MIRA
INFORM REPORT
|
Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad -
380009, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
04-034182 |
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CIN No.: [Company Identification
No.] |
L63090GJ1998PLC034182 |
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Legal Form : |
A public limited
liability company. The company's
shares are listed on the Stock Exchanges. |
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Line of Business
: |
Construction of Port. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 139529700 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. The
company is a part of Adani group. Financial position of the company appears
to be sound. Fundamentals are strong and healthy. Trade relations are
reported as fair. Business is active. Payments are reported to regular and as
per commitments. The company can be considered good for business dealings at usual
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. B Ravi |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-9099055052 |
|
Date : |
30.12.2010 |
LOCATIONS
|
Registered Office : |
Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad -
380009, |
|
Tel. No.: |
91-79-26565555 |
|
Mobile No.: |
91- |
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Fax No.: |
91-79-25555500 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office: |
Post Box No. 1, |
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Tel. No.: |
91-2838-289248/448 |
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Fax No.: |
91-2838-289200/440 |
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Email: |
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Mumbai Office: |
Mundra Port & SEZ Ltd, 62, Maker Chambers III, 6th Floor, Nariman
Point, Mumbai 400 021 |
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Tel. No.: |
91-22-22022323 |
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Fax No.: |
91-22-22022479/481/483 |
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Tel. No.: |
91 124 2555555 |
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Fax No.: |
91 124 2555011 |
DIRECTORS
AS ON 21.08.2010
|
Name : |
Mr. Gautam S Adani |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. Rajesh S Adani |
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Designation : |
Director |
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Name : |
Dr. Malay Mahadevia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rajeeva Ranjan Sinha |
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Designation : |
Whole Time Director |
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Name : |
Mr. K. N. Venkatasubramanian |
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Designation : |
Director |
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Name : |
Mr. S. K. Tuteja, IAS |
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Designation : |
Director |
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Name : |
Mr. S. Venkiteswaran |
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Designation : |
Director |
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Name : |
Mr. Arun Duggal |
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Designation : |
Director |
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Name : |
Mr. D. T. Joseph, IAS |
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Designation : |
Director |
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Name : |
Mr. Pankaj Kumar, IAS |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Dipti Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
|
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|
|
Shareholding
of Promoter Group |
|
|
|
|
|
|
Indian
|
|
|
Individuals /
Hindu Undivided Family
|
147075
|
0.01
|
|
Bodies Corporate |
1249623365 |
62.38 |
|
Any Other
(Specify) |
30000 |
-- |
|
Trusts |
30000 |
-- |
|
Sub Total |
1249830440 |
62.38 |
|
|
|
|
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Foreign |
|
|
|
|
|
|
|
Bodies Corporate |
302738275 |
15.11 |
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|
|
|
|
Total
Shareholding Of Promoter And Promoter Group |
1552538715 |
77.50 |
|
|
|
|
|
Public
shareholding |
|
|
|
Institutions |
|
|
|
Mutual
Funds / Axis |
12340597 |
0.62 |
|
Financial
Institutions/Banks |
77900110 |
3.89 |
|
Central
Government/ State Government(s) |
4010 |
-- |
|
Insurance
Companies |
206955 |
0.01 |
|
Foreign
Institutional Investors |
208407029 |
10.40 |
|
Sub Total |
298858701 |
14.92 |
|
|
|
|
|
Non-Institutions |
|
|
|
Bodies
Corporate |
10039121 |
0.50 |
|
Individuals
- |
|
|
|
Individual
shareholders holding nominal share capital up to Rs.0.100 million. |
52710762 |
2.63 |
|
Individual
shareholders holding nominal share capital in excess of Rs. 0.100 million. |
30433180 |
1.52 |
|
Any
Other (specify) |
55803621 |
2.94 |
|
Clearing
Members |
1593519 |
0.08 |
|
Foreign
Nationals |
2000000 |
0.10 |
|
Non
Resident Indians |
1211387 |
0.06 |
|
Foreign
Corporate Bodies |
52438645 |
2.62 |
|
Directors and their Relatives and Friends |
1548390 |
0.08 |
|
Trusts |
11680 |
-- |
|
Sub
Total |
151996684 |
7.59 |
|
Total
Public Shareholding |
450855385 |
22.50 |
|
Total |
2003394100 |
100.00 |
|
|
|
|
|
Shares
held by Custodians against which Depository Receipts have been issued. |
-- |
-- |
|
|
|
|
|
GRAND TOTAL |
2003394100 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction of Port |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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No. of Employees : |
500 |
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Bankers : |
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Facilities : |
NOTE: 1. Debentures amounting to Rs.
