MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADANI ENTERPRISES
LIMITED |
|
|
|
|
Formerly Known As : |
ADANI EXPORTS
LIMITED |
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|
|
|
Registered Office : |
Adani House,
Shrimali Society, Near Mithakhali |
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|
Country : |
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|
Financials (as on) : |
31.03.2010 |
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Date of
Incorporation : |
02.03.1993 |
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|
|
|
Com. Reg. No.: |
04-19067 |
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|
|
Paid-up Capital
: |
Rs.498.000 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L51100GJ1993PLC019067 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA01099A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA2804L |
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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 : |
Exporters of
Frozen Foods, Dyes and Intermediates, Plastic Products, Agricultural
Products, Precious Items, Tea, Coffee, Castor Oil and Seed, Textile Products,
Marine Items and other Agro Products. |
|
|
|
|
No. of
Employees : |
1000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 78800000 |
|
|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is
controlled and financed by Adani family. The company is a Government
Recognized Star Trading House having fine track of performance and financial status.
Available information indicates high financial responsibility of the company.
Payments are 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 |
INFORMATION DECLINED BY
Management is non company-operative.
LOCATIONS
|
Registered Office : |
Adani House,
Shrimali Society, Near Mithakhali |
|
Tel. No.: |
91-79-25555555 /
26565555 / 25555080 |
|
Fax No.: |
91-79-26565500 /
25555500 |
|
E-Mail : |
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|
Website : |
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|
Correspondence Office: |
M/s. Pinnacle Share
Registry Private Limited., Unit : (Adani Enterprises Limited), Near Asoka
Mills Limited., |
|
Tel. No.: |
91-79-22200582,
22200338. |
|
Fax No.: |
91-79-22202963. |
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E-Mail : |
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Branches : |
Located at :
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Domestic Offices : |
Located At :
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|
|
|
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International Offices : |
4300,
4300,
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Gautam S.
Adani |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
24.06.1962 |
|
Qualification: |
S.Y. B.Com. |
|
Date of
Joining: |
02.03.1993 |
|
|
|
|
Name : |
Mr. Rajesh S.
Adani |
|
Designation : |
Managing Director |
|
Age: : |
43 years |
|
Qualification: |
B. Com. |
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|
|
|
Name : |
Mr. Devang Desai |
|
Designation : |
Executive Director (w.e.f. 27th
January, 2010) |
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|
|
|
Name : |
Mr. Vasant S. Adani |
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Designation : |
Director |
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|
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|
Name : |
Mr. Jay H. Shah |
|
Designation : |
Director |
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|
Name : |
Dr. Pravin P. Shah |
|
Designation : |
Director |
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|
Name : |
Dr. A. C. Shah |
|
Designation : |
Director |
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|
|
Name : |
Mr. Yoshihiro Miwa |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Tatsuo Fuke |
|
Designation : |
(Alternate Director to Mr.
