. Ltd.
ANNEXURE II
Sr. No. Name of the Subsidiaries (Domestic)
1 Adani Agri Fresh Ltd.
2 Adani Agri Logistic Ltd.
3 Adani Power Ltd.
4 Adani Power Maharastra Ltd.
5 Adani Power Rajasthan Ltd.
6 Mundra Power SEZ Ltd.
7 Adani Pench Power Ltd.
8 Kutchh Power Generation Ltd.
9 Mahaguj Power Ltd.
10 Maharashtra Eastern Grid Power Transmission Company Ltd.
11 Adani Infra (India) Ltd.
12 Adani Infrastructure and Developers Pvt. Ltd.
13 Adani Landscapes Pvt. Ltd.
14 Adani Estates Pvt. Ltd.
15 Swayam Realtors and Traders Ltd.
16 Columbia Chrome (India) Pvt. Ltd.
17 Shantigram Estate Management Pvt. Ltd.
18 Adani Land Developers Pvt. Ltd.
19 Adani Developers Pvt. Ltd.
20 Rajendra Agri Trade Pvt. Ltd.
21 Rohit Agri Trade Pvt. Ltd.
22 Shantigram Utility Services Pvt. Ltd.
23 Belvedere Golf and country club Pvt. Ltd.
97
Sr. No. Name of the Subsidiaries (Domestic)

24 Aaloka Real Estate Pvt. Ltd.
25 Panchdhara Agro Farms Pvt. Ltd.
26 Adani Power Dahej Pvt. Ltd.
27 Adani Mining Pvt. Ltd.
28 Adani Cements Ltd.
29 Adani Gas Ltd.
30 Adani Energy Ltd.
31 Miraj Impex Pvt. Ltd.
32 Adani Mundra SEZ infrastructure Pvt. Ltd.
33 Lushgreen Landscapes Pvt. Ltd.
34 Natural Growers Pvt. Ltd.
35 Jade Food & Properties Pvt. Ltd.
36 Jade Agri Land Pvt. Ltd.
37 Jade Agriculture Co Pvt. Ltd.
38 M/s. Adani Exports (Firm)
39 M/s. Adani Township and Real Estate Co.(Firm)
The Joint Venture entities considered in consolidation financial statements are:
ANNEXURE III
Sr. No. Name of the Joint Venture

1 Adani Wilmar Ltd.
2 Rajshree Packagers Ltd.
3 M/s. Vishakha Industries
4 Vishakha Polyfab Pvt. Ltd.
5 Satya Sai Agroils Pvt. Ltd.
6 Adani Wilmar Pte. Ltd., Singapore
7 Chemoil Adani Pte. Ltd., Singapore
8 Chemoil Adani Pvt. Ltd.
9 Parsa Kente Collieries Ltd.
10 Adani Welspun Exploration Ltd.

Place : Ahmedabad (D. A. PARIKH)

98
CONSOLIDATED BALANCE SHEET AS AT 31st MARCH, 2010 (Rs. In Crores)
PARTICULARS SCHEDULE AS AT 31-03-2010 AS AT 31-03-2009
A SOURCES OF FUNDS :
I. SHAREHOLDERS' FUND
(A) Share Capital 1 49.80 24.66
(B) Share Application Money pending allotment - 0.25
(C) Reserves & Surplus 2 5,987.89 2,994.01
6,037.69 3,018.92
II. LOAN FUNDS :

(A) Secured Loans 3 11,901.20 6,699.16
(B) Unsecured Loans 4 5,537.65 5,385.08
17,438.85 12,084.24
III. MINORITY INTEREST
Capital 774.53 402.74
Add : Reserves & Surplus 1,077.29 74.18
1,851.82 476.92
IV. DEFERRED TAX LIABILITY
Deferred Tax Liability 156.66 64.88

Less :-
Deferred Tax Assets 86.73 12.67
69.93 52.21
TOTAL 25,398.29 15,632.29
B APPLICATION OF FUNDS :
I. FIXED ASSETS
(A) Gross Block 5 4,960.33 2,130.52
(B) Less : Depreciation 383.05 212.05
(C) Net block 4,577.28 1,918.46
(D) Capital Work-in-Progress 13,317.24 6,951.96
(E) Capital Advance 19.35 6.96
17,913.87 8,877.38
II. INVESTMENTS 6 698.98 464.71
III. CURRENT ASSETS, LOANS & ADVANCES
(A) Inventories 7 3,385.49 3,098.34

(B) Receivables 8 3,026.44 3,400.57
(C) Cash & Bank Balances 9 2,918.78 2,583.20
(D) Loans & Advances 10 2,459.13 1,696.95
11,789.84 10,779.06
LESS :-
CURRENT LIABILITIES & PROVISIONS
(A) Current Liabilities 11 4,696.37 4,269.63

(B) Provisions 12 321.23 243.14
5,017.60 4,512.77
NET CURRENT ASSETS 6,772.24 6,266.29
IV. MISCELLANEOUS EXPENDITURE 13 13.20 23.91

(To The Extent Not Written Off Or Adjusted)
TOTAL 25,398.29 15,632.29
Notes forming part of the accounts 20 For and on behalf of the Board
As per our attached report of even date

99
CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2010
(Rs. In Crores)
PARTICULARS SCHEDULE 2009-10 2008-09
A INCOME :
Sales & Operating earnings 14 25,889.87 26,258.28

Other income 15 33.49 14.64
25,923.36 26,272.92
B EXPENDITURE :
Cost of materials 16 22,963.60 24,195.81

Personnel expenses 17 120.52 114.63
Operation & other expenses 18 1,111.15 938.23
Finance Charges 19 507.86 348.82
Misc. expenditure written off 5.55 7.61
24,860.14 25,687.28
Profit for the year before Prior Period Adjustments &

Exceptional items 1,063.22 585.64
Less: Prior Period Adjustment (1.07) 0.72
Add/(Less) : Exceptional items 5.37 (2.44)
Profit for the year before taxation 1,067.52 583.92
Provision for taxation

- Current Tax 56.16 65.94
- Adjustment of earlier years 0.79 0.33
- Deferred Tax 37.53 10.97
- Fringe Benefit Tax - 1.24
Profit after taxation, before share of Minority
Interest 973.04 505.44
Less: Share of Minority Interest 53.74 0.79
Net Profit 919.30 504.65
Add : Surplus brought forward from Previous Year 1,136.67 746.59
Profit available for appropriation 2,055.97 1,251.24
APPROPRIATIONS :
Proposed Dividend on Equity Shares 49.86 24.67
Transfer to General Reserve 55.25 75.71
Transferred to Debenture Redemption Reserve - 10.00
Balance carried to balance sheet 1,942.58 1,136.67

2,055.97 1,251.24
Earning per Share - Re. 1 each (in Rupees)

- Basic 18.55 10.20
- Diluted 18.22 10.54
Notes forming part of the accounts 20 For and on behalf of the Board


100
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH, 2010 (Rs. In Crores)
Particulars 2009-2010 2008-2009
A CASH FLOW FROM OPERATIONS
Net Profit before tax 1,067.52 583.92

Adjustment for:
Impairment of Loss 0.00 2.29
Diminution in Value of Investments 0.29 0.83
Income from investments (1.81) (1.27)
Income from Mutual Fund (4.73) (6.72)
Profit/Loss on sale of Investment (1.11) 3.04
Profit/Loss on sale of fixed assets (2.58) 0.22
Bad Debts / Provision for doubtful debts & Advances 21.55 50.10
Liabilities No Longer Required (7.60) (2.47)
Loss of Stock due to Accident 0.00 0.01
Exceptional Item (5.37) 2.44
Deferred Revenue Expenditure 5.55 7.61
Interest Expense 441.16 498.64
Interest Income (96.11) (130.66)
500.69 506.24
Operating Profit before working capital changes 1568.22 1090.16
Adjustment for:
Trade & other receivables 352.58 (2044.84)
Inventories (287.15) 171.11
Loans & Advances (710.41) (21.02)
Trade Payables 428.09 668.93
(216.90) (1225.82)
Cash generated from operations 1351.32 (135.66)
Direct tax (paid) / refund (55.13) (61.57)
Net cash from operating activities 1296.19 (197.23)
B Cash Flow from Investing Activities
Additions to fixed assets (2821.89) (1211.85)
Additions to intangible Assets (34.44) (5.32)
Addition in capital Advance (12.39) 0.00
Additions to work in progress (6365.27) (3670.21)
Sale of fixed assets 70.09 2.09
Deferred Revenue Expenditure (2.26) (17.92)
Sale of Investments 641.32 19.47
Purchase of Investments (777.20) (53.20)
Income from Mutual Fund 4.73 6.72
Income from Investments 1.81 1.27
Interest received 86.98 150.97
Net cash used in Investing Activities (9208.52) (4777.98)
C Cash Flow from Financing Activities

Proceeds from issue of Equity Share 3308.21 493.67
Proceeds/(repayment) from working capital borrowings (net) (28.71) (435.31)
Proceeds from long term borrowings (net) 4754.03 4385.59
Proceeds from short term borrowings (net) 759.95 1930.68
Interest Paid (431.84) (496.48)
Dividend paid 25.19 (14.74)
8386.83 5863.40
D Others
Exchange Reserve (78.76) 41.40
Adjustment for Subsidiary and Joint Venture 37.42 123.50
(41.34) 164.90
Net Increase/(Decrease) in cash & cash equivalents 433.16 1053.09
Cash & cash equivalent at the beginning of the year 2755.97 1702.88
Notes : Cash and Cash equivalents includes Short Term Investments of Rs.270.35 crores (Previous Year Rs. 172.77 crores) and Rs. 1356.59 crores
(Previous Year Rs.483.61 crores) which are not available for use by the Company (refer schedule 9 to accounts).
Notes forming part of the accounts For and on behalf of the Board


Partner Asst. Company Secretary Executive Director and CFO
101
SCHEDULES 1 TO 13 FORMING PART OF THE CONSOLIDATED BALANCE SHEET AS AT 31st MARCH 2010
(Rs. In Crores)
SCHEDULE : 1
SHARE CAPITAL
AUTHORISED
100,00,00,000 (Previous year 50,00,00,000) 100.00 50.00
NIL (Previous year 5,00,00,000) - 50.00

Preference Shares of Rs. 10/- each
100.00 100.00
ISSUED, SUBSCRIBED & PAID-UP
49,80,26,550 (Previous Year 24,66,09,175) 49.80 24.66
Preference Share Capital - 0.00
49.80 24.66
NOTES :
Of the above Equity Shares
(i) 2,95,36,875 (Previous Year 2,61,35,175) Equity Shares of Re. 1/- each were
allotted as fully paid up at premium on conversion of foreign currency
convertible bonds.
(ii) 50,00,000 (Previous Year 50,00,000) Equity Shares of Re. 1/- each were
allotted as fully paid up at premium without payment being received in cash, on
amalgamation.
(iii) 50,00,000 (Previous Year 50,00,000) Equity Shares of Re. 1/- each were
issued as Bonus Shares by capitalization of profit.
(iv) 41,33,70,675 (Previous Year 16,53,55,000) Equity Shares of Re. 1/- each were
issued as Bonus shares by capitalization of share premium.
SCHEDULE : 2
RESERVES & SURPLUS
1 GENERAL RESERVE

ADD :- Transferred during the year from Profit & Loss Account 55.25 75.70
ADD :- Transferred from Debenture redemption Reserve 24.00 16.00
688.23 606.85
2 DEBENTURE REDEMPTION RESERVE
ADD :- Created during the year - 10.00
LESS :-Transfer to General Reserve 24.00 16.00
- 24.00
3 SHARE PREMIUM ACCOUNT
ADD :- Amount received on conversion of Foreign Currency Convertible Bonds 130.31 7.87
ADD :- Amount received during the year 2,088.15 493.67
Add : On Equity Shares issued upon conversion of Cumulative Compulsorily Convertible - 117.94
Less : Share issue expenses written off (net off tax) 38.96 -
Less : Bonus shares issued by capitalisation of share premium 24.80 787.43
2,800.14 645.44
4 CAPITAL RESERVE 602.38 547.76
5 EXCHANGE RESERVE (45.44) 33.30
6 SURPLUS IN PROFIT & LOSS ACCOUNT 1,942.58 1,136.67