Nil (Previous Year Rs. 45.500 millions), Short Term Loan aggregating to Rs. 2750.000
millions (pending security creation), Rupee Term Loan aggregating to Rs. Nil
and Foreign Currency Loans aggregating to Rs. 670.339 millions (Previous Year
Rs. Nil, Rs. 1084.142 millions and Rs. 824.083 millions respectively) from
Banks and Rupee Term Loans aggregating to Rs. Nil and Foreign Currency loans
aggregating to Rs. 224.613 millions (Previous Year Rs. 600.00 millions and
Rs. 380.285 millions respectively) from Financial Institutions are secured by
first mortgage and charge on all the immovable and movable assets of the
Company (save & except assets on which exclusive charged is created as
stated elsewhere), both present and future, on pari-passu basis and further
secured by a second charge on the immovable and movable assets (including
receivables) pertaining to the SPM Project and also secured by a second
charge on the immovable and movable assets pertaining to Container
Terminal-II, Terminal - II Assets, Mundra Port Terminal Assets and Coal
Terminal - I Assets referred to in Note Nos.
2, 3, 4, 5, 6, 7, 8, 10 & 11 below. 2. Foreign Currency Loans from
Banks aggregating to Rs. 2254.014 millions (Previous Year Rs. 1024.095
millions) against purchase of Tugs, are secured by exclusive charge on the
Tugs and second charge on the entire fixed assets of the Company over which
the first charge is created in respect of the loans referred to in Note 1
above excluding immovable and the movable assets of the Company pertaining to
its Single Point Mooring (SPM) Project. Further, out of the above, foreign currency
loans aggregating to Rs. 530.902 millions (Previous Year Rs. Nil) are secured
only against exclusive charge on the tugs purchased out of such loans. 3. Foreign Currency Loans from
Banks aggregating to Rs. 958.446 millions (Previous Year Rs. 1086.351
millions) towards purchase of Cranes, are secured by exclusive charge on the
Cranes. Further, out of above, Foreign currency loan amounting to Rs. 873.302
millions (Previous Year Rs. 649.307 millions) are further secured by second
charge on the entire fixed assets of the Company over which the first charge
is created in respect of the loans referred to in Note 1 above excluding
immovable and the movable assets of the Company pertaining to its Single
Point Mooring (SPM) Project. 4. Foreign Currency Loans aggregating
to Rs. 5668.701 millions (Previous Year Rs. 3600.127 millions) towards
purchase of dredgers, are secured by exclusive charge on the dredgers and
second charge on the entire fixed assets of the Company over which the first
charge is created in respect of the loans referred to in Note 1 above
excluding on the immovable and movable assets of the Company pertaining to
its Single Point Mooring (SPM) Project. Further, out of the above, Foreign
Currency Loans aggregating Rs. 1181.351 millions (Previous Year Rs. Nil) from
Banks are secured only against exclusive charge on the dredgers purchased out
of such loans. 5. Rupee Term Loans from Banks
include Loans aggregating to Rs. Nil (Previous Year Rs. 11234.779 millions)
secured by first mortgage and charge on all the immovable and movable assets
of Container Terminal - II and Terminal - II Assets and its extension,
respectively and further secured by a second charge on the Company’s other
immovable and movable assets, both present and future, on pari passu basis,
over which the first charge is created in respect of the loans referred to at
Note 1 above. 6. Rupee Term Loans from Banks
include Loans aggregating to Rs. Nil (Previous Year Rs. 146.772 millions)
secured by exclusive charge on the Tugs and second charge on the entire fixed
assets of the Company, excluding on the immovable and movable assets of the
Company pertaining to its Single Point Mooring (SPM) Project. 7. Rupee Term Loans from
Financial Institutions include Loan aggregating Rs. Nil (Previous Year Rs.
