MIRA
INFORM REPORT
|
Report Date : |
18.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GANGAVARAM PORT LIMITED (w.e.f. 25.03.2003) |
|
|
|
|
Formerly Known
As : |
VISUAL INFRASTRUCTURE PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
Hansa Crest, 1st Floor, Plot No.62, Road
No.1, Jubilee Hills, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
27.09.2001 |
|
|
|
|
Com. Reg. No.: |
01-037861 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4632.683
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45209AP2001PLC037861 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV00952A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV3417E |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Development of Port and Providing Port Operation Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22073000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company having satisfactory track. The company has started
its commercial operations from April 17, 2009. Directors are reported to be
experienced and respectable businessmen. Their trade relations are fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered normal 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Hansa Crest, 1st Floor, Plot No.62, Road
No.1, Jubilee Hills, |
|
Tel. No.: |
91-40-44349999 |
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Fax No.: |
91-40-44349990 |
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E-Mail : |
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|
Website : |
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|
|
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|
Project Site Office: |
Gangavaram (Post), Pedagantyada Mandal, |
|
Tel. No.: |
91-891-2702277 |
|
Fax No.: |
91-891-2703377 |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Dandu Venkata Satyanarayana Raju |
|
Designation : |
Chairman and Managing Director |
|
Address : |
201, MLA and MPS Colony, Behind Yousufguda Police Lines, |
|
Date of Birth/Age : |
22.01.1960 |
|
Date of Appointment : |
27.09.2001 |
|
DIN No.: |
00142417 |
|
|
|
|
Name : |
Mr. Dandu Raj Gopala Raju |
|
Designation : |
Whole Time Director |
|
Address : |
201, MLA and MPS Colony, Behind Yousufguda Police Lines, |
|
Date of Birth/Age : |
09.12.1985 |
|
Date of Appointment : |
30.07.2007 |
|
DIN No.: |
01679892 |
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|
|
|
Name : |
Mr. Dandu Gopala Raju |
|
Designation : |
Director |
|
Address : |
201, MLA and MPS Colony, Behind Yousufguda Police Lines, |
|
Date of Birth/Age : |
04.02.1938 |
|
Date of Appointment : |
27.09.2001 |
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DIN No.: |
00156818 |
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|
|
|
Name : |
Mrs. Dandu Suryakanthamma |
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Designation : |
Director |
|
Address : |
201, MLA and MPS Colony, Behind Yousufguda Police Lines, |
|
Date of Birth/Age : |
08.09.1941 |
|
Date of Appointment : |
22.06.2009 |
|
DIN No.: |
00214791 |
|
|
|
|
Name : |
Dr. Sureddi Vinaya Kumar |
|
Designation : |
Director |
|
Address : |
Indralok Complex, Flat No.1, Banjara Hills, |
|
Date of Birth/Age : |
26.06.1945 |
|
Date of Appointment : |
26.08.2006 |
|
DIN No.: |
01172569 |
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|
|
|
Name : |
Mr. Vuppalapati Sitarama Raju |
|
Designation : |
Director |
|
Address : |
106, |
|
Date of Birth/Age : |
05.07.1941 |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
00101405 |
|
|
|
|
Name : |
Mr. Vishal Kashyap Mahadevia |
|
Designation : |
Director |
|
Address : |
81, Landmark, |
|
Date of Birth/Age : |
19.12.1972 |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
01035771 |
|
|
|
|
Name : |
Mr. Ajay Misra |
|
Designation : |
Nominee Director |
|
Address : |
PJ-1, Officers Quarters Punjagutta, |
|
Date of Birth/Age : |
16.07.1960 |
|
Date of Appointment : |
06.09.2010 |
|
DIN No.: |
02470889 |
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|
|
|
Name : |
Dr. Manmohan Singh |
|
Designation : |
Director |
|
Address : |
2-1-563/1, Opposite Sankarmatt, Street No.10, Nallakunta, |
|
Date of Birth/Age : |
02.10.1959 |
|
Date of Appointment : |
19.12.2008 |
|
Date of Ceasing : |
15.01.2010 |
|
DIN No.: |
02050918 |
|
|
|
|
Name : |
Dr. Abid Hussain |
|
Designation : |
Director |
|
Address : |
237, Sector 15-A, Gautam Budh Nagar, Noida – 201 301, |
|
Date of Birth/Age : |
19.12.1926 |
|
Date of Appointment : |
26.08.2006 |
|
Date of Ceasing : |
02.04.2011 |
|
DIN No.: |
00612504 |
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|
|
|
Name : |
Mr. Tanugula Ramakishan Rao |
|
Designation : |
Additional Director |
|
Address : |
HNO 1-8-678/12, Padma Colony, Behind Sankarmatt Nallakunta, |
|
Date of Birth/Age : |
04.05.1959 |
|
Date of Appointment : |
30.07.2009 |
|
Date of Ceasing : |
06.09.2010 |
|
DIN No.: |
01312449 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kumar |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.201, Vijetha Majestic Apartments, Saleem Nagar Colony,
Malakpet, |
|
Date of Birth/Age : |
19.04.1978 |
|
Date of Appointment : |
30.12.2006 |
|
PAN No.: |
ALPPK8088A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
D.V.S. Raju |
|
77555250 |
|
Dandu Padma |
|
6172600 |
|
Dandu Rajgopala
Raju |
|
200 |
|
G. Praveen Kumar |
|
100 |
|
New Wave Infrastructure
Projects Limited, |
|
8903500 |
|
Sapad Holdings
Limited, |
|
8167000 |
|
Burgeon Holdings
Limited, |
|