Yoshihiro Miwa) |
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|
|
|
Name : |
Mr. Anil Ahuja |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Parthiv Parikh
|
|
Designation : |
Asst. Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,335,156 |
0.21 |
|
|
116,731,483 |
10.61 |
|
|
651,321,621 |
59.22 |
|
|
646,074,910 |
58.74 |
|
|
5,246,711 |
0.48 |
|
|
770,388,260 |
70.05 |
|
|
|
|
|
|
90,941,484 |
8.27 |
|
|
90,941,484 |
8.27 |
|
Total
shareholding of Promoter and Promoter Group (A) |
861,329,744 |
78.32 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1,396,527 |
0.13 |
|
|
9,050,406 |
0.82 |
|
|
175,541,042 |
15.96 |
|
|
10,377 |
- |
|
|
185,998,352 |
16.91 |
|
|
|
|
|
|
19,676,400 |
1.79 |
|
|
|
|
|
|
9,657,698 |
0.88 |
|
|
2,719,616 |
0.25 |
|
|
20,428,273 |
1.86 |
|
|
5,348,473 |
0.49 |
|
|
10,000 |
- |
|
|
103,867 |
0.01 |
|
|
14,965,933 |
1.36 |
|
|
52,481,987 |
4.77 |
|
Total
Public shareholding (B) |
238,480,339 |
21.68 |
|
Total
(A)+(B) |
1,099,810,083 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
1,099,810,083 |
- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Exporters of
Frozen Foods, Dyes and Intermediates, Plastic Products, Agricultural
Products, Precious Items, Tea, Coffee, Castor Oil and Seed, Textile Products,
Marine Items and other Agro Products. |
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Products : |
|
PRODUCTION STATUS
(As on 31.03.2007)
|
Particulars |
|
|
Unit |
Actual
Production |
|
|
|
|
|
|
|
Agro Products |
|
|
MT |
215,254.468 |
|
Precious Other Metal |
|
|
KGS |
7,824.670 |
|
Minerals /Oils |
|
|
CBM |
459.419 |
|
Textile Products |
|
|
KGS |
18,973.000 |
|
Textile Products |
|
|
PCs |
35,570.000 |
|
Textile Products |
|
|
MTR |
17,342.500 |
GENERAL INFORMATION
|
No. of Employees : |
1000
(Approximately) |
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Bankers : |
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Facilities : |
NOTE: Above facilities are secured by: a) Hypothecation of the stocks and book debts by way of first charge
ranking pari-passu among the Banks. b) Hypothecator of furniture and fixtures at Corporate House Gurgaon (Haryana). c) Equitable mortgage of the land admeasuring 4850 sq.yards with
proposed construction of 0.108 millions Sq.ft of office premises being
constructed at Gurgaon (Haryana).
NOTE Loans from Banks are secured by Demand Promissory Note and pledge of
shares of some of the relatives of promoters and guaranteed by some of the
promoter directors of the Company in their personal capacity. |
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh
and Company Chartered Accountants |
|
Address : |
Ahmedabad, |
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Subsidiary Companies : |
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Associate Entities : |
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Joint Control : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,00,00,000 |
Equity Shares |
Rs.1/- Each |
Rs.1000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49,80,26,550 |
Equity Shares |
Rs.1/- Each |
Rs.498.000
millions |
NOTES:
Of the above Equity Shares
(I) 2, 95, 36,875 (Precious Year 2, 61, 35,175) Equity shares of Re 1/- each were allotted as fully paid op at premium on conversion of foreign currency convertible bonds.
(ii) 50, 00,000 (Previous Year 50, 00, 000) Equity Shares of Re. 1/. each were allotted as fully op at premium without payment being received in cash, on amalgamation
(iii) 50, 00,000 (Previous Year 50, 00, 000) Equity Shares of Re II- each were issued as Bonus Shares by capitalization of profit.
(iv) 41, 33, 70,675 (Previous Year 16, 53, 55,000) Equity Shares of Re. 1/- each were issued as Bonus shares by capitalization of share premium.
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 |
498.000 |
246.600 |
246.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19203.000 |
16184.500 |
13130.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19701.000 |
16431.100 |
13376.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
173.800 |
3538.200 |
2173.800 |
|
|
2] Unsecured Loans |
34539.300 |
28529.000 |
27381.100 |
|
|
TOTAL BORROWING |
34713.100 |
32067.200 |
29554.900 |
|
|
DEFERRED TAX LIABILITIES |
176.500 |
198.400 |
161.500 |
|
|
|
|
|
|
|
|
TOTAL |
54590.600 |
48696.700 |
43093.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1606.400 |
2100.800 |
2019.500 |
|
|
Capital work-in-progress |
316.100 |
119.200 |
171.500 |
|
|
Capital Advance |
193.500 |
69.600 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
23810.100 |
22176.900 |
14947.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2661.500
|
3318.000 |
9148.900 |
|
|
Sundry Debtors |
13834.000
|
17424.200 |
12397.300 |
|
|
Cash & Bank Balances |
11824.100
|
13802.100 |
10812.300 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