2535.977 millions) secured by first charge on all the immovable and movable
assets of the Company pertaining to its Single Point Mooring (SPM) Project
and the fixed charges receivable against use of said SPM facilities and
further secured by a second charge on the Company’s other movable and movable
assets (including receivables), both present and future, over which the first
charge is created in respect of the Loans referred to at Note 1 above. 8. Debentures include Secured
Non-Convertible Redeemable Debentures amounting to Rs. 8500.000 millions
(Previous Year Rs. Nil) issued to Life Insurance Corporation (LIC) and
are secured by first Pari
passu charge on all the immovable and
movable assets of Container Terminal - II, Terminal -II and Multipurpose
Terminal (MPT). 9. Debentures include Secured
Non-Convertible Redeemable Debentures aggregating to Rs. 2127.081 millions
(Previous Year Rs. Nil) issued to a Bank and are secured by exclusive
mortgage and charge on entire Single Point Mooring (SPM) facility and the
first charge over receivables from Indian Oil Corporation Limited. 10. Foreign currency Loans from
bank aggregating to Rs.2004.453 millions (Previous Year Rs. 827.647 millions)
for Coal Terminal Wandh and are secured by exclusive charge on assets of Coal
Terminal Wandh and second charge on the entire fixed assets of the Company
over which the first charge is created in respect of loans referred to at
Note 1 above. 11. Foreign Currency Loans
aggregating to Rs. 165.850 millions (Previous Year Rs. Nil) for purchase of
capital goods are secured by exclusive charge on these goods. 12. Debentures, Term Loans from
Banks and Financial Institutions and Letter of Credits against loan
facilities include amount repayable within one year aggregating to Rs.
4408.974 millions (Previous Year Rs. 1640.713 millions).
Note :
Maximum amount of Commercial Paper outstanding during the year Rs. 6250.000
millions (Previous Year: Rs. Nil) |
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
Ahmedabad. |
|
|
|
|
Holding Company : |
Adani Infrastructure Services Private Limited |
|
|
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Subsidiaries : |
|
|
|
|
|
Step down
Subsidiary : |
Inland Conware ( |
|
|
|
|
Fellow Subsidiary : |
|
|
|
|
|
Associates and Joint Ventures : |
Adani Petronet (Dahej) Port Private Limited. [upto January 3, 2010] |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10 each |
Rs.50.000 millions |
|
995000000 |
Equity Shares |
Rs.10 each |
Rs.9950.000 millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs.10000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400678820 |
Equity Shares |
Rs. 10 each |
Rs.4006.788
millions |
|
2811037 |
0.01% Non – Cumulative Redeemable Preference Shares of Rs.10 each
fully paid up (Redeemable at a premium of Rs.
990 per Share on March 28, 2024) |
Rs.10 each |
Rs.28.110
millions |
|
|
TOTAL |
|
Rs.4034.898
millions |
Notes:
Out of the above
(i) 180,214,410 (Previous Year 180,214,410) Equity Shares of Rs. 10 each were allotted as fully paid up Bonus shares by capitalization of Securities Premium Account and Profit and Loss Account balance.
(ii) 40,216,410 (Previous Year 40,216,410) Equity Shares of Rs. 10 each were allotted to the shareholders of Adani Port Limited, as fully paid up pursuant to the scheme of amalgamation, for consideration other than cash.