8298000 |
|
Trinay Holdings ( |
|
8221000 |
|
Seraphic
Investments Limited, |
|
8085500 |
|
Tyrant Holdings
Limited, |
|
7888500 |
|
Danspar Limited, |
|
167121650 |
|
Lakeside
Investment Limited, |
|
162855000 |
|
Total |
|
463268300 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
71.23 |
|
Bodies
corporate |
|
10.70 |
|
Directors
or relatives of directors |
|
18.07 |
|
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Development of Port and Providing Port Operation Services. |
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|
|
|
Services : |
Port Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v
State Bank of v
State Bank of India, Corporate Accounts Group
Branch-13039, “Ozone”, 2nd Floor, #6-3-669, Punjagutta Main Road,
Hyderabad – 500 082, Andhra Pradesh, India |
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Facilities : |
Note : The above loans
are secured by way of mortgage and first and second charge on pari passu basis
of all the movable and immovable properties including intangibles and all the
current assets of the Company, both present and future and by way of pledge
of 51% of shares held by the promoter group. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
IDBI Trusteeship Services Limited, |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Reliance Humsafar, IV Floor, Road No.11, Banjara Hills, |
|
Tel. No.: |
91-40-66305000 |
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Fax No.: |
91-40-66305299 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB7357B |
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|
|
|
Subsidiaries : |
CIN No.: U61100AP2008PTC059865 |
|
|
|
|
Enterprises where key management personnel and
their relatives exercise significant
influence : |
v Newwave
Infrastructure Projects Limited v Dandu Computer Services
Private Limited v Dandu Energy
Private Limited v Dandu Infratech
Private Limited v Dandu Agro
Products Private Limited v Unudurru
Enterprises Private Limited v
Udnad Farms Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
463268300 |
Equity Shares |
Rs.10/- each |
Rs.4632.683
millions |
|
|
|
|
|
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 |
4632.683 |
4632.683 |
2878.471 |
|
|
2] Share Application Money Pending Allotment |
537.317 |
537.317 |
537.317 |
|
|
3] Reserves & Surplus |
348.314 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5518.314 |
5170.000 |
3415.788 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11457.302 |
11331.388 |
7659.765 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
11457.302 |
11331.388 |
7659.765 |
|
|
DEFERRED TAX LIABILITIES |
177.949 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17153.565 |
16501.388 |
11075.553 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15154.804 |
579.689 |
574.030 |
|
|
Capital work-in-progress (including capital advances) |
125.586 |
14976.659 |
11342.930 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
179.762
|
103.288
|
0.000 |
|
|
Sundry Debtors |
370.566
|
228.216
|
0.000 |
|
|
Cash & Bank Balances |
2053.384
|
1375.546
|
404.037 |
|
|
Other Current Assets |
37.408
|
12.212
|
5.385 |
|
|
Loans & Advances |
298.250
|
401.445
|
231.807 |
|
Total
Current Assets |
2939.370
|
2120.707 |
641.229 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
999.046
|
1128.021
|
1418.145 |
|
|
Other Current Liabilities |
63.417
|
44.725
|
62.225 |
|
|
Provisions |
3.832
|
2.921
|
2.266 |
|
Total
Current Liabilities |
1066.295
|
1175.667 |
1482.636 |
|
|
Net Current Assets |
1873.075
|
945.040
|
(841.407) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17153.565 |
16501.388 |
11075.553 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
17.04.2009 to
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
3601.842 |
0.000 |
0.000 |
|
|
|
Other Income |
78.953 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
3680.795 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
828.709 |
0.000 |
0.000 |
|
|
|
Administrative and Other Overheads |
366.128 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1194.837 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2485.958 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1212.994 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1272.964 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
746.701 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
526.263 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
177.949 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
348.314 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Port operations (trial run) |
0.000 |
15.137 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
15.137 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components / spares |
44.892 |
75.863 |
0.000 |
|
|
|
Capital Goods |
2.284 |
4.051 |
2947.792 |
|
|
TOTAL IMPORTS |
47.176 |
79.914 |
2947.792 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
0.75 |
NA |
NA |
|
|
|
- Diluted |
0.67 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.46
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.61
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.91
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.27
|
2.37
|
2.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
1.80
|
0.43 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from Plot No.354/
A, New MLA Colony, Road No.12, Banjara Hills, Hyderabad - 500 034, Andhra
Pradesh, India to the present address w.e.f. 01.02.2008.