1,942.58 1,136.67
5,987.89 2,994.01
102
(Rs. In Crores)
SCHEDULE : 3
SECURED LOANS
1 From Banks/ Financial Institution - Term Loans (Note-I & II) 11,094.78 5,978.01
2 From Banks - Working Capital (Note I & II)
a) Foreign Currency 5.76 9.76
b) Rupee Loan 206.42 231.13
3 Non Convertible Debenture - 33.33
4 Vehicle Loans (Note III) 0.30 0.28
5 Home Loans - 0.37
6 From Others - Trust Receipts 61.99 227.94
11,369.26 6,480.82
Share in joint Venture 531.94 218.34
11,901.20 6,699.16
NOTES :
I Above facilities are secured by :
a) Hypothecation of all immovable, movable assets,
stocks and book debts by way of first charge
ranking pari-passu among the Banks.
b) Hypothecation of furnitures & fixtures at
Corporate House Gurgaon (Haryana), All the future
and present machinery, plants, engines, apparatus,
tools etc of its project assets at Lucknow, Jaipur &
Udaipur.
c) The above Secured Loans are further secured by
pledge of Equity Shares of the Company through
execution of Pledge Agreement.
II Further secured by creation of Equitable

Mortgage :
a) Over certain immovable properties of the
Company.
b) Over certain immovable properties of the
associate Company.
c) Equitable mortgage of the land admeasuring
4850 sq.yards with proposed construction of 1.08
lacs sq.ft of office premises being constructed at
Gurgaon (Haryana).
III Vehicle loans are secured by hypothecation of
assigned vehicles.
SCHEDULE : 4
UNSECURED LOANS
Foreign Currency Convertible Bonds 969.79 1,263.56

Inter Corporate Loans 2,075.15 1,631.36
Loans from Banks / Financial institutions (Note) 2,374.75 2,485.34
5,419.69 5,380.26
Share in Joint Venture 117.96 4.82
5,537.65 5,385.08
NOTE :-
Loans from Banks are secured by Demand
Promissory Note and pledge of shares of some of
the relatives of promoters and guaranteed by some
of the promoter directors of the Company in their
personal capacity.
103
ADANI ENTERPRISES LTD
SCHEDULE : 5
CONSOLIDATED FIXED ASSETS AS AT 31ST MARCH, 2010 (Rs. In Crores)
Sr.No. PARTICULARS GROSS BLOCK DEPRECIATION NET BLOCK
Deductions Deductions
Additions Provided for As at As at As at
As at 1/4/2009 during the Transfer As at 31/3/2010 As at 1/4/2009 during the
during the year the year 31/3/2010 31/3/2010 31/3/2009
year year
A Tangible
Owned Assets
1 Land 74.02 3.99 0.16 - 77.85 - - - - 77.85 74.02
2 Building 238.11 219.56 0.30 - 457.37 14.68 11.41 0.03 26.06 431.31 223.43
3 Plant & Machinery 1,091.43 2,374.43 74.20 - 3,391.66 103.73 117.51 11.26 209.98 3,181.68 987.70
4 Furniture & Fixtures 35.17 8.46 0.14 - 43.49 10.93 3.66 0.04 14.55 28.94 24.24
5 Electrical Fittings 16.77 2.41 0.01 0.00 19.16 2.33 1.38 0.01 3.70 15.46 14.44
6 Office Equipment 20.30 10.35 0.13 0.02 30.50 3.77 1.43 0.02 5.18 25.32 16.53
7 Computer Equipments 26.89 6.58 1.73 - 31.73 9.44 4.40 0.80 13.04 18.70 17.45
8 Vehicles 20.86 5.57 3.47 - 22.95 6.58 2.43 2.02 6.99 15.96 14.28
9 Air Craft 14.26 - - - 14.26 3.43 0.80 - 4.23 10.03 10.83
10 Ship 27.46 - - - 27.46 3.33 1.37 - 4.70 22.76 24.13
11 Site Establishment 1.57 0.03 - - 1.60 0.56 0.33 - 0.89 0.71 1.00
Sub total 1,566.83 2,631.38 80.16 0.02 4,118.03 158.78 144.74 14.18 289.32 3,828.71 1,408.06
Leased Assets
1 Building 22.81 0.05 - - 22.86 2.65 0.72 - 3.37 19.49 20.16
2 Land 310.23 124.19 - - 434.42 3.80 11.79 - 15.59 418.83 306.44
Sub total 333.04 124.24 - - 457.28 6.45 12.51 - 18.96 438.32 326.60
Sub total -A 1,899.87 2,755.62 80.16 0.02 4,575.31 165.22 157.25 14.18 308.27 4,267.04 1,734.65
B Intangible
1 Software 15.55 0.44 0.09 - 15.90 4.76 2.62 0.00 7.38 8.52 10.79
2 Goodwill 4.63 33.99 - - 38.63 0.67 0.23 - 0.90 37.72 3.96
3 Right of Use of Land 0.42 - - - 0.42 0.11 0.06 - 0.16 0.26 0.31
Sub total -B 20.60 34.43 0.09 - 54.95 5.53 2.91 0.00 8.44 46.51 15.07
Total(A+B) 1,920.47 2,790.05 80.25 0.02 4,630.26 170.75 160.16 14.18 316.72 4,313.54 1,749.72
Share of Joint Venture 266.12 66.28 2.32 - 330.07 53.26 13.95 0.88 66.34 263.73 212.85
Grand Total 2,186.59 2,856.33 82.57 0.02 4,960.33 224.02 174.11 15.06 383.05 4,577.28 1,962.57
Previous Year 916.75 1,217.17 3.38 0.02 2,130.52 117.47 95.67 1.09 212.05 1,918.47 799.28
Capital Work In Progress 13,317.24 6,951.96
Capital Advances 19.35 6.96
Note : Addition to Office Building Includes Rs. 2.37 Crore incurred towards Leasehold Improvements, which is amortised over a period of 10 years.
(Rs. In Crores)
SCHEDULE : 6
(A) LONG TERM INVESTMENTS (NON TRADING) (UNQUOTED)
GOVERNMENT SECURITIES
(Lodged with Government departments) 0.03 0.03
in 6 year National Saving Certificates
OTHERS
1) 20,000(20,000) Equity Shares of KCCB of Rs. 25/- each 0.05 0.05
2) 3,52,000 (3,52,000 ) Equity Shares of Mundra Sez Textile & Apparel Park Pvt Ltd of Rs. 10/-
each. 0.35 0.35
3) Land - Khatau Mills 301.69 266.10
4) 12,50,000( Nil ) Equity Shares of Indian Energy Exchange Ltd of Rs. 10/- each. 1.25 1.25
5) Khatau Makanjee Spinning & Weaving Company Ltd ( FV -Rs 100 each @ 164.28 per
debenture) 5.89 -
INVESTMENT IN PARTNERSHIP FIRM 5.40 -
(B) CURRENT INVESTMENT (QUOTED)
2 (2) Bond of 7.49% GOI 2017 of Rs.5,00,00,000/- each 11.01 11.01

Less : Provision for diminution in value (1.12) (0.83)
(C) SHORT TERM INVESTMENTS (UNQUOTED) 9.89 10.18
172.77
INVESTMENT IN MUTUAL FUND 270.35
1) 43,348,755.501 (75,503,609.073) units of Reliance Liquidity Fund of Rs.10/- each 60.07 102.77
2) 16,268,068.626 (5,674,241.779) units of HDFC Liquid Fund of Rs.10/- each 30.02 10.00
3) 2,103,019.937 (7,248,793.076) Units of Principal Mutual Fund of Rs 10/- each - 10.00
4) 13,893,279.009 (3,624,633.006) Units of J M High Liquidity Fund of Rs 10/- each 20.00 5.00
5) 31,128,633.1592 (10,798,902.831) Units of SBI premier liquid fund of Rs 10/- each 45.02 15.00
6) Nil (9,332,188.585) Units of LICMF Liquid Fund of Rs 10/- each - 15.00
7) Nil (11,220,070.462) Units of Fortis overnight growth Fund of Rs 10/- each - 15.00
8) 66,162.932 (Nil) Units UTI Liquid Cash Plan of Rs 10/- each 10.00 -
9) 1,102,488.832 (Nil) Units PRU ICICI Inst Liquidity Fund of Rs 10/- each 15.00 -
10) 5,000,000 ( Nil) AXIS equity fund-growth of Rs. 10/- each 5.00 -
11) 88,325.598 (Nil) Units Tata liquid super high inv.Fund of Rs 10/- each
15.00 -
12) 8,934,314.917 (Nil) Units IDFC cash Fund of Rs 10/- each
10.00 -
13) 13,581,789.537 (Nil) Units Birla sun life cash plus Fund of Rs 10/- each 20.00 -
14) 250,000.000 (Nil) Units Baroda Pioneer Psu Bond Fund of Rs 10/- each 0.25 -
15) 7,918,277.296 (Nil) Units Religare Liquid Fund of Rs 10/- each 10.01 -
16) 2,611,279.684 ( Nil )SBNPP money fund institutional of Rs 10/- each 5.00 -
17) 196,260.871 ( Nil )Axis Liquid Fund -Institutional Growth of Rs. 1000/- each
20.00 -
18) 3,418,239.753 ( Nil )Principal Floating Rate Fund FMP-Inst. Option of Rs. 10/- each
4.98 -
594.90 450.74
Share in joint Venture 104.08 13.97
698.98 464.72
Aggregate Book Value - Quoted 9.89 10.18
- Unquoted 689.09 464.72
Aggregate Market Value - Quoted - -
104
PURCHASED AND SOLD DURING THE YEAR
(A) MUTUAL FUND
Sr No Name of Fund Face value Nos. Cost
(Rs.) (In Crores)
1 UTI Liquid Cash Plan 1,000 619,914 92.16
2 Reliance Liquidity Fund -Growth Option 10 4,507,338,981 6,125.09
3 Kotak Liquid(Institutional Premium)-Growth 10 5,425,700 10.00
4 Pru Icici Inst Liquidity - Super Inst Growth 10 304,773,782 1,163.79
5 HDFC Liquid Fund -Premium Plan- Growth 10 881,168,894 1,584.74
6 Principal Liquid Option-Insti Plan Grwoth Plan 10 1,369,675 2.00
7 Principal Insti.Option. Growth Plan 10 99,410,970 139.00
8 ING Vysya Mutual Fund 10 3,491,048 5.00
9 JM High Liquidity Fund Super Institutional Plan Growth (94) 10 143,124,736 203.27
10 SBI Premier Liquid Fund-Super Institutional Growth 10 1,130,460,265 1,603.84
11 LIC MF Liquid Fund-Growth Plan 10 57,647,824 93.00
12 Fortis Overnight -Institutional Growth 10 85,155,531 117.00
13 DWS Insta Cash Fund-Super Institutional Plan Growth 10 49,746,661 58.00
14 Tata Liquid Super High Inv.Fund-Appreciation 1,000 2,029,785 340.20
15 SBNPP Money Fund Institutional -Apprn 10 6,925,858 13.07
16 IDFC Cash Fund -Super Inst Plan C-Growth 10 219,721,901 243.11
17 Birla Sun Life Cash Plus 10 974,562,900 1,417.25
18 Birla Sun Life Saving Fund Instl.Growth 10 5,850,519 10.00
19 Reliance Money Manager Fund-Institutional Option-Growth Plan 1,000 611,190 75.00
20 Axis Treasury Advantage Fund-Growth 1,000 123,854 16.00
21 Baroda Pioneer Liquid Fund-Institutional Growth Plan 10 1,926,411 2.00
22 Bharti Axa Liquid Fund 1,000 91,778 10.00
23 Canara Robeco Liquid Super Instt Growth Fund 10 4,519,733 5.00
24 Religare Liquid Fund -Super Institutional Growth 10 36,536,919 46.03
25 Principal Monthly Income Plan-Growth Accumulation Plan 10 2,453,626 5.00
26 Axis Liquid Fund-Growth 1,000 256,611 26.00
27 JM Money Fund Super Plus Plan-Growth 10 7,757,321 10.00
28 Axis Liquid Fund -Institutional Growth 1,000 196,468 20.01
29 L &T Liquid Inst.Plus-Cummulative 10 1,077,760 2.00
30 DSP Black Rock Institutional Plan 1,000 199,974 20.00
31 DSP Black Rock Money Manager Fund 1,000 200,456 20.00
32 ICICI Prudential Institutional Liquid Plan 10 99,987,440 100.00
33 ICICI Pridential Ultra Short Term Plan 10 100,133,516 100.01
34 IDFC Super institutionla Plan 10 49,991,563 50.00
35 IDFC Money Manager Plan 10 50,173,865 50.00
36 JM High Liquidity Fund 10 49,921,312 50.00
37 JM Money Manager Fund 10 50,155,573 50.00
38 Kotak Flexi Debt Scheme 10 299,454,307 300.00
39 LIC Liquid Plus Fund 10 364,334,189 400.00
40 LIC Income Plus Fund 10 521,635,871 500.05
41 LIC Liquid Plus Fund 10 91,084,194 100.00
42 Principal Cash Management Fund 10 10,000,115 10.00
43 Principal Floating Rate Fund 10 10,009,599 10.00
44 Reliance Money Manager Fund 1,000 15,003,068 1,500.00
45 Reliance Liquid Fund 10 53,663,985 82.00
46 SBI Magnum Insta Cash Fund 10 41,793,590 70.00
47 SBI SHF Ultra Short Term Fund 10 70,181,393 70.01
48 SBI SHF Ultra Short Term Fund 10 23,564,332 23.58
49 SBI Magnum Insta Cash Fund 10 14,076,602 23.58
50 AXIS Treasury Advantage Fund 1,000 200,422 20.00
51 Birla Sun Life Cash Fund 10 24,953,721 25.00
52 DWS Ultra Short Term Fund 10 100,187,909 100.00
53 HDFC Cash Management Fund 10 498,615,822 500.00
54 Kotak Floater Loan Term 10 26,641,713 43.01
55 Reliance Money Manager Fund 1,000 189,784 19.00
56 Reliance Liquidity Fund 10 169,633,594 226.00
57 LIC Income Plus Fund 10 26,500,000 26.50
59 Reliance Money Manager Fund 1,000 399,583 40.00
60 HDFC Cash Management Fund 20 5,445,705 10.75
(B) BONDS
Sr No Name of Bond Face value Nos. Cost
(Rs.) (in Crs.)
1 JP Associates - 11.75% 1,000,000 3.000 0.31
2 GOI -2014 -7.56% 100 2,000,000.000 21.36
(C) EQUITY SHARE
Sr No Name of Company Face value Nos. Cost
(Rs.) (in Crs.)
1 Ahmedabad Commodity Exchange Limited 10 374,000.000 0.75
105
SCHEDULES 1 TO 13 FORMING PART OF THE CONSOLIDATED BALANCE SHEET AS AT 31St MARCH 2010
(Rs. In Crores)
SCHEDULE : 7
INVENTORIES
(AS CERTIFIED BY THE MANAGEMENT)
Raw-materials 24.05 21.25