(iii) 224,146,540 (Previous Year 224,146,540) Equity Shares of Rs.10 each are held by Adani Infrastructure Services Private Limited, the Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4034.898 |
4034.898 |
4034.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30847.551 |
25417.811 |
22090.230 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
34882.449 |
29452.709 |
26125.130 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15696.416 |
22804.258 |
18847.660 |
|
|
2] Unsecured Loans |
5248.270 |
280.225 |
7030.750 |
|
|
3] Debentures |
10627.081 |
45.500 |
0.000 |
|
|
TOTAL BORROWING |
31571.767 |
23129.983 |
25878.410 |
|
|
DEFERRED TAX LIABILITIES |
2812.068 |
2296.996 |
1774.160 |
|
|
Amount Received / Receivable under Long Term / Infrastructure Usage
Agreements |
6225.134 |
6518.465 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75491.418 |
61398.153 |
53777.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
42099.340 |
32514.211 |
28418.290 |
|
|
Capital work-in-progress |
13946.082 |
12325.526 |
2811.910 |
|
|
|
|
|
|
|
|
INVESTMENT |
7210.347 |
4152.053 |
10826.630 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
PRE – OPERATIVE EXPENSES PENDING |
0.000 |
0.000 |
1246.430 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
313.903
|
264.897 |
184.680 |
|
|
Sundry Debtors |
1579.903
|
2116.432 |
2963.370 |
|
|
Cash & Bank Balances |
8586.811
|
11307.119 |
8895.640 |
|
|
Other Current Assets |
621.811
|
522.325 |
451.400 |
|
|
Loans & Advances |
6033.611
|
1743.692 |
1329.170 |
|
Total
Current Assets |
17136.039
|
15954.465 |
13824.260 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4163.620
|
3079.254 |
2554.270 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
736.770
|
468.848 |
795.550 |
|
Total
Current Liabilities |
4900.390
|
3548.102 |
3349.820 |
|
|
Net Current Assets |
12235.649
|
12406.363 |
10474.440 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0..000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75491.418 |
61398.153 |
53777.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13925.170 |
11351.225 |
8182.070 |
|
|
|
Other Income |
310.797 |
443.241 |
564.690 |
|
|
|
TOTAL (A) |
14235.967 |
11794.466 |
8746.760 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
2871.410 |
2614.137 |
0.000 |
|
|
|
Personnel Expenses |
456.571 |
265.759 |
0.000 |
|
|
|
Managerial Remuneration |
84.223 |
133.794 |
1563.520 |
|
|
|
Administrative Expenses |
532.338 |
540.470 |
591.780 |
|
|
|
Charity and Donations |
364.846 |
176.704 |
0.000 |
|
|
|
Auditor’s Remuneration |
4.362 |
3.942 |
0.000 |
|
|
|
Other Expenses |
221.566 |
217.498 |
685.630 |
|
|
|
TOTAL (B) |
4535.316 |
3952.304 |
2840.930 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9700.651 |
7842.162 |
5905.830 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
414.702 |
1329.502 |
1347.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9285.949 |
6512.660 |
4557.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1681.410 |
1372.350 |
1006.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7604.539 |
5140.310 |
3551.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
594.783 |
529.458 |
1417.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7009.756 |
4610.852 |
2134.120 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5321.464 |
2375.354 |
950.370 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1786.820 |
462.491 |
NA |
|
|
|
Dividend |
1602.889 |
1202.251 |
NA |
|
|
BALANCE CARRIED TO
THE B/S |
8941.511 |
5321.464 |
3084.490 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.49 |
11.51 |
5.33 |
|
QUATERLY RESULTS
|
PARTICULARS |
30.06.2010 1st
Quarter |
30.09.2010 2nd
Quarter |
|
Net Sales |
4156.530 |
4135.100 |
|
Total Expenditure |
1261.120 |
1386.900 |
|
PBIDT (Excl OI) |
2895.410 |
2748.200 |
|
Other Income |
7.670 |
308.990 |
|
Operating Profit |
2903.080 |
3057.190 |
|
Interest |
246.840 |
316.840 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
2656.240 |
2740.340 |
|
Depreciation |
476.250 |
484.770 |
|
Profit Before Tax |
2179.990 |
2255.580 |
|
Tax |
66.990 |
138.920 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
2113.010 |
2116.650 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
49.23
|
39.09 |
24.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
54.61
|
45.28 |
43.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.83
|
10.60 |
8.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.17 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
0.90 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.49
|
4.49 |
4.12 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS NOT AVAILABLE
OPERATION REVIEW
The year was fraught with global uncertainties. However, due to strong foundation, the Company had registered healthy growth.
The key aspects of the Company’s performance during the financial year 2009-10 are as follows:
- Cargo volume increased by 12.79% from 35.72 million tones in 2008-09 to 40.29 million tones in 2009-10.
- Turnover increased by 20.70% from Rs. 11794.466 Millions in 2008-09 to Rs. 14235.967 Millions in 2009-10.
- Profit after Tax increased by 52.03% from Rs. 4610.852 Millions in 2008-09 to Rs. 7009.756 Millions in 2009-10.
- Earning Per Share (EPS) for the year increased by 51.95% from Rs. 11.51 in 2008-09 to Rs. 17.49 in 2009-10.