BACKGROUND:
The Company was
incorporated on 27 September 2001 in the state of
PORT OPERATIONS:
As the members are
aware that the trial operations for Phase-I of the company’s port project i.e.
Government of
Andhra Pradesh has vide its G.OMs.No.6 dated 08th April 2010 declared Gangavaram
Port as Commercially operational with effect from April 17, 2009. The following
are the performance highlights of the
• Handled 12.95MMT
of Cargo comprising of Coking coal, Steam coal, Iron ore, Limestone, Bauxite,
Steel Cargo, Raw Sugar, Project Cargo, Fertilizers, Slag, Steel Scrap etc.
• Handled 288 (Two
Hundred and Eighty Eight) Commercial Vessels including 15 (Fifteen) Capesize
Vessels
• Handled 604 and
1520 nos. of inward and outward railway rakes of cargo respectively to and from
various destinations in Orissa, Maharashtra, Karnataka,
During the said
period of operations, the following operational milestones were achieved:
• Subject handled
the largest coal vessel Capesize vessel “MV Rubin Artiems” (151,396 dwt) to
have called at any Indian Port on October 31, 2009 for Rashtriya Ispat Nigam
Limited, Visakhapatnam (RINL) popularly known as Vizag Steel Plant. Subject had
earlier handled RINL’s “MV Ocean Dragon” (151,049 dwt) on 15th January 2009,
the same being the previous largest Coal vessel handled at any
• Subject created
a national record by discharging 80,514 Metric Tonnes (MT) of Coal cargo in 24
hours from Capesize vessel “MV China” surpassing its previous best record of
71,808 MT of Coal cargo from Capesize vessel “MV Go Patoro” (150148 DWT) on 31
May 2009;
• Subject achieved
another historic milestone in Indian maritime history by discharging 612
packages / 4497.502 MT of Project Cargo in a single day from vessel MV Setubal
Castle on October 18, 2009. The Port followed it up by discharging a record 620
packages / 4406 MT from the same vessel the very next day;
• Subject set
another milestone by discharging 48,545 MT of Coking Coal Cargo in 24 hours
from Handymax vessel “MV Luminous Halo” carrying Coking Coal cargo for RINL on
25th October 2009. Subject discharged the vessel carrying 52,500 MT of Coal in
record time of 27 hours.
With the State of
the art equipment and skilled/committed manpower in place, Subject shall
continue to create new records in the Indian Maritime History.