Finished Goods / Stock in Process 2,639.48 2,653.93
Stores, Chemicals & Packing Materials 50.70 23.51
Goods in transit 1.66 -
Capital Inventory 76.71 74.06
2,792.60 2,772.75
Share In Joint Venture 592.89 325.59
3,385.49 3,098.34
SCHEDULE : 8
RECEIVABLES
(UNSECURED)
Over six months
Considered Good 74.03 49.01
Considered Doubtful 19.18 6.23
93.21 55.24
Less :- Provision for doubtful debts (19.18) 74.03 (6.23) 49.01
Others, Considered Good 2,691.71 3,240.01

2,765.74 3,289.02
3,026.44 3,400.57
SCHEDULE : 9
CASH & BANK BALANCES
Cash on hand (including cheques on hand
Rs.11.66 Crores Previous Year Rs 6.51 Crores) 15.86 8.70
Balances with Scheduled Banks :-
In Margin Money accounts:
- Margin money account (lodged against Bank Guarantee &
Letter of Credit) 670.43 399.47
- Margin money accounts (Net of Buyers Credit of
Rs.584.50 Crore ,P.Y. Rs.156.29 Crore) 47.86 718.29 83.76 483.23
- In Fixed Deposit accounts (Including Pledged with
Govt. authorities Rs.0.07 Crore, previous year Rs. 0.12 crore) 636.52 117.05
- In Current Account 509.98 534.20
- In EEFC account 9.31 9.89
- Unclaimed Dividend account 1.78 0.26
Balances with Non Scheduled Banks :-
- In Current Account 0.01 -
Balance with Foreign Bank :-

- In Current Accounts 122.79 175.06
- In Deposit Accounts 794.74 1,090.49
2,809.28 2,418.88
2,918.78 2,583.20
SCHEDULE : 10
LOANS & ADVANCES
(UNSECURED, CONSIDERED GOOD)
Loans 2.29 4.27

Advances recoverable in cash or kind or for value to be received 1,956.79 1,375.74
Balances with Government Authorities 42.88 34.63
Interest accrued and due (Including on NSC Lodged with Govt. Authorities) 0.56 0.44
Advance payment of Income tax 259.71 211.70
2,282.32 1,637.86
2,459.13 1,696.95
106
SCHEDULES 1 TO 13 FORMING PART OF THE CONSOLIDATED BALANCE SHEET AS AT 31St MARCH 2010
(Rs. In Crores)
SCHEDULE : 11
CURRENT LIABILITIES
Sundry Creditors
-Micro, Small & Medium Enterprises - -
-Others 3,292.06 2,681.07
Other Liabilities 597.50 1,132.88

Unclaimed Dividend / Dividend payable 0.31 0.26
3,942.73 3,857.75
4,696.37 4,269.63
SCHEDULE : 12
PROVISIONS
Provision for Taxation 242.69 201.94

Provision for Fringe Benefit Tax 0.05 0.06
Provision for Leave Encashment/Gratuity 13.55 10.43
Proposed Dividend 49.80 24.66
314.36 241.28
321.23 243.14
SCHEDULE : 13
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
1) Deferred Revenue Expenditure 13.60 15.31
Less : written off during the year 2.72 10.88 1.12 14.19
2) Preliminary Expenses 0.12 10.07

Less : amortised 0.06 0.06 0.35 9.72
3) Rights Issue Expenses 2.26 -
13.20 23.91
Share in Joint Venture - -
13.20 23.91
107
SCHEDULES 14 TO 19 FORMING PART OF THE CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31St MARCH, 2010
(Rs. In Crores)
SCHEDULE : 14
SALES & OPERATING EARNINGS
Sales 21,120.70 22,573.63
Export Incentives 12.41 60.08
Insurance Claim Received 3.57 8.81
Service Income 380.06 370.09
Profit From Partnership Firm 0.17 -
Profit on sale of Development Rights - 7.58
Other Operating Income 54.35 213.62
21,571.26 23,233.81
Share in Joint Venture 4,318.61 3,024.47
25,889.87 26,258.28
SCHEDULE : 15
OTHER INCOME
Dividend from Investment 0.12 0.01

Interest from Current Investments 1.69 1.26
Income from Mutual Fund 4.73 6.72
Profit on sale of investments (net) 1.11 0.11
Profit on Sale of Assets 2.74 -
Bad Debt Recovery 11.93 1.72
Miscellaneous Income 1.88 1.85
Liabilities no longer required w/back 7.60 2.47
31.80 14.14
33.49 14.64
SCHEDULE : 16
COST OF MATERIALS/ SERVICES
Raw materials consumed
Opening Stock 21.26 47.68
Add : Purchases during the year (Including Incidental Expenses) 6,146.12 3,423.72
6,167.38 3,471.40
Less : Closing Stock 24.05 21.25
6,143.33 3,450.15
Add : Stock Transfer 0.14 2,206.12
6,143.47 5,656.27
Add : Processing Charges 270.59 87.08
6,414.06 5,743.35
Service Charges - 1,222.89
Purchase of traded goods (Including Incidental Expenses & Net

of Stock transfer to Raw Material) 12,757.41 16,294.92
Decrease / (Increase) in stock
Opening stock - Work In Process - -
Closing stock - Work In Process 8.85 -
(8.85) -
Opening stock of finished / traded goods 2,650.90 950.89

Closing stock of finished / traded goods 2,657.69 2,652.81
(6.79) (1,701.92)
19,155.83 21,559.24
Share in Joint Venture 3,807.77 2,636.57
22,963.60 24,195.81
SCHEDULE : 17
PERSONNEL EXPENSES
Salaries & Bonus 78.78 88.55
Contribution to provident & other funds 4.13 4.56
Staff welfare expenses 12.71 5.53
95.62 98.64
120.52 114.63
108
SCHEDULES 14 TO 19 FORMING PART OF THE CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31St MARCH, 2010
(Rs. In Crores)
SCHEDULE : 18
OPERATION & OTHER EXPENSES
Rent (net) 5.45 5.11

Rates & Taxes 3.60 2.86
Communication expenses 4.40 4.79
Stationery & printing expenses 1.40 1.36
REPAIRS TO :
Office building 1.80 1.68
Plant & Machinery 8.82 7.77
Others 5.36 5.29
15.98 14.74
Electric power expenses 5.00 5.90
Insurance expenses 9.93 19.45
Fees & Subscription 34.28 44.69
Miscellaneous expenses 22.02 13.11
Payment to Auditors 1.37 0.80
Office Expenses 5.57 7.74
Computer software - 0.22
Directors sitting fees 0.06 0.03
Commission (Non-Executive Directors) 0.54 -
Loss on sale of assets 0.16 0.22
Clearing & Forwarding Expenses (Net) 408.89 313.46
Packing Materials Consumed 2.43 7.27
Supervision & testing expenses 7.89 7.32
Donation to Political parties - 2.25
Loss of stock due to Accident/in transit 0.03 0.01
Advertisement and Selling Expenses 101.80 106.40
Provisions/ Write off for Doubtful Debts, Loans & Advances 12.18 50.85
Provisions for Bad and Doubtful Debts 9.37 -
Business support services 19.43 7.27
Travelling & conveyance expenses 12.90 14.45
Diminution in value of Investments 0.29 0.83
Impairment Loss - 2.29
Loss on Sale / transfer of Investments (net) - 3.15
684.98 636.57
1,111.15 938.23
SCHEDULE : 19
FINANCE CHARGES
INTEREST EXPENSES
Interest on Term Loan / Short Term Loan 320.29 218.08
Interest on Debentures/Bonds 65.14 98.45
Interest on Bank Borrowings & Others 23.71 161.10
409.14 477.63
Less : Interest Income
Interest on Deposit & Others (96.11) (130.66)
313.03 346.97
Bank Commission / Charges 58.35 59.69
Exchange Rate Difference (including premium) 104.46 (78.85)
475.84 327.81
507.86 348.82
109
SCHEDULE: “20”
NOTES FORMING PART OF THE CONSOLIDATED ACCOUNTS
A) SIGNIFICANT ACCOUNTING POLICIES adopted by the Company in the preparation and

presentation of the Accounts: -
1. Basis of accounting:
The financial statements have been prepared under the historical cost convention using the accrual
basis of accounting and comply with all the mandatory Accounting Standards as specified in the
Companies (Accounting Standard) Rules, 2006 and relevant provisions of the Companies Act,
1956, as adopted consistently by the Company.
2. Principles of consolidation:
a) The consolidated financial statements have been prepared in accordance with Accounting
Standard 21 (AS 21) on “Consolidated Financial Statements”, Accounting Standard 23
(AS 23) on “Accounting for Investments in Associates in Consolidated Financial
Statements” and Accounting Standard 27 (AS 27) “Financial Reporting of Interests in Joint
Venture” as specified in the Companies (Accounting Standard) Rules, 2006 and on the
basis of the separate audited financial statements of Adani Enterprises Limited (AEL) its
subsidiaries, associates and jointly controlled entities. Reference in the notes to “Group”
shall mean to include AEL, its subsidiaries, associates and jointly controlled entities
consolidated in these financial statements unless otherwise stated.
b) The consolidated financial statements have been prepared on the following basis.
i). The financial statements of the Group are combined on a line-by-line basis by
adding together the book values of like items of assets, liabilities, income and
expenses, after fully eliminating intra-group balances and intra-group transactions
resulting in unrealised profits or losses in accordance with Accounting Standard
(AS) 21 “Consolidated Financial Statements” as specified in the Companies
(Accounting Standard) Rules, 2006.
ii). In case of associates where the Group directly or indirectly holds more than 20% of
equity, investments in associates are accounted for using equity method in
accordance with Accounting Standard (AS) 23 – “Accounting for investments” in
associates in consolidated financial statements” as specified in the Companies
(Accounting Standard) Rules, 2006.
iii). Interest in jointly controlled entities are reported using proportionate consolidation.
iv). The difference between the cost of investment in the subsidiaries / Associates over
the net assets at the time of acquisition of the investment in the subsidiaries /
Associates is recognised in the financial statements as Goodwill or Capital Reserve
as the case may be.
110
v). Minority Interest's share of net profit of consolidated subsidiary for the year is
identified and adjusted against the income of the group in order to arrive at the net
income attributable to shareholders of the Company.
vi). Minority Interest's share of net assets of consolidated subsidiary is identified and
presented in the consolidated balance sheet separate from liabilities and the equity
of the Company's shareholders.
vii). Investments made by the parent Company in subsidiary Company subsequent to

the holding-subsidiary relationship coming into existence are eliminated while
preparing the consolidated financial statement.
viii). Intragroup balances and intragroup transactions are eliminated to the extent of
share of the parent Company in full.
ix). Unrealised profits on account of intra group transactions have been accounted for
depending upon whether the transaction is an upstream or downstream transaction.
x). The consolidated financial statements are prepared using uniform accounting
policies for like transactions and other events in similar circumstances and
necessary adjustments required for deviations if any have been made in the
consolidated financial statements.
The list of Companies / firms included in consolidation, relationship with Adani Enterprises Limited
and Adani Enterprises Limited's shareholding therein is as under: The reporting date for all the
entities is 31St March, 2010.
Name of Company / firm Country of Relationship Shareholding
Incorporation
Adani Global Ltd. (AGL) Mauritius Subsidiary 100% by AEL
Adani Global FZE (AGFZE) U.A.E. Subsidiary 100% by AGL
Adani Global Pte Ltd. (AGPTE) Singapore Subsidiary 100% by AGL
Adani Virginia Inc. ( AVINC) U.S.A. Subsidiary 100% by AGFZE
Bay Bridge Enterprise LLC (BBELLC) U.S.A. Subsidiary 100% by AVINC
95% by AGPTE,
PT Adani Global (PT AG) Indonesia Subsidiary
5 % by AGL
100% by APL
(Became subsidiary of
Adani Shipping Pte. Ltd.(ASPL) Singapore Subsidiary
Adani Power Ltd.
w.e.f. 03.09.2009)
Rahi Shipping Pte. Ltd (RS PTE). Singapore Subsidiary 100% by ASPL
Vanshi Shipping Pte. Ltd.(VS PTE) Singapore Subsidiary 100% by ASPL
Adani Agri Fresh Ltd ( AAFL) India Subsidiary 100% by AEL
Adani Agri Logistics Ltd (AALL) India Subsidiary 100% by AEL
Adani Power Ltd. (APL) India Subsidiary 70.25% by AEL
111