20074.000
|
7965.900 |
16360.300 |
|
Total
Current Assets |
48393.600
|
42510.200 |
48718.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13299.200 |
12283.800 |
|
|
|
Current Liabilities |
3634.300
|
3814.400 |
21127.400 |
|
|
Provisions |
2818.200
|
2181.800 |
1637.100
|
|
Total
Current Liabilities |
19751.700
|
18280.000 |
22764.500 |
|
|
Net Current Assets |
28641.900
|
24230.200 |
25954.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
22.600 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
54590.600 |
48696.700 |
43093.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
115847.800 |
115750.500 |
115954.400 |
|
|
|
Other Income |
301.000 |
128.400 |
291.700 |
|
|
|
TOTAL (A) |
116148.800 |
115878.900 |
116246.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
104621.800 |
104646.400 |
106324.800 |
|
|
|
Personnel Expenses |
384.300 |
627.300 |
534.900 |
|
|
|
Operation and Other Expenses |
5085.200 |
4562.100 |
4210.700 |
|
|
|
Prior Period Adjustments |
10.400 |
(8.300) |
16.600 |
|
|
|
Exceptional Items |
(58.500) |
40.200 |
(22.300) |
|
|
|
TOTAL (B) |
110043.200 |
109867.700 |
111064.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6105.600 |
6011.200 |
5181.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3100.500 |
2144.300 |
1543.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3005.100 |
3866.900 |
3637.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
127.600 |
120.800 |
112.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
2877.500 |
3746.100 |
3525.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
333.400 |
481.800 |
404.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2544.100 |
3264.300 |
3120.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8439.500 |
6063.800 |
3716.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend on Equity Shares |
498.000 |
246.700 |
147.900 |
|
|
|
Tax
on Dividend (including surcharge) |
82.700 |
41.900 |
25.100 |
|
|
|
Transfer
to General Reserve |
500.000 |
500.000 |
500.000 |
|
|
|
Transfer
to Debenture Redemption Reserve |
0.000 |
100.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
9902.900 |
8439.500 |
6063.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. Basis |
36887.700 |
59879.400 |
35458.200 |
|
|
|
Interest Income |
77.800 |
203.000 |
128.000 |
|
|
|
Dividend Income |
0.000 |
4.600 |
4.600 |
|
|
|
Other Income |
113.500 |
1283.800 |
627.200 |
|
|
TOTAL EARNINGS |
37079.000 |
61370.800 |
36218.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
78781.000 |
56665.900 |
37131.300 |
|
|
TOTAL IMPORTS |
78781.000 |
56665.900 |
93797.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.13 |
6.62 |
12.66 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Net Sales |
8342.400 |
6466.800 |
6659.800 |
7799.500 |
|
Total Expenditure |
7967.800 |
6557.100 |
6871.800 |
9135.500 |
|
PBIDT (Excl OI) |
374.600 |
(90.300) |
(212.000) |
(1336.000) |
|
Other Income |
994.500 |
2293.200 |
525.100 |
1463.800 |
|
Operating Profit |
1369.100 |
2202.900 |
313.100 |
127.800 |
|
Interest |
304.300 |
198.000 |
119.500 |
124.400 |
|
Exceptional Items |
(14.100) |
(512.900) |
0.400 |
31.700 |
|
PBDT |
1050.700 |
1492.000 |
194.000 |
35.100 |
|
Depreciation |
25.800 |
26.300 |
39.100 |
41.500 |
|
Profit Before Tax |
1024.900 |
1465.700 |
154.900 |
(6.400) |
|
Tax |
183.300 |
216.500 |
51.500 |
(503.200) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
841.600 |
1249.200 |
103.400 |
496.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
841.600 |
1249.200 |
103.400 |
496.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.19 |
2.82 |
2.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.48 |
3.24 |
3.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.76 |
8.40 |
6.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.23 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.76 |
3.06 |
3.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45 |
2.33 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was conceived as a partnership firm by Gautam S
Adani in the year 1988, was converted into a joint stock company in 1993 and
made its IPO in 1994. With its head office in
PERFORMANCE
OF THE COMPANY
The
Company continued to strengthen its business and move up the value chain,
thereby delivering enhanced value to its all stakeholders worldwide. Salient
features of the Company's Standalone and Consolidated financial performance for
the year are as under:
- STANDALONE FINANCIAL PERFORMANCE :
They
are pleased to inform that the Company has posted a yet another year of stellar
performance and achieved gross revenue of Rs. 11,61488.000 Millions as compared
to Rs. 11,58789.000 Millions in the previous year. The net profit after tax
stood at Rs. 25441.000 millions as compared to Rs. 32643.000 millions in the
previous year.