MANAGEMENT DISCUSSION
AND ANALYSIS
The discussion hereunder covers the financial results and other group developments of the Mundra Port And Special Economic Zone Limited (MPSEZL) for the financial year 2009-10 and its outlook for the future. This outlook is based on assessment of the current business environment and Government policies. The change in future economic and other developments are likely to cause variation in this outlook.
WORLD ECONOMY:
The world economic situation has been improving since mid of 2009. International trade and global production have also been recovering, with the economic stimuli injected worldwide since late 2008 have played a major role in this recovery. Yet, the recovery is uneven and conditions for sustained growth remain weak. Credit conditions are still tight in major developed economies. The rebound in domestic demand remains tentative at best in many economies and is far from self-sustaining.
In the outlook, global economic recovery is expected to
remain sluggish. Developing countries, especially those in
Output growth in most developing countries and economies in transition remains strongly dependent upon movements in international trade, commodity prices and capital flows. Conditions in this regard have improved as part of the global recovery, but a further rebound will be strongly dependent upon the strength of the recovery in the developed countries. In the outlook, conditions for international trade and finance will remain challenging.
INTERNATIONAL TRADE:
The financial crisis has significantly affected world trade. This was mainly triggered by reduction in world import demand in the developed countries and more restricted access to trade financing. Asian economies experienced the sharpest decline.
Trade flows have recovered since the second quarter of 2009 largely driven by the turn of global inventory cycle. As per United Nations forecast a mild growth of 5 per cent is forecasted for the world trade in 2010.
INDIAN ECONOMY:
The World Bank report states that Indian economy is expected
to grow at 7.5% in 2010-11, led by strong domestics demand, particularly
investments. The growth is mainly due to the policy initiatives (like fiscal
stimulus) taken by the Indian Government.
INDUSTRY STRUCTURE:
PORTS:
INDIAN SCENARIO:
With a market share of zero - few years back, the non-major
ports have garnered about 35% of
Non major ports controlled by the Gujarat Maritime Board posted 34.60% growth in 2009-10. They handled 206 million tonnes cargo as compared to 153 million tonnes in 2008-09. Mundra port, the largest private sector non major port, with a cargo of around 40 million tones in FY10 is among the top 8 ports in the country.
As per Government estimates, India needs to double port capacity to 1,500 million tonnes by 2011-12 and would require investments worth Rs 550 billion in that period indicating significant growth potential for the sector.
SPECIAL ECONOMIC
ZONE:
The Special Economic Zone Policy framed in April, 2000 with an objective to increase the exports, attract FDI and accelerate the economic growth of the country, has started showing results wherein the total exports from the SEZs in the year 2009-10 exceeded Rs.2207000.000 millions.
Multi-product SEZ at Mundra is the largest notified SEZ in the country. Mundra SEZ has almost doubled its exports from the previous year contributing to the economic growth of the country. The company’s SEZ with its multi-modal connectivities including road, rail, sea port and airport is expected to attract more and more investments in the coming years.
Performance at
glance:
The Company achieved superior productivity across all segments.
Highlights of Overall
Performance:
Total number of vessels handled at
Cargo volumes have improved across all segments (cargo handled in 08-09 was 35.72 million tones and 09-10 was 40.29 million tones which shows a growth of 12.79% year on year).
Railway:
- Coal rake movement between Adani Power Limited – Mundra started on May 16, 2009.
- Total number of rakes handled in 2009-10 is 4933.
- Highest rakes handled in single Month: 481 Rakes in the month of January, 2010.
- Commissioning of line no.7 in Cargo Complex for loading of coal and Vasai Tirth crossing station.
- Works on the anvil :-
- Addition of 4 more Railway Lines/Rakes in RandD Yard with RRI to cater to the future growth of traffic.
- Development
of railway infrastructure at
Dry Cargo:
- 14.65 million ton of dry cargo handled during 2009-10.
- Heaviest package (Boiler) of 801.670 MT exported of M/s Thermax in January, 2010.
Marine:
- Port has acquired the 1st in the new fleet of 70 tones bollard pull tugs to cater to the UPPX container vessels. 5 more tugs of 70 tones bollard pull are on order.
- Installation and Commissioning of RORO Pontoon for dedicated car carrier (turnaround time of car carrier is reduced).
- Commissioning of 20" Marine RADAR of Kelvin Hughes.
- They have reduced tidal delays (Pre berthing / Un-berthing Delays) on berths.