Incorporation
Adani Power Maharashtra Ltd. (APML) India Subsidiary 87.26% by APL
Adani Power Rajasthan Ltd. (APRL) India Subsidiary 100% by APL
Adani Pench Power Ltd.(APNPL) India Subsidiary 100% by APL
Kutchh Power Generation Ltd.(KPGL) India Subsidiary 100% by APL
Adani Power (Overseas) Ltd.(APOL) Dubai Subsidiary 100% by APL
Mahaguj Power Ltd.(MGPL) India Subsidiary 100% by AMPL
Adani Power Pte. Ltd.(AP PTE) Singapore Subsidiary 100% by APL
95% by AGPTE,
PT Aneka Sumber Bumi (PT AS) Indonesia Subsidiary
5% by AGL
Adani Energy Ltd. ( AENL) India Subsidiary 100% by AEL
Adani Gas Ltd.(AGASL) India Subsidiary 100% by AEL
Adani Cements Ltd.(ACL) India Subsidiary 100% by AEL
Maharashtra Eastern Grid Power 100% by AEL
India Subsidiary
Transmission Company Ltd.(MEGPTCL)
Adani Infra (India) Ltd.(AIIL) India Subsidiary 100% by AEL
Adani Mining Pvt.Ltd.(AMPL) India Subsidiary 100% by AEL
Parsa Kente Collieries Ltd. (PKCL) India Joint –Venture 74% by AEL
Adani Welspun Exploration Ltd.(AWEL) India Joint –Venture 65% by AEL
Adani Infrastructure and Developers Pvt. Ltd
India Subsidiary 95% by AEL
(AIDPL)
Adani Estates Pvt. Ltd (AEPL) India Subsidiary 100% by AIDPL
Swayam Realtors & Traders Ltd. (SRTL) India Subsidiary 60% by AIDPL
Columbia Chrome (India) Pvt. Ltd.(CCPL) India Subsidiary 60% by AIDPL
Shantigram Estate Management
India Subsidiary 100% by AIDPL
Pvt.Ltd.(SEMPL)
Adani Developers Pvt Ltd.(ADPL) India Subsidiary 100% by AIDPL
Adani Land Developers Pvt Ltd.(ALDPL) India Subsidiary 100% by AIDPL
Adani Landscapes Pvt Ltd.(ALPL) India Subsidiary 100% by AIDPL
Miraj Impex Pvt.Ltd.(MIPL) India Subsidiary 100% by AEL
Adani Power Dahej Ltd.(APDL) India Subsidiary 100% by APL
Adani Mundra SEZ infrastructure Pvt. Ltd.
(AMSEZ)
Lushgreen Landscapes Pvt. Ltd. (LLPL) India Subsidiary 100% by AIDPL
Natural Growers Pvt. Ltd. (NGPL) India Subsidiary 100% by AIDPL
Jade Food and Properties Pvt. Ltd.(JFPL) India Subsidiary 100% by AIDPL
Jade Agri Land Pvt. Ltd. (JALPL) India Subsidiary 100% by AIDPL
Jade Agricultural Co. Pvt. Ltd. (JACPL) India Subsidiary 100% by AIDPL
Mundra Power SEZ Ltd.(MSEZL) India Subsidiary 100% by APL
PT Kapuas Coal Mining (PTKCM)
Indonesia Subsidiary 87% by AGPTE
(Upto 25th February, 2010)
Rajendra Agri Trade Pvt Ltd (RATPL) India Subsidiary 100% by AIDPL
Rohit Agri Trade Pvt Ltd (RTPL) India Subsidiary 100% by AIDPL
112

Incorporation
Sunanda Agri Trade Pvt Ltd (SATPL) India Subsidiary 100% by AIDPL
(Upto 25th February, 2010)
Shantigram Utility Services Pvt Ltd. India Subsidiary 100% by SEMPL
(SUSPL)
Belvedere Golf and Country Club Pvt Ltd. India Subsidiary 100% by SEMPL
(BGPL)
Aaloka Real Estate Pvt. Ltd.(AREPL) India Subsidiary 100% by AIDPL
Panchdhara Agro Farms Pvt. Ltd. (PAFPL) India Subsidiary 100% by SEMPL
Adani Wilmar Ltd. (AWL) India Joint -Venture 50% by AEL
Rajshri Packagers Ltd. (RPL)
India Joint -Venture 100% by AWL
(w.e.f. 6th May, 2009)
Vishakha Polyfab Pvt. Ltd. (VPPL) India Joint -Venture 50% by AWL
Satyasai Agroils Pvt. Ltd. (SAPL)
India Joint -Venture 50% by AWL
(w.e.f. 9th March, 2010)
Vishakha Industries (VI, FIRM)
India Joint -Venture 50% by AAFL
(w.e.f. 1st December, 2009)
Chemoil Adani Pvt. Ltd. (CAPL) India Joint –Venture 100% by CA PTE
Chemoil Adani Pte Ltd. (CA PTE) Singapore Joint -Venture 50% by AGL
Adani Wilmar Pte Ltd.(AWPTE) Singapore Joint -Venture 50% by AGPTE
M/s Adani Township And Real Estate Co.
India Partnership 75% by ALDPL
(ATRECO, FIRM )
M/s Adani Exports (AE ,FIRM) India Partnership 99% by AEL
The list of Companies included in consolidation in the previous year, relationship with Adani Enterprises
Limited and Adani Enterprises Limited's shareholding therein is as under:
incorporation
Adani Global Ltd. (AGL) Mauritius Subsidiary 100% by AEL
Adani Global FZE (AGFZE) U.A.E. Subsidiary 100% by AGL
Adani Global Pte Ltd. (AGPTE) Singapore Subsidiary 100% by AGL
Adani Virginia Inc. ( AVINC) U.S.A. Subsidiary 100% by AGFZE
Bay Bridge Enterprise LLC (BBELLC) U.S.A. Subsidiary 100% by AVINC
95% by AGPTE,
PT Adani Global (PT AG) Indonesia Subsidiary
5 % by AGL
Adani Shipping Pte Ltd.(ASPL) Singapore Subsidiary 100% by AGL
Adani Agri Fresh Ltd ( AAFL) India Subsidiary 100% by AEL
Adani Agri Logistics Ltd (AALL) India Subsidiary 100% by AEL
Adani Power Ltd. (APL) India Subsidiary 83.14% by AEL
Adani Power Maharashtra Ltd. (APML) India Subsidiary 76.64% by APL
Adani Power Rajasthan Ltd. (APRL) India Subsidiary 100% by APL
65% by AEL from
AHPL on 13-01-2009.
Adani Energy Ltd. ( AENL) India Subsidiary
35% by AEL from
Opal on 22-11-2008
Adani Mining Pvt. Ltd.(AMPL) India Subsidiary 100% by AEL
113
Incorporation
Parsa Kente Collieries Ltd. (PKCL) India Joint –Venture 74% by AEL
Adani Welspun Exploration Ltd.(AWEL) India Joint –Venture 65 % by AEL
Adani Infrastructure and Developers Pvt Ltd
India Subsidiary 95% by AEL
(AIDPL)
Adani Estates Pvt. Ltd (AEPL) India Subsidiary 100% by AIDPL
Swayam Realtors & Traders Ltd. (SRTL) India Subsidiary 60% by AEPL
Columbia Chrome (India) Pvt. Ltd.(CCPL) India Subsidiary 60% by AEPL
Shantigram Estate Management
Pvt.Ltd.(SEMPL)
Adani Developers Pvt Ltd.(ADPL) India Subsidiary 100% by AIDPL
Adani Land Developers Pvt Ltd.(ALDPL) India Subsidiary 100% by AIDPL
Adani Landscapes Pvt Ltd.(ALPL) India Subsidiary 100% by AIDPL
Miraj Impex Pvt.Ltd.(MIPL) India Subsidiary 100% by AEL
Adani Power Dahej Ltd.(APDL) India Subsidiary 100% by APL
Adani Mundra SEZ infrastructure Pvt. Ltd.
(AMSEZ)
Lushgreen Landscapes Pvt. Ltd. (LLPL) India Subsidiary 100% by AIDPL
Natural Growers Pvt. Ltd. (NGPL) India Subsidiary 100% by AIDPL
Jade Food and Properties Pvt. Ltd.(JFPL) India Subsidiary 100% by AIDPL
Jade Agri Land Pvt. Ltd. (JALPL) India Subsidiary 100% by AIDPL
Jade Agricultural Co. Pvt. Ltd. (JACPL) India Subsidiary 100% by AIDPL
Mundra Power SEZ Ltd.(MSEZL) India Subsidiary 100% by APL
Adani Power (Overseas) Ltd.(APOL) Dubai Subsidiary 100% by APL
PT Kapuas Coal Mining (PTKCM) Indonesia Subsidiary 87% by AGPTE
Rajendra Agri Trade Pvt Ltd (RATPL) India Subsidiary 100% by AIDPL
Rohit Agri Trade Pvt Ltd (RTPL) India Subsidiary 100% by AIDPL
Sunanda Agri Trade Pvt Ltd (SATPL) India Subsidiary 100% by AIDPL
Shantigram Utility Services Pvt. Ltd.
India Subsidiary 100% by SEMPL
(SUSPL)
Belvedere Golf and Country club Pvt
India Subsidiary 100% by SEMPL
Ltd.(BGPL)
Aaloka Real Estate Pvt. Ltd.(AREPL) India Subsidiary 100% by AIDPL
Panchdhara Agro Farms Pvt. Ltd. (PAFPL) India Subsidiary 100% by SEMPL
Adani Wilmar Ltd. (AWL) India Joint -Venture 50% by AEL
Chemoil Adani Pvt. Ltd. (CAPL) India Joint –Venture 100% by CA PTE
Chemoil Adani Pte Ltd. (CA PTE) Singapore Joint -Venture 50% by AGL
M/s Adani Township and Real Estate Co.
India Partnership 75% by ALDPL
(ATRECO, FIRM)
M/s Adani Exports (AE ,FIRM) India Partnership 99% by AEL
Vyom Tradelinks Pvt. Ltd.(Upto 01.11.2008) India Subsidiary 100% by AEL
Libra Shipping Pte Ltd. (Upto 01.11.2008) India Subsidiary 100% by AGL
Adani Habitats Pvt.Ltd. (Upto 20.02.2009) India Subsidiary 100% by AEL
114
3. SIGNIFICANT ACCOUNTING POLICIES:
a) BASIS OF PREPARATION OF FINANCIAL STATEMENT
The financial statements have been prepared under the historical cost convention using the
accrual basis of accounting and comply with all the mandatory Accounting Standards as
specified in the Companies (Accounting Standard) Rules, 2006 and relevant provisions of
the Companies Act, 1956, as adopted consistently by the Company. All income and
expenditure having a material bearing on the financial statements are recognized on
accrual basis.
Most of the accounting policies of the reporting Company and those of its Subsidiaries,
Joint Venture and Associates are similar. However, since certain Subsidiaries / Joint
Venture/ Associates are in businesses that are distinct from that of the reporting Company
and function in different regulatory environments, certain accounting policies may differ.
The accounting policies of all the Companies are in line with Generally Accepted Accounting
Principles.
b) USE OF ESTIMATES
The preparation of financial statements in conformity with Generally Accepted Accounting

