MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADANI MURMUGAO PORT TERMINAL PRIVATE LIMITED |
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Registered
Office : |
Adani House, Near Mithakali Six Roads, Navrang, Ahmedabad – 380009,
Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.08.2009 |
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Com. Reg. No.: |
04-057727 |
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CIN No.: [Company Identification
No.] |
U61100GJ2009PTC057727 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA09223E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To undertake
the activities pertaining to development, operation and maintenance of a coal
terminal at Port of Mormugao, Goa. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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Status : |
Yet to commence Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Mundra Port and Special Zone Limited,
India. As per available details, the company has not started its commercial
activities and project is under implementation. Initially, the company can be considered for business dealings on a
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Adani House, Near Mithakali Six Roads, Navrang, Ahmedabad – 380009,
Gujarat, India |
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Tel. No.: |
91-79-26565555 |
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Fax No.: |
91-79-26565608 |
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E-Mail : |
DIRECTORS
(AS ON 12.06.2010)
|
Name : |
Mr. Malay Rameshchandra Mahadevia |
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Designation : |
Director |
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Address : |
12-B, Gyankunj Society, Opposite St. Xavier’s College, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
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Date of Birth/Age : |
03.05.1963 |
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Date of Appointment : |
07.08.2009 |
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DIN No.: |
00064110 |
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Name : |
Mr. Rajeeva Sinha |
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Designation : |
Director |
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Address : |
Palm Court, 3rd Floor, 152 Maharashi Karve Road, Mumbai –
400020, Maharashtra, India |
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Date of Birth/Age : |
10.11.1950 |
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Date of Appointment : |
07.08.2009 |
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DIN No.: |
00102787 |
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Name : |
Mr. Ravi Bhamidipaty |
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Designation : |
Director |
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Address : |
26 Amrashirish Bungalows, Opposite Chimanbhai Patel Institute, prahalad
Nagar, Ahmedabad – 380051, Gujarat, India
|
|
Date of Birth/Age : |
12.10.1962 |
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Date of Appointment : |
31.03.2010 |
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DIN No. : |
00160891 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Khandelwal |
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Designation : |
Secretary |
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Address : |
A-6/10, Vasant Vihar, New Delhi – 110057, India |
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PAN No. : |
AAJPK3330L |
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Date of Birth/Age : |
24.04.1967 |
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Date of Appointment : |
13.12.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 12.06.2010)
|
Names of Shareholders |
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No. of Shares |
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Mundra Port and Special Economic Zone Limited, India |
|
3699900 |
|
Mahadevia R. Malay (Nominee of Mundra Port and Special Economic Zone
Limited, India) |
|
100 |
|
Adani Enterprises Limited, India |
|
1300000 |
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Total |
|
5000000 |
(AS ON 07.03.2011)
|
Name of
Allottees |
|
No. of Shares |
|
|
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Mundra post and Special Economic Zone Limited, India |
|
23939000 |
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Adani Enterprises Limited, India
|
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8411000 |
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Total |
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32350000 |
(AS ON 12.06.2010)
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Category |
|
Percentage |
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Bodies corporate |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To undertake
the activities pertaining to development, operation and maintenance of a coal
terminal at Port of Mormugao, Goa. |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Financial Institute : |
Axis Trustee Services Limited, Maker Towers ‘F’, 13th
Floor, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Auditors : |
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Name : |
G. K. Choksi and Company Chartered Accountants |
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Address : |
‘Madhuban’, Near Madalpur Underbridge, Ellisbridge, Ahmedabad –
380006, Gujarat, India |
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Tel. No.: |
91-79-30012009 |
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Fax No.: |
91-79-26569929 |
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PAN No. : |
AAAFG7623H |
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Holding Company : |
Mundra Port and Special Economic Zone Limited, India CIN No.: L63090GJ1998PLC034182 |
CAPITAL STRUCTURE
AFTER 12.06.2010
Authorised Capital : Rs. 425.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
423.500 Millions
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50,00,000 |
Equity Share |
RS. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
50,000 |
Equity Share |
Rs. 10/-
each |