- Port has acquired one diving support vessel cum 52 ton astern bollard pull ton with 20 ton capacity a-frame for and 10 ton capacity deck crane.
Adani Mundra
Container Terminal (AMCT):
- Container throughput was 295,575 TEUs registering a growth of 207% over the previous financial year.
- A total of 384 vessels were handled at AMCT which is 126% higher than that of the previous financial year.
- 6 more new services were gained in this year significant amongst those are of MSCs, Wan Hai Lines +K Line, Evergreen, Trans Asia Line,
- Jindal Vector.
- IMS certification, compliance to ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 standards was received.
Adani Automobile
terminal:
- Total 1,25,157 cars exported in the financial year 2009-10.
- In house Automobile Terminal Operating System (TOS) has been developed and implemented successfully.
- Dedicated Floating Pontoon became operational in the month of June, 2009.
- Automated washing facility is installed in February, 2010.
- Achieved highest productivity of 254 cars per hr.
Liquid:
- Highest single month volume handled 0.226 Millions Metric Tones of Liquid Cargo (import/export/bunker) in September, 2009.
- Highest single month vessel and cargo movement 76 nos of vessels and 0.732 Millions Metric Tones cargo in July, 2009 including Import, Export, Bunker and HPCL.
CSR related
initiatives:
- Rain water conservation efforts upped, constructed Seven Check-dams in Mundra Taluka and agreement signed for Twelve additional check-dams.
- Attended more than 50000 patients through mobile dispensaries services in more than 30 villages of Mundra Taluka.
- Helping Villagers to construct Individual Toilets and preparing villages for “Nirmal Gram” Puraskar. AF assisted for 1440 Individual Toilet construction in various 12 villages for 2009 -10.
- Supporting Traditional Artisans for preserving Traditional Art through “Concept Design competition for Corporate Gifts”.
- Prioritize Rural Youth for Skill Development and Employment.
Business/Operation
Results:
Port Related:
from
Special Economic
Zone:
The Company’s SEZ, being India’s largest port based SEZ, positioned on the West coast of India is ideally situated for exports to African, Middle East and Western countries besides being conveniently located to service the huge hinterland of northern India.
Government of
combined land area of 6472.87 hectares as SEZ.
During the year, the Company has focused on development of
robust infrastructure for supporting the industrial development within the
Special Economic Zone (SEZ). As part of the development, 8 Km. of
Pragpar-Mundra road is developed in partnership with Government of Gujarat to
enhance external connectivity with NH8A. Construction of
The Co-developers of the SEZ have provided various social infrastructure facilities such as Housing, Hospital and School in the SEZ. GoI has also issued notification dated March 3, 2010 whereby the Developers of the SEZ will be deemed to be licensees for distribution of electricity.
Accordingly, MPSEZ Utilities Private Limited (MUPL), a 100% subsidiary of the Company and approved Co-developer, has initiated steps for distribution of electricity in the SEZ.
The Development Commissioner’s office is functional within the SEZ and the SEZ units are obtaining required approvals within the Zone itself.
Despite the effect of general slowdown for new investments globally, during the year six new Units have obtained Letter of Approvals for setting up of their manufacturing and service facilities in the Zone. These units are expected to bring in investment to the tune of Rs.24310.000 Millions, taking total investment by SEZ units at Mundra to Rs.214260.000 Millions. Some of the approved Units have already started export activities in the Zone. Total exports from the Zone for the year under reference were to the extent of about Rs.12840.000 Millions.
Port Related
Developments:
Terminal comprising of 3 deep water offshore berths with elaborate stockyard and comprehensive mechanization is under development. The state of the art facility will be able to turn around a Cape Size Bulk Carrier (200,000 tones of cargo) in 60 hours, thus benefiting the trade.
Additional berths: 7 additional berths are under
construction and a large number of other berths and facilities are under
planning. With an annualized cargo growth of 40% (CAGR)
Fertilizer cargo complex: Fertilizer handling has been a labour oriented activity at the port. In the peak season, the number of labourers entering the port crosses over 6,000 and the average productivity achieved is around 8 rakes per day. The fertilizer cargo complex is being designed as an online loading system and capable of handling 10 rakes per day with labour force of 1,000.