Principles (GAAP) requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent liabilities on
the date of the financial statements. Actual results could differ from those estimates.
Any revision to accounting estimates is recognized in the period in which such revision are
made.
c) INVENTORIES
i). Inventories are valued at lower of cost or Net Realisable value.
ii). Cost of inventories have been computed to include all costs of purchases, cost of
conversion and other costs incurred in bringing the inventories to their present
location and condition.
iii). The basis of determining cost for various categories of inventories are as follows:
a) Raw material : Weighted Average Cost
b) Traded / Finished goods : Weighted Average Cost.
c) Stores and spares : Weighted Average Cost.
d) CASH FLOW STATEMENT
The Cash flow Statement is being prepared in accordance with the format prescribed by
Securities and Exchange Board of India and as per Accounting Stanadard-3 as specified in
the Companies (Accounting Standard) Rules, 2006.
115
e) MATERIAL EVENTS
Material events occurring after the balance sheet date are taken into cognizance.
f) PRIOR PERIOD AND EXCEPTIONAL ITEMS
All identifiable items of Income and Expenditure pertaining to prior period are accounted
through “Prior Period Adjustment Account”
Exceptional items are generally non-recurring items of income and expense within profit or
loss from ordinary activities, which are of such size, nature or incidence that their disclosure
is relevant to explain the performance of the Company for the year.
g) DEPRECIATION
i). Depreciation on Fixed Assets is provided on straight line method at rates and in the
manner specified in Schedule XIV to the Companies Act, 1956 read with the
relevant circulars issued by the Ministry of Corporate Affairs.
ii). Depreciation on Assets acquired / disposed off during the year is provided on
pro-rata basis with reference to the date of addition/disposal.
iii). Individual assets costing less than Rs.5,000/- are fully depreciated in the year of
purchase.
iv). Intangible Assets in the form of Software which are an integral part of Computer
Systems are amortized at the same rate as that of Computer Systems.
h) REVENUE RECOGNITION
i). Sales of goods is recognized on shipment or dispatch to customer sales and

net of Sales-tax and return.
ii). Dividend income from investments is recognized when the Company's right to
receive payment is established.
iii). Income from services rendered is accounted for when the work is performed.
iv). Interest revenues are recognized on time proportion basis taking into account the
amount outstanding and the rate applicable.
v). Profit/Loss on sale investments are recognized on the contract date.
vi). Export benefits under various scheme announced by the Central Government
under Exim policies are accounted for on accrual basis to the extent considered
receivable, depending on the certainty of receipt.
116
vii). Income from Construction Contracts
Revenue from construction contracts is recognized on the 'Percentage of

Completion method' of accounting.
Revenue on account of contract variations, claims and incentives are recognized

upon determination or settlement of the contract.
i) GOVERNMENT GRANTS AND SUBSIDIES
Grants and subsidies from the Government are recognized when there is reasonable
assurance that the grant / subsidy will be received and all attaching conditions will be
complied with. When the grant or subsidy relates to an expense item, it is recognized as
income over the periods necessary to match them on a systematic basis to the costs, which
it is intended to compensate.
j) GOODWILL
On the acquisition of an undertaking, the difference between the purchase consideration

and the value of the net assets acquired is recognized as Goodwill.
Goodwill which has a limited useful economic life is amortised over a period of fifteen years
on straight line basis from the year of creation.
k) FIXED ASSETS
i). Fixed assets are stated at cost of acquisition or construction. They are stated at
historical cost less accumulated depreciation.
ii). Expenditure on accounts of modification/alteration in plant and machinery, which

increases the future benefit from the existing asset beyond its previous assessed
standard of performance, is capitalized.
iii). Any capital expenditure in respect of assets, the ownership of which would not vest
with the Company, are charged off to revenue in the year of incurrence.
iv). The cost of fixed assets not put to use before the year end, are disclosed under
capital work-in-progress.
l) FOREIGN CURRENCY TRANSACTIONS
i) Initial Recognition
Transactions denominated in foreign currencies are recorded at the exchange rates

prevailing on the date of the transaction.
117
ii) Conversion
At the year-end, monetary items denominated in foreign currencies, other than

those covered by forward contracts, are converted into rupee equivalents at the year
end exchange rates.
iii) Exchange Differences
All exchange differences arising on settlement and conversion on foreign currency

transaction are included in the Profit and Loss Account or Capital work in progress
as the case may be.
iv) Forward Exchange Contracts
The Company uses foreign currency forward contracts to hedge its risks associated
with foreign currency fluctuations relating to certain firm commitments and
forecasted transactions.
The use of such foreign currency forward contracts is governed by the Company's
policies approved by the management, which provide principles on use of such
financial derivatives consistent with the Company's risk management strategy.
The Company does not use derivative financial instrument for speculative
purposes.
In respect of transactions covered by forward exchange contracts, the difference

between the year end rate and the exchange rate at the date of contract is
recognized as exchange difference and the premium paid on forward contracts is
recognized over the life of the contracts.
m) INVESTMENTS
a) Long-term Investments are stated at cost. Provision for diminution in the value of
long-term Investments is made only if such a decline is other than temporary in the
opinion of the management.
b) Current investment are carried at the lower of cost and quoted/fair value, computed
category wise.
c) Investment in shares of foreign subsidiary Company is expressed in Indian

Currency at the rates of exchange prevailing at the time when the investment was
made.
n) EMPLOYEES RETIREMENT BENEFITS
a) Defined Benefit Plan
Gratuity with respect to defined benefit schemes are accrued based on actuarial
valuations, carried out by an independent actuary as at the balance sheet date.
These contributions are covered through Group Gratuity Scheme with Life
Insurance Corporation of India and are charged against revenue.
118
b) Defined Contribution plans :
Company's contribution to Provident Fund, Superannuation Fund, Employees'

State Insurance Fund are determined under the relevant schemes and/or statute,
charged to the Profit & Loss Account when incurred.
c) Provision is made for leave encashment based on actuarial valuation, carried out by
an independent actuary as at the balance sheet date.
d) Termination benefits, if any, are recognized as an expense as and when incurred.
o) BORROWING COSTS
Borrowing costs that are attributable to the acquisition or construction of qualifying assets
are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for intended use. All other borrowing costs are
charged to revenue.
p) RELATED PARTY TRANSACTIONS
Disclosure of transactions with Related Parties, as required by Accounting Standard 18

“Related Party Disclosures” has been set out in a separate statement annexed to this
Schedule. Related parties as defined under clause 3 of the Accounting Standard have been
identified on the basis of representations made by key managerial personnel and
information available with the Company.
q) LEASES
The Company's significant leasing arrangements are in respect of operating leases for
premises (residential, office, stores, godowns, etc.) and land. The aggregate lease rental
payable are charged as rent including lease rentals.
r) EARNING PER SHARE
The Company reports basic and diluted earnings per share (EPS) in accordance with
Accounting Standard 20 as specified in the Companies (Accounting Standard) Rules, 2006.
The Basic EPS has been computed by dividing the income available to Equity Shareholders
by the weighted average number of Equity Shares outstanding during the accounting year.
The Diluted EPS has been computed using the weighted average number of Equity Shares
and dilutive potential Equity Shares outstanding at the end of the year.
s) TAXES ON INCOME
i). DEFERRED TAXATION

In accordance with the Accounting Standard 22 – Accounting for Taxes on Income,
issued by the Institute of Chartered Accountants of India, the deferred tax for timing
differences between the book and tax profits for the year is accounted for by using
the tax rates and laws that have been enacted or substantively enacted as of the
Balance Sheet Date.
119
Deferred tax assets arising from timing differences are recognised to the extent there is
virtual certainty that the assets can be realised in future.
Net outstanding balance in Deferred Tax account is recognized as deferred tax

liability/asset. The deferred tax account is used solely for reversing timing difference as and
when crystallized.
ii). CURRENT TAXATION
Provision for taxation has been made in accordance with the income tax laws
prevailing for the relevant assessment years.
t) IMPAIRMENT OF FIXED ASSETS
The carrying amount of assets, other than inventories, is reviewed at each balance sheet
date to determine whether there is any indication of impairment. If any such indication
exists, the assets recoverable amount is estimated.
The impairment loss is recognised whenever the carrying amount of an asset or its cash
generation unit exceeds its recoverable amount. The recoverable amount is the greater of
the asset's net selling price and value in the uses which is determined based on the
estimated future cash flow discounted to their present values. All impairment losses are
recognised in the profit and loss account.
An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount and is recognised in the profit and loss account.
u) PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimation in measurements are recognized when

there is a present obligation as a result of past events and it is probable that there will be an
outflow of resources. Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the financial statements.
v) EXPENDITURE
Expenses are net of taxes recoverable, where applicable.
w) DERIVATIVE INSTRUMENTS
As per the Institute of Chartered Accountants of India ('ICAI') Announcement, accounting for
derivative contracts, derivative contract other than those covered under AS – 11,
120
“The effects of Changes in the Foreign exchange rates”, are marked to market on a portfolio
basis, and the net loss after considering the offsetting effect on the underlying hedge item is
charged to the income statement. Net gains are ignored.
x) ACCOUNTING OF CLAIMS
i). Claims received are accounted at the time of lodgement depending on the certainty
of receipt and claims payable are accounted at the time of acceptance.
ii). Claims raised by Government authorities regarding taxes and duties, which are
disputed by the Company, are accounted based on legality of each claim.
Adjustments, if any are made in the year in which disputes are finally settled.
y) PROPOSED DIVIDEND
Dividend proposed by the Directors is provided for in the books of account pending approval
by the members at the Annual General Meeting.
z) DOUBTFUL DEBTS / ADVANCES
Provision is made in the accounts for Debts / Advances which in the opinion of the
management are considered doubtful of recovery.
aa) MISCELLANEOUS EXPENDITURE – DEFERRED REVENUE EXPENSE AND

PRELIMINARY EXPENDITURE
This represents preliminary and pre-operating costs incurred during the period. It will be
fully written off on commencement of operations.
Share issue expenses incurred in connection with the Rights Issue of the Company is
shown under Miscellaneous Expenditure (to the extent not written off or adjusted). Such
expenditure would be adjusted against the Share Premium Account as and when shares
will be issued after completion of the rights issue.
bb) OTHER SIGNIFICANT ACCOUNTING POLICIES
These are set out in the notes to accounts under “Statement of Accounting Policies” of the
financial statements of the Company, AGL, AGFZE, AGPTE, AVINC, BBELLC, PT AG,
ASPL,RS PTE,VS PTE, AAFL, AALL, APL, APML, APRL, APNPL, KPGL, APOL, MGPL,
AP PTE, PT AS, AENL, AGASL, ACL, MEGPTCL, AIIL, AMPL, PKCL, AWEL, AIDPL, AEPL,
SRTL, CCPL, SEMPL, ADPL, ALDPL, ALPL, MIPL, APDL, AMSEZ, LLPL, NGPL, JFPL,
JALPL, JACPL, MSEZL, APOL, PTKCM, RATPL, RTPL, SATPL, SUSPL, BGPL, AREPL,
PAFPL, AWL, RPL, VPPL, ASPL, CAPL, CA PTE, AWPTE.
121
(B) NOTES ON ACCOUNTS:-
1. In AGL, AGFZE, AGPTE, AVINC, BBELLC, PT AG, ASPL, RSPTE, VSPTE, APOL, AP PTE,
PT AS, CA PTE, AW PTE the summarized revenue and expenses transactions at the year
end reflected in Profit & Loss Account have been translated into Indian Rupees at an
average of monthly exchange rate.
The assets and liabilities in the Balance Sheet have been translated into Indian Rupees at
the closing exchange rate at the year end. The resultant translation exchange, gain / loss
has been disclosed as Exchange Reserves in Reserves and Surplus.
The Company has disclosed only such policies and notes from individual financial
statements, which fairly present the needed disclosures. Lack of homogeneity and other
similar considerations made it desirable to exclude some of them, which in the opinion of the
management, could be better viewed, when referred from the individual financial
statements.
2. The Consolidated results for the year ended 31st March, 2010 are not comparable with the
previous year, due to following :
a) Investment in subsidiaries and step-down subsidiaries :
·Adani Pench Power Ltd. w.e.f. 23rd September, 2009

·Adani Power Pte. Ltd. w.e.f. 23rd October, 2009
·Kutch Power Generation Ltd. w.e.f. 16th November, 2009
·
th
Rahi Shipping Pte. Ltd. w.e.f. 15 Decmeber, 2009
·Vanshi Shipping Pte. Ltd. w.e.f. 15th December, 2009
·Adani Cements Ltd. w.e.f. 21st December, 2009
·Maharashtra Eastern Grid Power Transmission Company Limited.
th
w.e.f. 15 February, 2010
·Mahaguj Power Ltd. w.e.f. 20th February, 2010
·Adani Infra (India) Ltd. w.e.f. 08th March, 2010
·PT Aneka Sumber Bumi w.e.f. 12th March, 2010
b) Divestment of subsidiaries and step-down subsidiaries :
·
th
PT Kapuas Coal Mining w.e.f. 25 February, 2010
·
th
Sunanda Agri Trade Pvt. Ltd. w.e.f. 25 February, 2010
122
3. Contingent liabilities not provided for