FORM 8:
|
Corporate
identity number of the company |
U45209AP2001PLC037861 |
|
Name of the
company |
GANGAVARAM PORT LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.62, Road No.1, Jubilee Hills, E-Mail: ashishkumar@gangavaram.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10142714 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (Paripassu
Second Charge on all assets of Company) |
|
Particular of
charge holder |
State Bank of India, Corporate Accounts Group Branch-13039, “Ozone”, 2nd
Floor, #6-3-669, Punjagutta Main Road, Hyderabad – 500 082, Andhra Pradesh,
India E-Mail: ravi.singudasu@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Form C.5
"Letter Regarding the grant of Individual Limits within the Overall
Limit dated 24th September 2010 executed in favour of State Bank
of India, Corporate Accounts Group Branch, |
|
Date of
instrument Creating the charge |
24.09.2010 |
|
Amount secured by
the charge |
Rs.300.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Not Applicable. Non-Fund based
Bank Guarantee Limits of Rs.300.000 millions (EPCG Bank Guarantee of
Rs.200.000 millions and Bank Guarantee Limit of Rs.100.000 millions) were
sanctioned to the Company. Terms of
Repayment: Not Applicable. Non-Fund based
Bank Guarantee Limits of Rs.300.000 millions (EPCG Bank Guarantee of
Rs.200.000 millions and Bank Guarantee Limit of Rs.100.000 millions)
sanctioned to the Company to be renewed yearly. Margin: Zero Extent and
Operation of the charge: The Non-Fund
based Bank Guarantee Limits of Rs.300.000 millions sanctioned by State Bank
of India, Corporate Accounts Group Branch, Punjagutta, |
|
Short particulars
of the property charged |
(1) The whole of
the current assets of the borrower namely, stocks of raw materials, stocks in
process, semi-finished goods and finished goods, stores and spares etc by way
of Second Paripassu charge. The Whole of the
Moveable Properties of the company (Fixed Assets) including its moveable
plant and machinery whether attached to the earth or otherwise by way of
Second Paripassu charge. Second Registered
Charge over the lands standing in the name of the company situated at
Nellimuku, Pedagantyada and |
|
Particulars of
the present modification |
Reduction in
Non-Fund based Bank Guarantee limits from Rs.450.000 millions to Rs.300.000
millions. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U45209AP2001PLC037861 |
|
Name of the
company |
GANGAVARAM PORT
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.62, Road No.1, Jubilee Hills, |
|
Type of charge |
Immovable
Property Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
(1) C-7-“Deed of
English Mortgage” dated February 03, 2009 executed in favour of State Bank of
India, Commercial Branch, Koti, Hyderabad and duly registered with the
Sub-Registrar Office at Pedagantyada Mandal, Visakhapatnam, Andhra Pradesh. (2) C-2-
"Agreement of Hypothecation of Goods And Assets" dated February 03,
2009. |
|
Date of
instrument Creating the charge |
03.02.2009 |
|
Amount secured by
the charge |
Rs.450.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Not Applicable. Non-Fund based
Bank Guarantee Limits of Rs.450.000 Millions (EPCG Bank Guarantee Limit of Rs.
400.000 Millions and Bank Guarantee Limit (NFBWC) of Rs. 50.000
Millions) were sanctioned to the
Company. Terms of
Repayment Not Applicable. Non-Fund based
Bank Guarantee Limits of Rs.450.000 Millions (EPCG Bank Guarantee Limit of
Rs. 400.000 Millions for a term of 3 years and Bank Guarantee Limit (NFBWC)
of Rs. 50.000 Millions to be renewed yearly) were sanctioned to the Company. Extent and
Operation of the charge The non -fund
based bank guarantee limits of Rs.450.000 Millions sanctioned by State Bank
of India, Commercial Branch, Koti, Hyderabad is secured by way of Pari passu
Second Charge on all the present and future company's Fixed and Current
assets. |
|
Short particulars
of the property charged |
(1)The whole of
the Current Assets of the Borrower namely stocks of raw materials,
stocks-in-process etc by way of
second pari passu charge. (2) The whole of
the movable properties of the Company (Fixed Assets) etc by way of second
pari passu charge. (3) Creation of
Second Charge on Lands held by the Company situated in Nellimuku,
Pedagantyada and |
CONTINGENT
LIABILITIES: (As on 31.03.2010)
v Counter guarantees
provided by the Company to various banks against issue of bank guarantees by
them on behalf of the Company in favor of Government authorities and others
amounting to Rs.219.134 millions.
v Claims against the
Company not acknowledged as debts amounting to Rs.2184.900 millions represent
claims lodged by certain contractors in relation to construction of assets. The
Company has also lodged its counter claims / entitlements against these
aforesaid claims and the matter is currently pending for adjudication under
Arbitration. Pending the outcome of the Arbitration proceedings, the management
is of the view that it is more likely that a liability will not arise on the
Company. Accordingly, no adjustments have been made in the financial statements
for such claims.
FIXED ASSETS:
v
Freehold land and land development
v
Lease hold land
v
Leasehold improvements
v
Railway sidings
v
Buildings (including marine and other structures)
v
Plant and machinery
v
Furniture and fixtures
v
Office equipments
v
Computers and accessories
v Vehicles
WEBSITE DETAILS:
PROFILE:
Subject which has been mandated to develop and
operate the Green field port at Gangavaram, is a JV between the State
Government of Andhra Pradesh, India and a consortium led by Mr. DVS Raju.