Rs. 0.500
Million |
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|
[50,000 shares are held by Mundra Post and Special Economic Zone Limited
(Holding Company) and its nominees]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
|
0.500 |
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|
2] Share Application Money |
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|
11.448 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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|
(0.638) |
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NETWORTH |
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|
11.310 |
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|
LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
|
|
0.000 |
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TOTAL BORROWING |
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|
0.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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|
|
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TOTAL |
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|
11.310 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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|
0.009 |
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Capital work-in-progress |
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|
9.670 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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|
0.000 |
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Cash & Bank Balances |
|
|
0.861 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
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|
1.038 |
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Total
Current Assets |
|
|
1.899 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
|
|
0.099 |
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Other Current Liabilities |
|
|
0.169 |
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|
Provisions |
|
|
0.000 |
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Total
Current Liabilities |
|
|
0.268 |
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Net Current Assets |
|
|
1.631 |
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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|
|
|
|
|
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TOTAL |
|
|
11.310 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
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SALES |
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|
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Income |
|
|
0.000 |
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Other Income |
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|
0.000 |
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TOTAL |
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|
0.000 |
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|
|
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Less |
EXPENSES |
|
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|
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Administrative and Other Expenses |
|
|
0.638 |
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TOTAL |
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|
0.638 |
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PROFIT BEFORE
TAX |
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(0.638) |
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Less |
TAX |
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|
0.000 |
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PROFIT AFTER TAX
|
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(0.638) |
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Earnings Per
Share (Rs.) |
|
|
(12.77) |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
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(33.44) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.06) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
7.09 |
LOCAL AGENCY FURTHER INFORMATION
Project Implementation:
Letter of Award (LOA) was
issued by Murmugao Port Trust to Mundra Special Economic Zone Ltd. (MPSEZL) for
the development of Coal handling Terminal at Port of Murmugao, Goa on Design,
Build, Finance, Operate and Transfer (DBFOT). Accordingly, the Company was
incorporated on 7th August, 2009 and was promoted by MPSEZL. The
Company has signed an agreement on 22nd September, 2009 with
Mormugao Port Trust to Design, Build, Finance, Operate and Transfer a Coal
handling Terminal at Berth No. 7 in the port of Murmugao, Goa on Build, Own,
Operate and Transfer (BOOT) for a period of thirty years.
Financial Highlights:
The first accounting period
of the company is from 7th August, 2009 to 31st March,
2010. The project is under implementation and commercial activities are yet to
commence. The expenditure incurred during the period is Rs. 0.638 Million.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U61100GJ2009PTC057727 |
|
Name of the
company |
ADANI MURMUGAO PORT TERMINAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Adani House, Nr. Mithakhali Six Roads, Navrangpura, Ahmedabad –
380009, Gujarat, INDIA |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
property Movable
property (not being pledge) |
|
Particular of
charge holder |
Axis Trustee Services Limited Maker Towers 'F', 13th Floor, Cuffe Parade, Colaba, Mumbai – 400005,
Maharashtra ankur.sharma@axistrustee.com
|
|
Nature of
instrument creating charge |
Indenture of Mortgage executed on 01.06.2010 in favour of Axis Trustee
Services Limited, being Security Trustee for the facilities aggregating Rs.
2850 Millions sanctioned by Axis Bank Limited. |
|
Date of
instrument Creating the charge |
01.06.2010 |
|
Amount secured by
the charge |
Rs. 2850.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
(a)
Rate of interest 10% p.a. p.m. linked to Axis Bank PLR for all disbursement upto COD.
Axis Bank PLR rate for all disbursement upto COD would be reset on COD and
would be floating thereafter. (b)
Terms of repayment 32 equal quarterly installments commencing from 30.06.2014. (c)
Margin N.A. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.