(Rs. In Crores)
AS AT AS AT
PARTICULARS
31-03-2010 31-03-2009
a) Claims against the Company not acknowledged as debts 148.21 418.85
b)In respect of :
Income Tax 13.80 0.19
Service Tax 14.56 7.64
Sales Tax 34.15 33.89
Custom Duty 53.47 21.33
Excise Duty 6.43 -
FERA / FEMA 4.16 -
c) In respect of Corporate Guarantees given:-
I To Companies under the same Management 243.29 223.04
II To it’s Subsidiaries 195.42 152.85
III For obligations to Associates 60.00 5.00
d) Bills of Exchange Discounted 355.84 909.49
e) In respect of Bank Guarantees given to Government
976.45 492.71
agencies.
f) Bonds submitted to Development Commissioner on
3,771.42 2,286.72
behalf of the Government of India
g) Letter of Credit 2,929.94 1,631.10
h) Additional stamp duty on transfer of Land/ Immovable properties, in which liability is
unascertainnble.
i) Certain claims / show cause notices disputed have neither been considered as contingent
liabilities nor acknowledged as claims, based on internal evaluation of the management.
j) An export obligation of Rs. 16.19 Crore (Previous Year Rs. 4.10 Crore) is pending which is
equivalent to 8 times of duty saved Rs.2.02 Crore (Previous Year Rs. 0.51 Crore).
An export obligation though completed but procedural relinquishment are pending before
Customs of Rs. 12.91 Crore (Previous Year Rs. 1.20 Crore).
k) Estimated amounts of contracts remaining to be executed and not provided for (Net of Advances)
Rs. 7,910.33 Crores (Previous Year Rs. 21,979.41Crore).
l) Show cause notices issued under The Custom Act, 1962, wherein the Company has been
asked to show cause why, penalty should not been imposed under section 112 (a) and
114 (iii) of The Custom Act,1962 in which liability is unascertainable.
m) Show cause notice in terms of value of export goods under section 14 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 read with Rule (4) of the Foreign Exchange Management (Adjudication
Proceedings and Appeal) Rule,2000, in which liability is unascertainable.
n) The custom duty on Electrical energy removed from a Special Economic Zone to Domestic
Tariff Area (DTA) and non-processing area of SEZ, has been levied in the Union Budget 2010-11
vide notification number-25/2010-Customs dated 27th February, 2010. One of the group
Company has challenged the constitutional validity and legality of the said notification by filing
Special Civil application in the High Court of Gujarat. The matter is being heard. However, the
Company has till date deposited duty of Rs. 23.00 Crores under protest and has included the
same in Schedule 13 of Loans and Advances.
123
o) One of the group Company entered into an agreement (PPA) dated 2nd February, 2007
with Gujarat Urja Vikas Nigam Limited (GUVNL) for supply of power on long term basis
subject to certain conditions to be complied within stipulated time. Amongst others, one of
the conditions was pertaining to tie-up of fuel supply based on coal to be provided by
Gujarat Mineral Development Corporation (GMDC). This arrangement did not materialize.
Consequently, the Company had terminated the PPA and offered to pay the liquidated
damages. However, GUVNL has contested the termination and approached Gujarat
Energy Regulatory Commission (GERC) to resolve the matter. Pending the matter before
GERC and being sub-judice, no effect of the same has been given in these financial
statements.
p) 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.
q) Complaint 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
penalty would be not more than Rs. 0.01 Crore (P.Y. 0.01 Crore).
4. Segment Reporting
i) Primary Segment
Segments have been identified in line with Accounting Standard-17 “Segment Reporting”, taking
into account the organization structure as well as different risk and returns of these segments.
ii) Secondary Segment
Two Secondary Segments have been identified based on the geographical locations of customers:
within India and outside India.
Primary Segment Information:

(Rs. In Crores)
Inter
Trading Real Others Total
Particulars Power Segment
Estate
Elimination
REVENUE
Sales and Operating 22,273.59 84.16 47.04 3,485.08 - 25,889.87
Earning (External) 21,914.01 0.35 - 4,343.92 - 26,258.28
4,741.88 68.34 387.82 41.94 5,239.98
Inter Segment transaction
4.18 - - 1,151.94 - 1,156.12
Total Sales and Operating 27,015.47 152.50 434.86 3,527.02 (5,239.98) 25,889.87
Earning ( Net ) 21,918.19 0.35 0.00 5,495.86 (1,156.12) 26,258.28
29.93 1.69 - 1.87 - 33.49
Other Income
13.81 0.52 - (22.05) 22.36 14.64
27,045.40 154.19 434.86 3,528.88 (5,239.98) 25,923.36
Total Revenue
21,931.99 0.87 - 5,473.82 (1,133.76) 26,272.92
RESULT
1,407.96 37.05 208.47 91.81 (169.91) 1,575.38
Segment Result (PBIT)
1,120.23 (2.38) (5.54) 52.83 (232.40) 932.74
- - - - - 507.86
Interest Expenses (Net)
- - - - - 348.82
124
(Rs. In Crores)
Inter
Trading Real Others Total
Particulars Power Segment
Estate
Elimination
- - - - - 94.48
Income taxes
- - - - - 78.48
- - - - - 973.04
Net Profit after tax
- - - - - 505.44
- - - - - 53.74
Share of Minority Interest
- - - - - 0.79
Net Profit Attributable to - - - - - 919.30
Shareholders - - - - - 504.65
OTHER INFORMATION
11,891.95 2,856.88 17,928.05 2,975.34 (5,236.31) 30,415.91
Segment assets
11,775.97 2,514.85 7,760.30 2,309.08 (4,228.14) 20,145.06
11,891.95 2,856.88 17,928.05 2,975.34 (5,236.31) 30,415.91
Segment liabilities
11,775.97 2,527.85 7,760.30 2,309.08 (4,228.14) 20,145.06
53.69 1.56 35.35 60.86 - 151.46
Depreciation/Amortisation
47.52 0.68 - 33.98 - 82.18
98.80 (0.17) 8,687.90 372.78 (20.20) 9,139.10
Capital Expenditure
225.22 9.35 4,689.22 258.41 (0.08) 5,182.12
Secondary Segment Information :

(Rs. In Crores)
Particulars Within India Outside India Elimination Total
15,187.46 15,942.39 (5,239.98) 25,889.87
Sales
17,982.41 13,798.67 (5,522.80) 26,258.28
5. Disclosure as required by Accounting Standard 19, “Leases” as specified in the Companies

(Accounting Standard) Rules, 2006 are given below:
Being the Company is lessee:

(I) The Company's significant leasing arrangements are in respect of godowns / residential / office
premises (Including furniture and fittings therein, as applicable). The aggregate lease rental
payable is charged to Profit and Loss Account as Rent in Schedule 17.
125
(ii) The Leasing arrangements, which are cancelable, range between 11 months and 5 years. They are
usually renewable by mutual consent on mutually agreeable terms. Under these arrangements,
generally refundable interest free deposits have been given. Disclosure in respect of the same
arrangements:
(Rs. In Crores)
Total of future minimum lease payments under cancelable
operating lease for each of the following periods
(iii) The Leasing arrangements, which are non-cancelable, and for a period of 5 years or more.
Disclosure in respect of the same arrangements:
(Rs. In Crores)
Total of future minimum lease payments under non-
cancellable operating lease for each of the following periods
Later than five years 21.63 22.72
6. Disclosure regarding Derivative Instruments and Unhedged Foreign Currency Exposure.
a) The outstanding foreign currency derivative contracts as at 31st March, 2010 in respect of various
types of derivative hedge instruments and nature of risk being hedged are as follows.
I. Forward derivative contracts
1. In respect of Exports and other Receivables

(Amount In Crores)
Amount in Equivalent Amount in
Foreign Indian Foreign
Currency Rupees Currency
st st st
31st March, 31 March, 31 March, 31 March,
2010 2010 2009 2009
USD/INR 0.57 25.77 7.62 389.82
USD/JPY 1.23 55.30 1.61 76.57
EUR/INR - - 0.01 0.90
126
2. In respect of Imports and other Payables

(Amount In Crores)
Amount in Equivalent Amount in
Foreign Indian Foreign
Currency Rupees Currency
st st st st
31 March, 31 March, 31 March, 31 March,
2010 2010 2009 2009
USD/INR 49.19 2,223.35 34.45 1,743.05
USD/JPY 0.05 2.26 - -
ii Option derivative contracts
1. In respect of Exports and other Receivables

(Amount In Crores)
st st st st
2010 2010 2009 2009
USD/INR 0.71 32.18 0.70 35.67
2. In respect of Imports and other Payables

(Amount In Crores)
st st st st
2010 2010 2009 2009
USD/CHF - - 0.01 0.51
a) 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 booked profit an amount of
Rs. 2.28 Crores (Previous Year Loss Rs. 6.84 Crores) to profit and loss account in respect of
derivative contracts outstanding as on 31st March, 2010.
b) Foreign currency exposures not covered by derivative instruments or otherwise as at

31st March, 2010 amounting to Rs.11,169.87 Crores. (Previous Year Rs. 7,585.50 Crores).
127
c) Foreign currency exposures not covered by derivative instruments or otherwise as at

31st March, 2010 amounting to Rs.11,169.87 Crores.( Previous Year Rs. 7,585.50 Crores).
Amount In Foreign Amount in Rs.
Particulars Currency
Currency (In Crore) (In Crore)
1.742 USD 78.66
Supplier Credit
1.287 USD 65.60
Packing Credit Forward 0.776 USD 35.04
Contract 0.557 USD 28.36
0.001 EUR 0.01
0.646 EUR 43.57
0.001 GBP 0.04
Sundry Creditors 0.000 GBP 0.01
0.003 SGD 0.08
- SGD -
181.838 USD 8,208.19
74.821 USD 3,746.90
0.240 USD 10.83
0.318 USD 16.23
- GBP -
Other Payable
0.001 GBP 0.03
- JPY -
0.027 JPY 0.02
Foreign Currency 21.484 USD 969.79
Convertible Bonds 24.800 USD 1,263.56
Foreign Currency Loan 0.055 USD 2.50
0.027 USD 1.42
0.046 EUR 3.01
0.087 EUR 5.74
0.001 GBP 0.05
Sundry Debtors - GBP -
17.088 USD 771.40
19.674 USD 1,002.37
0.001 EUR 0.01
0.657 EUR 44.33
EEFC Accounts
0.051 USD 2.31
0.004 USD 0.21
13.675 USD 617.28
Time Deposit
16.416 USD 836.37
0.203 USD 9.17
Other Receivable
0.194 USD 9.87
10.224 USD 461.50
Preference Share Investment
10.224 USD 520.91
128
7. As per the Accounting Standard 18, disclosure of transactions with related parties (As identified by
the Management), as defined in Accounting Standard are given below:
i) Name of related parties & description of relationship
1. Associate Entities
? Adani Petronet (Dahej) Port Pvt. Ltd. ?Accurate Finstock Pvt. Ltd.
? Adani Retail Pvt. Ltd. ?Mundra SEZ Textile and Apparel Park Pvt. Ltd.
? Rajasthan SEZ Pvt. Ltd. ?Mundra Port and Special Economic Zone Ltd.
? Adani Logistics Ltd. ?I Call India Pvt. Ltd.
? Aditya Corpex Pvt. Ltd. ?Hinduja Exports Pvt. Ltd.
? Adani Shipyard Pvt. Ltd. ?Adani Infrastructure Services Pvt. Ltd.
? m to M Traders Pvt. Ltd. ?Netvantage International Pvt. Ltd.
? M/s. Adani Textile Industries ?M/s. Ezy Global
? M/s. Adani Commodities (Formerly
Adani Investments) ?M/s Advance Exports
? M/s Advance Tradex (formerly ?Adani Tradelinks Pvt. Ltd.
Advance Investment) (formerly M/s. Adani Tradelinks)
? M/s. Crown International ?M/s. Shanti Builders
? Adani Agro Pvt. Ltd. ?Gujarat Adani Infrastructure Pvt. Ltd.
? B2B India Pvt. Ltd. ?Adani Habitats Pvt. Ltd.
? Adani Properties Pvt. Ltd. ?I-Gate India Pvt. Ltd.
? Dholera Port and Special Economic
Zone Ltd. ?Mundra Aviation U.K.
? Karnavati Aviation Pvt. Ltd. ?Mundra SEZ Utilities Pvt. Ltd.
? Ventura Trade and Investment Pvt ?Trident Trade and Investment Pvt Ltd.,
Ltd., Mauritius Mauritius
? Pride Trade and Investment Pvt Ltd., ?Radiant Trade and Investment Pvt Ltd.,
Mauritius Mauritius
? Baramati Power Pvt. Ltd. ?Shankheshwar Buildwell Pvt. Ltd.
? Adani Hazira Port Pvt. Ltd. ?Mundra International Airport Pvt. Ltd.
? Adani Murmugoa Terminal Port Pvt.
Ltd. ?Gujarat State Export Corporation Ltd.
2. Key Management Personnel
? Shri Gautam S. Adani, Chairman ?Shri Devang S. Desai
Executive Director & CFO (w.e.f. 27.01.2010)
? Shri Rajesh S. Adani
Managing Director
3. Relatives of Key Management Personnel with whom transactions done during the year.
?Shri Vinod S. Adani
129
ii Nature & Volume of Transaction with Related Parties (Rs. In Crores)