SUBSIDIARY
COMPANIES
The
Company has interests in several businesses and is having global presence with
operations in various countries across the globe either directly or through its
Subsidiary Companies.
The
Company had 41 subsidiaries at the beginning of the year.
The
following eleven subsidiaries were set up / acquired during the year :
1.
Adani Gas Limited
2.
Adani Pench Power Limited (set up by
Adani Power Limited )
3.
Adani Power Pte. Limited,
4.
Kutchh Power Generation Limited, (set up by Adani Power Limited)
5.
Rahi Shipping Pte. Limited,
6.
Vanshi Shipping Pte. Limited,
7.
Adani Cements Limited
8.
9.
Mahaguj Power Limited (set up by Adani Mining Private Limited )
10.
Adani Infra (
11. PT
Aneka Sumber Bumi.,
During
the year, the following Companies ceased to be subsidiary Companies of the
Company:
1.
Sunanda Agri Trade Private Limited
2. PT
Kapuas Coal
In
view of above, the total number of subsidiary Companies as on March 31, 2010
were 50. The Company has been granted an exemption for the year ended March 31,
2010 by The Ministry of Corporate Affairs, Government of India.
Shareholders
interested in obtaining the statement of Company's interest in the subsidiaries
or stand-alone financial statements of the subsidiary Companies may obtain the
same by writing to the Asst. Company Secretary of the Company.
The
annual accounts of subsidiary Companies are available for inspection by any
investor at the registered office of the Company.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
ECONOMIC
OUTLOOK
The
year 2009-10 witnessed relative stability contrary to expectations of a
prolonged turmoil; the turnaround was much quicker than apprehensions. On the
back of a strong last quarter performance, the Indian economy has registered an
impressive GDP growth of 7.4 per cent in 2009-10. The robust growth is driven
largely due to low dependence on external factors and a growing domestic
demand. The Company continued to strengthen its business and has sustained its
position in the global market and posted encouraging performance for the year.
CORE
BUSINESSES
They
have interests in four business sectors: Energy, Trading, Real Estate and
Agro-related businesses.
- Energy
In the
energy sector, they are engaged in coal trading, power trading, coal mining,
power generation, power transmission, city gas distribution, oil and gas
exploration and bunkering businesses.
- Coal trading
The
Company undertakes coal trading business directly and through its subsidiaries,
Adani Global FZE,
- Power
trading
The
Company undertakes power trading activities and has been designated as a “Category
I” power trader by CERC until June 2029. Their power trading business involves
making purchases of surplus power and selling this surplus to energy deficit
electricity boards. Going forward, they also intend to sell a significant
portion of power generated from their power projects on merchant basis.
Further,
they have obtained membership of the first power exchange in
- Coal mining
Their
coal mining business involves mining, processing and the acquisition,
exploration and development of mining assets.
- Indonesian Coal Mining Concessions
PT
Adani Global,
- Domestic Coal Mining Operations
In
- Parsa East and Kente Basan Coal Block
Rajasthan
Rajya Vidyut Utpadan Nigam Limited (RRVUNL) has been allocated the Parsa East
and Kente Basan coal blocks at Chhattisgarh. The Company entered into a joint
venture agreement with RRVUNL to form Parsa Kente Collieries Limited (“PKCL”),
wherein they own 74% equity interest and the remaining 26% equity interest is
owned by RRVUNL. They expect to start mining and delivering of coal from June
2011 onwards. In addition, they have been granted clearance from the Ministry
of Railways for the movement of coal from the coal blocks at Parsa East and
Kente Basan to the power plants being developed by RRVUNL.
- Machhakata Coal Block
Recently,
the Company entered into coal mining services agreement with Mahaguj Collieries
Limited for the development and operation of Machhakata coal block in Orissa.