Other Group
Development:
To commence operations at solid cargo port project at Dahej,
being developed under a joint venture with Petronet LNG Limited (“PLL”). Dahej
is strategically located along the Vadodara-Mumbai corridor, which generally
services cargo centers in south Gujarat, upper Maharashtra and parts of central
MPSEZL is in the process of setting up coal cargo terminals
at
MPSEZL is developing a non-LNG port facilities at Hazira
under the sub-concession route. LOI for the same has been granted by
Standalone Financial
Performance with respect to operational performance:
The Company has recorded total income to the tune of Rs. 14235.967 Millions during the year 2009-10 compared to Rs. 11794.466 Millions in the corresponding previous financial year with an increase of 20.70%.
Net Block of the Company as on March 31, 2010 is Rs. 42099.340 Millions as compared with Rs. 32514.211 Millions as on March 31, 2009 an increase of 29.48% in comparison to the corresponding period in the previous year.
During the year, the Company generated Earnings before Interest, Depreciation, Tax and Appropriation (EBIDTA) of Rs. 9922.217 Millions as compared to Rs. 8059.660 Millions in the previous year, showing growth of 23.11%. Net profit margin was higher by 52.03%. Earning per share increased by 51.95% on an annualized basis to Rs. 17.49 on face value of Rs.10/- each.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2010
(Rs. In millions)
|
Particulars |
Quarter Ended 30.09.2010 |
Half Year Ended 30.09.2010 |
|
Income |
|
|
|
Net Sales |
4075.538 |
8134.259 |
|
Other Operating Income |
59.563 |
157.374 |
|
Expenditure |
|
|
|
Operating Expenses |
1002.642 |
1857.690 |
|
Employee Cost |
193.641 |
340.791 |
|
Depreciation |
484.768 |
961.018 |
|
Administrative and Other Expenditure |
201.694 |
460.614 |
|
Total Expenditure |
1882.745 |
3620.113 |
|
|
|
|
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
2252.356 |
4671.520 |
|
Other Income |
94.806 |
102.477 |
|
Profit/(Loss) before Interest and Exceptional items |
2347.162 |
4773.997 |
|
Interest |
91.586 |
338.430 |
|
Profit / (Loss) after interest before Exceptional items |
2255.576 |
4435.567 |
|
Exceptional Items |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
2255.576 |
4435.567 |
|
Provision for Taxation |
138.922 |
205.907 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
2116.654 |
4229.660 |
|
Extraordinary Items |
-- |
-- |
|
Net Profit/(Loss) for the period |
2116.654 |
4229.660 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each) |
4006.788 |
4006.788 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
Public Share
Holding |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic |
1.06 |
2.11 |
|
-Diluted |
1.06 |
2.11 |
|
Debt Equity Ratio |
-- |
0.77 |
|
Debt Services Coverage Ratio |
-- |
1.14 |
|
Interest Services Coverage Ratio |
-- |
7.60 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
450855385 |
450855385 |
|
- Percentage of shareholding |
22.50% |
22.50% |
|
Promoters and
Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
50000000 |
50000000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
3.22% |
3.22% |
|
- Percentage of shares(as a % of the total share capital of the company) |
2.50% |
2.50% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
1502538715 |
1502538715 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
96.78% |
96.78% |
|
- Percentage of Share (as a % of the total share capital of the company) |
75.00% |
75.00% |
STATEMENT OF ASSETS
AND LIABILITIES AS ON SEPTEMBER 30, 2010
|
|
|
Rs
in Millions |
|
Particulars |
Quarter ended |
|
|
As on 30.09.2010
|
||
|
(Unaudited) |
||
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
4034.898 |
|
|
Convertible Warrants |
0.000 |
|
|
Reserves & Surplus |
35077.059 |
|
|
|
|
|
|
LOAN FUNDS |
30096.151 |
|
|
|
|
|
|
Amount Received under Long Term Lease/Infrastructure Usage Agreements |
6078.468 |
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
2959.030 |
|
|
|
|
|
|
TOTAL |
78245.606 |
|
|
|
|
|
|
FIXED ASSETS |
59957.810 |
|
|
|
|
|
|
INVESTMENT |
6308.961 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
Inventories |
427.135 |
|
|
Sundry Debtors |
2008.408 |
|
|
Cash & Bank Balances |
6391.818 |
|
|
Other Current Assets |
759.662 |
|
|
Loans & Advances |
7805.634 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
Other Current Liabilities |
5298.766 |
|
|
Provisions |
115.056 |
|
|
|
|
|
|
Net Current Assets |
11978.835 |
|
|
|
|
|
|
TOTAL |
78245.606 |
|
NOTES:
- The Company
is primarily engaged in one business segment, namely developing operating
and maintaining the port and port based related infrastructure facilities
including Multi-Product Special Economic Zone, in accordance with
Accounting Standard 17 Segment Reporting notified in Companies (Accounting
Standards) Rules, 2006.