Relatives of Key
Sr. Associate Key Mgmt
Particulars Management
No. Entities Personnel Personnel
145.86 - -
1 Sales (Net of Return)
93.62 - -
0.68 - -
2 Purchase (Net of Return)
32.19 - -
- - -
3 Sale of Investment
0.05 - -
0.21 - -
4 Sale of Fixed Asset
- - -
- - -
5 Purchase of Fixed Asset
- - -
- - -
6 Purchase of Investments
- - -
(5.00) - -
7 Interest - received / (paid)
- - -
Funds given [including investment in 713.47 - -
8 preference shares/equity participation/
business arrangement] 493.11 - -
Funds received [including redemption of 1,302.85 - -
9
Preference share/business arrangement] 497.42 - -
11.97 - -
10 Service rendered
5.47 -
848.16 - -
11 Service availed
656.06 - -
34.43 - 0.02
12 Rent paid
90.35 - 0.02
0.14 - -
13 Rent received
0.23 -
- 4.82* -
14 Remuneration
- 22.14*
Balance Outstanding
31st March, 2010 (due from) 54.01 - -
15 31st March, 2010 (due to) 620.82 - -
31st March, 2009 (due from) 67.59 - -
31st March, 2009 (due to) 158.52 - -
* The above does not include Provision for Leave Encashment and Gratuity as it is provided in the
books on the basis of actuarial valuation for the Company as a whole and hence individual figures
cannot be identified.
130
Disclosure in Respect of Material Related Party Transactions during the year :
1. Sales (Net of Return) to Mundra Port & Special Economic Zone Ltd. Rs. 140.18 Crores
(Previous Year Rs. 34.12 Crores); Hinduja Exports Pvt. Ltd. Rs. Nil (Previous Year Rs. 30.63
Crores); Gujarat State Export Corporation Ltd. Rs. 2.16 Crores (Previous Year Rs. 27.33
Crores).
2. Purchase ( Net of Return) from Aditya Corpex Pvt. Ltd. Rs. Nil (Previous Year Rs. 26.99
Crores); Mundra Port & Special Economic Zone Ltd. Rs. 0.68 Crores (Previous Year
Rs. 0.73 Crores); Adani Tradelinks Pvt. Ltd. Rs. Nil (Previous Year Rs. 4.47 Crores).
3. Sale of Investment to B2B India Pvt. Ltd. Rs. Nil (Previous Year Rs. 0.05 Crores).
4. Sale of Fixed Asset to Gujarat State Export Corporation Ltd. Rs. 0.07 Crore (Previous
Year Rs Nil); Mundra Port & Special Economic Zone Ltd. Rs. 0.14 (Previous Year Rs. Nil).
5. Interest – received / (paid) to Aditya Corpex Pvt. Ltd. Rs. 5.00 Crore (Previous Year
Rs. Nil).
6. Funds given [including investment in Preference shares/equity participation/

business arrangement] to Aditya Corpex Pvt. Ltd. Rs. 453.63 Crores (Previous Year
Rs. 403.82 Crores); Adani Agro Pvt. Ltd. Rs. 235.96 Crore (Previous Year Rs. Nil); Hinduja
Exports Pvt. Ltd. Rs. Nil (Previous Year Rs. 78.60 Crores).
7. Funds received [including redemption of Preference shares/business arrangement]

from Aditya Corpex Pvt. Ltd. Rs. 453.53 Crores (Previous Year Rs. 403.82 Crores);
Adani Agro Pvt. Ltd. Rs. 848.86 Crores (Previous Year Rs. 4.00 Crores).
8. Service rendered to Mundra Port & Special Economic Zone Ltd. Rs. 3.67 Crores
(Previous Year Rs. 4.47 Crores); Karnavati Aviation Pvt. Ltd. Rs. 6.30 Crore (Previous Year
Rs. Nil).
9. Service availed from Mundra Port & Special Economic Zone Ltd. Rs. 834.46 Crores
(Previous Year Rs. 625.90 Crores).
10. Rent paid to Mundra Port & Special Economic Zone Ltd. Rs. 33.68 Crore (Previous Year
Rs. 89.53 Crores).
11. Rent received from Mundra Port & Special Economic Zone Ltd. Rs. 0.24 Crore
(Previous Year Rs. 0.12 Crore); Adani Logistics Ltd. Rs. Nil (Previous Year Rs. 0.10 Crore).
12. Remuneration to Shri Gautam S. Adani Rs.1.92 Crore (Previous Year Rs. 9.20 Crore);
Shri Rajesh S. Adani Rs. 2.71 Crore (Previous Year Rs. 9.95 Crore); Shri Pradeep Mittal
Rs. Nil (Previous Year Rs. 2.99 Crore).
131
8. Earning Per Share (Rs. In Crores)

Year ended Year ended
Particulars
31-03-2010 31-03-2009
Net Profit after tax available for Equity Shareholders 919.30 504.65
Number of shares used in computing Earning Per Share
Basic 49,56,13,007 24,66,09,175
Diluted 52,67,64,807 26,34,13,236
Earning Per Share (Equity Shares, face value Re.1)
Basic (In Rs.) 18.55 10.20
Diluted (In Rs.) 18.22 10.54
Dilutive potential Equity Shares are those which are deemed for the purpose of the computation
pertains to the expected conversion of Bonds.
9. a) Deferred Tax (Rs. In Crores)

As At As At
Particulars
31-03-2010 31-03-2009
Deferred Tax Liability on account of

(i) Depreciation 156.48 64.88
(ii) Others 0.18 -
Total 156.66 64.88
Deferred Tax Assets on Account of
(i) Leave Encashment 0.58 0.39
(ii) Carry Forward of Losses 10.49 6.19
(iii) Provision for Bad Debts 5.15 2.19
(iv) Preliminary Expenses 20.71 -
(v) Other 49.80 3.90
Total 86.73 12.67
Net Deferred Tax Liability 69.93 52.21
b) In accordance with “Accounting Standard 22”, the deferred tax Liabilities of Rs.37.53 Crores
(Previous year of Rs. 10.97 Crores) for the year has been recognised in the Profit & Loss
Account.
10. Pursuant to Accounting Standard (AS 27) – Financial Reporting of Interests in Joint Venture, the
disclosures relating to the Joint Ventures are as follows :
Percentage of Percentage of
Country of ownership ownership
Name
Incorporation interest as at interest as at
st st
31 March, 2010 31 March, 2009
Adani Wilmar Ltd. India 50.00% 50.00%
Parsa Kente Collieries Ltd. India 74.00% 74.00%
Chemoil Adani Pvt. Ltd. India 50.00% 50.00%
Adani Welspun Exploration Ltd. India 65.00% 65.00%
Adani Wilmar Pte. Ltd. Singapore 50.00% -
Chemoil Adani Pte Ltd. Singapore 50.00% 50.00%
132
st
As at 31 As at 31st
Particulars March,2010 March,2009
(Rs.In Crores) (Rs.In Crores)
I ASSETS
1 Fixed Assets (Including Capital Work In Progress) 445.43 227.22
2 Investments 103.73 27.12
3 Current Assets, Loans & Advances
(a) Inventories 592.79 325.58
(b) Sundry Debtors 259.15 111.56
(c) Cash & Bank Balances 109.45 164.32
(d) Loans & Advances 175.92 59.08
4 Miscellaneous Expenditure - -
Total 1,686.47 914.88
II LIABILITIES
1 Share Capital 100.13 103.65
2 Reserve & Surplus 152.48 153.69
3 Loan Funds
(a) Secured Loans 530.07 218.34
(b) Unsecured Loans 117.96 4.82
4 Deferred Tax Net 26.34 20.64
5 Current liabilities and Provisions
(a) Current Liabilities 752.67 411.88
(b) Provisions 6.82 1.86
Total 1,686.47 914.88
III INCOME 2009-10 2008-09
1 Sales & Operating earnings 4,317.69 3,024.47
2 Other Income 1.69 0.50
Total 4,319.38 3,024.97
IV EXPENSES
1 Operating Expenses 4,257.96 2,954.22
2 Finance Expenses 32.02 21.01
3 Miscellaneous Expenditure Written off - 0.19
4 Depreciation 13.86 8.47
Total 4,303.84 2983.89
PROFIT FOR THE YEAR BEFORE PRIOR
15.54 41.08
PERIOD ADJUSTMENTS
Add: Prior Period Income / (Expenses) (0.43) (0.09)
PROFIT FOR THE YEAR BEFORE TAXATION 15.11 40.99
Less: Provision For Taxation 7.11 11.39
Add : Excess Tax Provision of Earlier years (0.14) 0.06
PROFIT AFTER TAXATION 8.14 29.54
Surplus brought forward from previous year 1.97 4.54
133
11. In view of the general clarification issued by the Institute of Chartered Accountants of India
on Accounting Standard 21 “Consolidated Financial Statement”, the consolidated financial
statement do not include notes such as quantitative information, forex earnings/expense
etc. which are not necessary to present true and fair view of the financial statements.
12. Previous year's figures have been regrouped wherever necessary to confirm to this year's
classification.
Signature to Schedules “ 1 ” to “ 20 ”. For and on behalf of the Board
GAUTAM S. ADANI RAJESH S. ADANI

Chairman Managing Director
PLACE : AHMEDABAD PARTHIV PARIKH DEVANG S. DESAI

DATE : 14th May, 2010. Asst. Company Secretary Executive Director & CFO
134
Financial Information of Subsidiary Companies
( Rs. In Crores )
INVESTMENTS
TOTAL PROFIT PROVISION PROFIT AFTER PROPOSED
Sr No PARTICULARS Reporting CAPITAL RESERVES TOTAL ASSETS (OTHER THAN TURNOVER COUNTRY
LIABILITIES BEFORE TAX FOR TAXATION TAX DIVIDEND
Currency SUBSIDIARY)
1 Adani Global Ltd. INR 490.39 (20.23) 470.18 470.18 0.00 0.00 0.05 0.00 0.05 0.00
Adani Global Ltd. USD MN 108.64 (4.48) 104.16 104.16 0.00 0.00 0.01 0.00 0.01 0.00 Mauritius
2 Adani Global Fze INR 22.01 535.56 772.78 772.78 0.00 3316.85 350.23 0.00 350.23 0.00
Adani Global Fze AED MN 18.00 437.90 631.94 631.94 0.00 2565.63 272.59 0.00 272.59 0.00 Dubai