Upholding the true spirit of Public Private Partnership the State Government of
Andhra Pradesh, India, with an intention to develop the Port on the Public
Private Partnership model, conducted a global bid process and selected the
consortium to develop and operate the port.
Gangavaram Port has been
developed as all weather, multipurpose port with water depth upto 21 meters,
making it the deepest and only port in the country capable of handling fully
laden Super Cape size vessels of upto 200,000 DWT. Gangavaram Port with its
deep draft berths and efficient operations has become the gateway port for a
hinterland spread over 8 states across Eastern, Western, Southern and Central
India. Its ability to handle larger vessels efficiently has resulted in
substantial savings to trade and port users. Gangavaram Port provides efficient
cargo handling services for a variety of bulk and break bulk cargo groups
including Coal, Iron Ore, Fertilizer, Limestone, Bauxite, Raw Sugar, Project
Cargo, Alumina, Steel products etc.
The Port, its related facilities and material handling system are among the
most advanced in
LOCATION:
Gangavaram Port is located at Visakhapatnam, the industrial nerve
center of Andhra Pradesh around Latitude 17° 37' N and Longitude 83° 14' E,
about 15 kms south of Visakhapatnam Port.
The site for
OPERATIONAL MILESTONES 2011
20 March 2011:
GPL handled the largest fully laden coal vessel to have called at any
27 February 2011:
GPL achieves the highest discharge rate for a Handymax vessel MV Doric
Samurai by discharging entire parcel of 54999 MT Non Coking Coal
cargo in 22.30 hours translating to an average discharge rate of 58665.6 MT in
24 hours.
24 February 2011:
GPL achieves the highest discharge rate for a Panamax vessel MV
Welsucess by discharging 65349 MT of Coking Coal cargo in 24 hours
and thus improving on its earlier record discharge of 61677 MT of Non Coking
Coal Cargo in 24 hours achieved on 08 January 2010 for vessel MV
Prabhu Puni.
18 January 2011:
GPL achieves the highest discharge rate for a Handymax vessel MV Pearl
Halo by discharging 30392 MT of Coal and cargo in 14.15 hours (Lightning operation)
translating to an average discharge rate of 51548 MT in 24 hours.
OPERATIONAL MILESTONES 2010
08 January 2010:
Gangavaram Port sets record by discharging 73,587 MT of Coal from
Panamax Vessel "MV Prabhu Puni" (76,015 dwt) and completing discharge
operations in 36 hours, the highest average discharge rate ever achieved for
any Panamax vessel at any Indian Port.
04 October 2010:
GPL handled the largest fully laden coal vessel to have called at
OPERATIONAL MILESTONES 2009
06 November 2009:
Gangavaram Port sets historic record by discharging an unpresented
80,514 Metric Tonnes (MT) of Coal cargo in 24 hours from Capesize vessel
"MV China" carrying Non Coking Coal cargo for Adani Enterprises
Limited ('AEL'), surpassing its earlier record of discharging 71,808 MT of Non
Coking Coal in a single day from Cape size vessel "MV Go Patoro"
(150,108 dwt) on 30th May, 2009.
31 October 2009:
GPL handled the largest coal vessel to have called at Indian Ports by
successfully handling Rashtriya Ispat Nigam Limited's ('RINL') Capesize vessel
"MV Rubin Artiems" (151,396 dwt). GPL had earlier handled
RINL's" MV Ocean Dragon" (151,049 dwt) on 15th January 2009 which was
then the largest Coal vessel to have called at any
25 October 2009:
18 October 2009:
NEWS:
GPL SETS RECORD IN COKING COAL HANDLING
The cargo was for Rashtryia Ispat Nigam Limited. The discharge rate
achieved was more than three times the discharge rate achieved at any other
Indian port, a GPL release claimed on Sunday.
With five deep draft berths, GPL has handled more than 28 million tonnes
since commencement of its operations. The port has successfully handled more
than 600 vessels including more than 45 fully-laden capsize vessels (the
largest category of bulk vessels in trade) of average size of 150,000 DWT. The
vessels handled at GPL include the largest bulk vessels to have ever called at
any Indian port.
The port ensures almost nil pre-berthing delay ensuring congestion free
and efficient port operations. The release said the port handles a range of
commodities such as coking and non-coking coal, iron ore, limestone, bauxite,
steel cargo, raw sugar, project cargo, slag and scrap.
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.44.53 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.