- The aforesaid
results have been reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on October 25 2010.
The Statutory Auditors have carried out a limited review of the above
results as per clause 41 of the listing agreement.
- The number of
investors complaint received, resolved and pending are:
Pending as at 01.07.2010 4
Received during the Quarter 40
Resolved during the Quarter 42
Pending as at 30.09.2010 2
- Finance cost
is disclosed on net basis (including amounts on account of derivative
contracts). Interest income of Rs.214.180 millions, Rs.416.429 millions,
Rs.273.846 millions, Rs.546.500 millions and Rs.1079.878 millions, gain
loss on account of derivative contracts of Rs.110.76 (gain), Rs.352.05
millions (loss), Rs.134.58 millions (gain), Rs.93.548 millions (gain) and
Rs.300.441 millions (gain), for the current quarter and half year ended
September 30, 2010, corresponding previous quarter and half year ended
September 30, 2009 and previous year ended March 31, 2010, respectively
have been included in the finance cost.
- Pursuant to
the approval of Shareholders at 11 th Annual General Meeting held on
August 21, 2010, the nominal face value of the equity shares of the
Company was sub-divided from Rs.10I- each to Rs.21- each. Accordingly, the
number of shares and the earning per share of the previous periods have
been restated to make the same comparable.
- During the
quarter, Adani Enterprises Limited (AEL) became the holding company on
merger of promoter entities with AEL vide order dated August 12, 2010 of
the Hon’ble High Court of Gujarat.
- Hazira Road
Infrastructure Private Limited has been incorporated on October 1, 2010 as
a step down subsidiary of the Company and wholly owned subsidiary of Adani
Hazira Port Private Limited
- Provision for
current tax has been made after considering Company’s eligibility to avail
benefit under section 8OlAB of the Income Tax Act, 1961.
- The previous
year’s 1iures are regrouped I rearranged wherever necessary to facilitate
comparison.
CONTINGENT
LIABILITIES
(Rs.
In millions)
|
PARTICULARS |
AS ON 31.03.2010 |
As On 31.03.2009 |
|
Corporate
Guarantees given to banks and financial institutions against credit
facilities availed
by subsidiaries and an associate entity - Amount outstanding there against Rs. 2215.775
millions (Previous Year Rs. 620.000 millions) |
2632.832 |
620.000 |
|
Total
amount of Contingent Liabilities not provided for |
886.770 |
1019.508 |
PRESS RELEASE
tonnes World’s Largest
Coal receiving Terminal.
Cautarn Adani, Chairman Adani Group said “I am
proud to announce the operations at the World’s largest Coal Receiving Terminal
at Mundra. With this historic step, we have achieved an important milestone for
our port and logistics business.”
The 60 million tonnes coal terminal was set up
in a record time of 30 months. The fully. mechanized facility will supply coal
not only to the 4620 MW power plants of Adani Power and Tata Powers Ultra Mega
Power Plant of 4000 MW but also to the other power plants in the Northern and
Western hinterland.
The 60 million tonnes capacity is being
expanded to 100 million tonnes with work on the incremental 4’ berth getting
underway.
About Adani Group
Adani Group is one of the fastest growing
business houses in
About
MPSEZL is the largest private sector port
based SEZ company, having a market capitalization of about Rs. 30,000 Crores.
MPSEZL’s Mundra port has a cargo handling capacity of more than 115 million
tonnes at port and a 25 million tonne Single Point Mooring tacility
operational. I he company is further developing several cargo handling facilities
at Mundra to enhance its cargo basket. Through its subsidiaries, MPSEZ is
developing ports at Dahej and Hazira in Gujarat and Mormugao in
The
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 records 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.44.81 |
|
|
1 |
Rs.69.28 |
|
Euro |
1 |
Rs.59.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.