3 Adani Global Pte Ltd. INR 124.59 313.76 1670.43 1670.43 0.00 8167.57 192.89 12.30 180.59 0.00
Adani Global Pte Ltd. USD MN 27.60 69.51 370.06 370.06 0.00 1719.19 41.84 2.73 39.11 0.00 Singapore
4 Adani Virginia Inc. INR 0.00 11.70 17.59 17.59 0.00 29.32 (0.10) (1.18) 1.08 0.00
Adani Virginia Inc. USD MN 0.00 2.59 3.90 3.90 0.00 6.17 (0.06) (0.26) 0.20 0.00 USA
5 PT Adani Global INR 114.29 24.77 285.17 285.17 0.00 110.05 26.25 8.08 18.18 0.00
PT Adani Global IDR MN 231548.84 50175.84 577719.71 577719.71 0.00 227982.44 55348.27 16362.07 38986.20 0.00 Indonesia
6 PT Aneka Sumber Bumi INR 0.74 (0.03) 0.71 0.71 0.00 0.00 (0.02) 0.00 (0.02) 0.00
PT Aneka Sumber Bumi IDR MN 1500.00 (61.23) 1443.77 1443.77 0.00 0.00 (35.51) 0.00 (35.51) 0.00 Indonesia
7 Adani Agri Fresh Ltd. INR 102.57 (37.69) 206.49 206.49 0.00 80.17 (22.89) (6.95) (15.94) 0.00 India
8 Adani Shipping Pte. Ltd. INR 0.00 (0.39) 297.75 297.75 0.00 0.00 (0.47) 0.02 (0.49) 0.00
Adani Shipping Pte. Ltd. USD MN 0.00 (0.09) 65.96 65.96 0.00 0.00 (0.10) 0.00 (0.10) 0.00 Singapore
9 Rahi Shipping Pte. Ltd INR 0.00 (3.39) 146.71 146.71 0.00 0.00 (3.57) 0.00 (0.00) 0.00
Rahi Shipping Pte. Ltd USD MN 0.00 (0.75) 32.50 32.50 0.00 0.00 (0.75) 0.00 (0.00) 0.00 Singapore
10 Vanshi Shipping Pte. Ltd INR 0.00 (3.39) 146.71 146.71 0.00 0.00 (3.57) 0.00 (0.00) 0.00
Vanshi Shipping Pte. Ltd USD MN 0.00 (0.75) 32.50 32.50 0.00 0.00 (0.75) 0.00 (0.00) 0.00 Singapore
11 Adani Agri Logistics Ltd INR 99.83 0.59 605.32 605.32 0.00 97.53 1.33 1.15 0.18 0.00 India
12 Adani Power Ltd. INR 2180.04 3619.60 16817.90 16817.90 0.32 434.86 203.50 32.70 170.80 0.00 India
13 Adani Power Maharashtra Ltd. INR 808.50 (2.97) 1810.15 1810.15 0.00 0.00 0.59 0.00 0.59 0.00 India
14 Adani Power Rajasthan Ltd. INR 0.05 (0.06) 110.55 110.55 0.00 0.00 (0.05) 0.00 (0.00) 0.00 India
15 Adani Pench Power Ltd. INR 0.05 (0.00) 0.16 0.16 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
16 Kutchh Power Generation Ltd. INR 0.05 (0.00) 0.72 0.72 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
17 Adani Power (Overseas) Ltd. INR 0.18 (0.12) 0.22 0.22 0.00 0.00 (0.04) 0.00 (0.00) 0.00
Adani Power (Overseas) Ltd. AED MN 0.04 (0.03) 0.05 0.05 0.00 0.00 (0.01) 0.00 (0.00) 0.00 Dubai
18 Mahaguj Power Ltd. INR 0.05 (0.00) 0.05 0.05 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
19 Adani Power Pte. Ltd. INR 0.00 (0.00) 135.42 135.42 0.00 0.00 (0.04) 0.00 (0.00) 0.00
Adani Power Pte. Ltd. USD MN 0.00 (0.00) 30.00 30.00 0.00 0.00 (0.00) 0.00 (0.00) 0.00 Singapore
20 Adani Energy Ltd. INR 1.36 (2.20) 5.83 5.83 0.00 0.00 (2.55) 0.06 (2.61) 0.00 India
21 Adani Gas Ltd. INR 195.82 43.39 908.27 908.27 0.00 363.93 19.01 9.12 9.90 0.00 India
22 Parsa Kente Collieries Ltd. INR 0.50 0.27 4.76 4.76 0.00 0.00 0.00 0.00 0.00 0.00 India
23 Adani Welspun Exploration Ltd. INR 4.85 (0.05) 358.64 358.64 0.00 0.00 (0.05) 0.00 (0.05) 0.00 India
24 Adani Cements Ltd. INR 0.05 (0.00) 0.05 0.05 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
25 Maharashtra Eastern Grid Power Transmission Co. Ltd. INR 0.05 (0.00) 0.05 0.05 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
26 Adani Infra (India) Ltd. INR 0.05 (0.00) 0.05 0.05 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
27 Adani Mining Pvt.Ltd. INR 1.00 (0.23) 129.40 129.40 0.00 0.00 (0.19) 0.00 (0.19) 0.00 India
28 Adani Infrastructure and Developers Pvt Ltd. INR 0.05 0.68 931.15 931.15 63.71 69.62 (1.24) (0.02) (0.00) 0.00 India
29 Adani Estates Pvt. Ltd. INR 0.05 0.30 6.97 6.97 0.00 6.65 0.06 0.02 0.00 0.00 India
30 Swayam Realtors & Traders Ltd. INR 1.06 (0.15) 307.95 307.95 299.23 0.00 (0.09) 0.00 (0.09) 0.00 India
31 Columbia Chrome (India) Pvt. Ltd. INR 0.13 0.06 97.00 97.00 5.89 0.00 (0.00) 0.00 (0.00) 0.00 India
32 Shantigram Estate Management Pvt.Ltd. INR 0.05 (0.09) 669.12 669.12 0.15 0.00 0.04 0.01 0.00 0.00 India
33 Adani Developers Pvt Ltd. INR 0.90 0.16 1461.15 1461.15 0.00 0.61 0.60 0.18 0.00 0.00 India
34 Adani Land Developers Pvt Ltd. INR 0.05 0.63 2.04 2.04 0.00 0.00 (0.56) 0.00 (0.00) 0.00 India
35 Adani Landscapes Pvt Ltd. INR 0.05 (0.01) 37.31 37.31 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
36 Miraj Impex Pvt.Ltd. INR 0.05 (0.03) 14.58 14.58 0.00 0.00 (0.02) 0.00 (0.02) 0.00 India
37 Adani Power Dahej Ltd. INR 0.05 (0.32) 178.83 178.83 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
38 Adani Mundra SEZ Infrastructure Pvt. Ltd. INR 0.05 38.74 70.29 70.29 2.47 152.50 38.53 0.01 38.52 0.00 India
39 Lushgreen Landscapes Pvt. Ltd. INR 0.05 (0.01) 0.21 0.21 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
40 Natural Growers Pvt. Ltd. INR 0.05 (0.01) 0.21 0.21 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
41 Jade Food and Properties Pvt. Ltd. INR 0.05 (0.01) 0.27 0.27 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
42 Jade Agri Land Pvt. Ltd. INR 0.05 (0.01) 0.29 0.29 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
135
43 Jade Agricultural Co. Pvt. Ltd. INR 0.05 (0.01) 0.37 0.37 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
44 Mundra Power SEZ Ltd. INR 0.05 (0.01) 0.05 0.05 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
45 Rajendra Agri Trade Pvt Ltd. INR 0.05 0.01 37.93 37.93 0.00 0.00 (0.01) 0.00 (0.00) 0.00 India
46 Rohit Agri Trade Pvt Ltd. INR 0.05 0.01 0.17 0.17 0.00 0.00 (0.01) 0.00 (0.00) 0.00 India
47 Shantigram Utility Services Pvt Ltd. INR 0.05 (0.01) 0.05 0.05 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
48 Belvedere Golf and Country club Pvt Ltd. INR 0.05 (0.01) 0.05 0.05 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
49 Aaloka Real Estate Pvt. Ltd. INR 0.05 0.20 32.97 32.97 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
50 Panchdhara Agro Farms Pvt. Ltd. INR 0.05 0.03 0.65 0.65 0.00 0.00 (0.00) 0.00 (0.00) 0.00 India
As on 31.3.10 : 1 USD = Rs. 45.14, 1 IDR = Rs. 0.004936, 1 AED = Rs. 12.93
Avg Rate for the year 2009-10 : 1 USD = Rs. 47.51, 1 IDR = Rs.0.004827, 1 AED = Rs. 12.23
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Regd. Office : “Adani House”, Near Mithakhali Six Roads, Navrangpura,
PROXY FORM
I / We ____________________________________________________ of __________________________
in the district of __________________________ being a member / members of the Adani Enterprises Limited
hereby appoint Shri / Smt. _________________________________________________________________
of ______________________________________ in the district of _________________________________
or failing him Shri / Smt. ____________________ of ______________ in the district of _________________
as my / our proxy to vote for me / us and on my / our behalf at the Annual General Meeting of the Company
st
to be held on Saturday, 21 August, 2010 at 11.30 a.m. and any adjournment thereof.
Signed this ___________________________ day of __________________________ 2010.
Signature _________________________ Affix 1 Re. Revenue Stamp
Folio No. ______________________DP ID No. * ____________________ Client ID No.*_______________
* Applicable for members holding shares in electronic form.

No. of Share(s) held _____________________________________________________________________
Notes :
1. A member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of himself/herself.
2. A proxy need not be a member.
3. The proxy form duly completed should be deposited at the Registered Office of the Company not less than
48 hours before the meeting.

Regd. Office : “Adani House”, Near Mithakhali Six Roads, Navrangpura,
ATTENDANCE SLIP
Full name of the member attending _________________________________________________________
Full name of the joint-holder _______________________________________________________________
(To be filled in if first named joint - holder does not attend meeting)
Name of Proxy _________________________________________________________________________
(To be filled in if Proxy Form has been duly deposited with the Company)
I hereby record my presence at the Annual General Meeting held at J.B. Auditorium, AMA Complex,
ATIRA, Dr. Vikram Sarabhai Marg, Ahmedabad – 380 015 on Saturday, 21st August, 2010 at 11.30 a.m.
Folio No. ______________________DP ID No. * ____________________ Client ID No.*_______________
* Applicable for members holding shares in electronic form.
No. of Share(s) held ___________________________ ________________________________

Member’s / Proxy’s Signature
1997-98 to 2009-10
11624.61 11614.88
11587.89
2000.00
1967.84
1800.00
2007-08 2008-09 2009-10
1643.11
1600.00
1337.66
1400.00
(Rs.)*
80
79.12
75
2007-08 2008-09 2009-10

70
66.63
65
60
54.27
55
50
13.24
12.66
10.26
2007-08 2008-09 2009-10

TRENDS IN PROFIT AFTER TAX
*Normalised on account of issue of Bonus Share in the ratio of 1:1 in 2009-10 350.00
326.43
312.07
300.00
254.41
250.00
200.00
150.69
150.00
118.30 124.08 118.34
110.98 108.29
100.00 88.34
62.51 65.69 65.67
50.00
0.00
1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
www.adorn.co.in

Registered Office
"Adani House", Shrimali Society, Near Mithakhali Six Roads, Navrangpura, Ahmedabad - 380 009 Gujarat - India
Tel.: +91-79-2656 5555 Fax : +91-79-2656 5500 E-mail : [email protected] Website : www.adanigroup.com

Annual Report 2009-10

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Annual Report

….. Emerging Energy & Logistics Conglomerate …..

ADANI ENTERPRISES LIMITED

211.60 228.96 219.10

5459.06 4869.67 4309.30

1970.10 1643.11 1337.66

3471.31 3206.72 2955.49

5459.06 4869.67 4309.30

300.51 386.69 363.76

12.76 12.08 11.25

287.75 374.61 352.51

Net Tax 33.34 48.18 40.44

254.41 326.43 312.07

49.80 28.86 17.30

990.29 843.95 606.38

*Figures have been adjusted to make comparable.

CONTENTS ADANI ENTERPRISES LIMITED

Annual Report // 2009 - 2010

2. To declare dividend on Equity Shares.

Date : 14th May, 2010. For and on behalf of the Board

Regd. Office : Parthiv Parikh

1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT

2. THE INSTRUMENT APPOINTING PROXY SHOULD HOWEVER BE DEPOSITED AT THE

3. As per clause 49 of the listing agreement(s), informations regarding appointment / re-appointment

Mr. RAJESH S. ADANI : MANAGING DIRECTOR

(a) Medical benefit

(b) Leave Travel Concession

(c) Club fees

(d) Personal Accident Insurance

ITEM NOS. 8 & 9

Regd. Office : Parthiv Parikh

No. of Shares held in NIL 47,300 27,400 12,000 NIL

PERFORMANCE OF YOUR COMPANY

DIVIDEND ON EQUITY SHARES

pleased to recommend a dividend of Re. 1 (100%)

24,66,09,175 Equity Shares) and any further

The total quantum of dividend, if approved by 20%

members will be Rs. 49.80 Crores, while Rs. 8.27

in the hands of the shareholders will be tax-free. YEARS

FORMATION OF VARIOUS COMMITTEES

ØAppointment of Mr. Devang Desai as an Executive Director

ØRe-appointment of Mr. Rajesh S. Adani as Managing Director

The Board recommends appointment / re-appointment of aforesaid Directors.

DIRECTORS' RESPONSIBILITY STATEMENT:

4. The annual accounts have been prepared on a going concern basis.

Your Company had 41 subsidiaries at the beginning of the year.

1. Adani Gas Ltd.

1. Sunanda Agri Trade Pvt. Ltd.

AUDITORS AND AUDITORS' REPORT

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

“GROUP” FOR INTER-SE TRANSFER OF SHARES

AWARDS AND RECOGNITIONS

For and on behalf of the Board of Directors

PLACE : AHMEDABAD GAUTAM S. ADANI

Sr. Sr. Sr.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

o Domestic Coal Mining Operations

o Parsa East and Kente Basan Coal Block

o Machhakata Coal Block

o Parsa Coal Block