This entails the development of the coal block, mining of coal from the coal
block and supplying coal to the designated power plants of Maharashtra Power
Generation Company Limited and the Gujarat State Electricity Corporation
Limited.
- Parsa Coal Block
The
Company has received a LOA dated October 20, 2009 (the “Chhattisgarh LOA”) from
Chhattisgarh State Power Generation Company Limited (“CSPGCL”) regarding
selection as joint venture partner for development, mining and transportation
of coal from Parsa coal block.
- Power
Generation
They
intend to capitalize on the emerging opportunities in the Indian power
generation sector, which are being driven by the current and expected demand
and supply imbalance in
Adani
Power Limited, their subsidiary has been incorporated to construct and operate
power projects. Adani Power Limited, together with its subsidiaries, Adani
Power Maharashtra Limited, Adani Power Rajasthan Limited and Adani Pench Power Limited , currently has
seven thermal power projects under various stages of development and
implementation, with combined installed capacity of 10,560 MW out of which 660
MW has already been commissioned. Additionally, Adani Power Limited is planning
to develop a thermal power project in Dahej,
The
power projects of Adani Power Limited are being developed as follows:
- Mundra phase I and II power projects
(“Mundra I and II”) will have four coal-fired,sub-critical generation
units of 330 MW each, with combined capacity of 1,320 MW. The first two
330 MW units of Mundra I and II were commissioned in July 2009 and March
2010 respectively.
- Mundra phase III power project (“Mundra
III”) will have two coal fired, super-critical generation units of 660 MW
each, with combined capacity of 1,320 MW. It is currently expected that
the first 660 MW unit of Mundra III will be commissioned by January 2011,
and that the power project will be fully commissioned by June 2011.
- Mundra phase IV power project (“Mundra
IV”) will have three coal fired, super-critical generation units of 660 MW
each, with combined capacity of 1,980 MW. It is currently expected that
the first 660 MW unit of Mundra IV will be commissioned by August 2011,
and that the power project will be fully commissioned by April 2012.
- Tiroda I and II power project (“Tiroda
I and II”), which is being developed by Adani Power Maharashtra Limited
(“APML”) (a subsidiary of Adani Power Limited ), will have three coal
fired, supercritical generation units of 660 MW each, with combined
capacity of 1,980 MW. It is currently expected that the first 660 MW unit
of Tiroda I and II will be commissioned by July 2011 and that the power
project will be fully commissioned by April 2012.
- Tiroda III power project (“Tiroda
III”), which is also being developed APML, will have two coal fired,
super-critical generation units of 660 MW each, with combined capacity of
1,320 MW. It is currently expected that the first 660 MW unit of Tiroda
III will be commissioned by April 2013 and that the power project will be
fully commissioned by July 2013.
- Kawai power project, which is being
developed by Adani Power Rajasthan Limited (“APRL”) (a 100% subsidiary of
Adani Power Limited ), will have two super-critical generation units of
660 MW each, with combined capacity of 1,320 MW. It is currently expected
that the first 660 MW unit will be commissioned by April 2013, and that
the power project will be fully commissioned by August 2013.
- Chhindwara power project, which is
being developed by Adani Pench Power Limited (“Adani Pench”) (a 100%
subsidiary of Adani Power Limited ), to set up a 1,320 MW thermal power
project based on super-critical technology at Chhindwara in the state of
Madhya Pradesh. It is currently expected that the commercial operation of
the first unit of the power project will be achieved within 42 months from
the date of Chhindwara LOI and that the power project will be fully
commissioned by February 2014.
In addition, Adani Power Limited is also
planning to develop a coal-based power project with an aggregate capacity of
2,640 MW at Dahej and it is proposed to be developed by Adani Power Dahej
Limited, a wholly owned subsidiary of Adani Power Limited
- City gas distribution
Their
city gas distribution business is undertaken through Adani Gas Limited (“Adani
Gas”) with an objective to provide piped natural gas (“PNG”) to household and
industrial consumers and compressed natural gas (“CNG”) for use in automobiles.
Their city gas distribution business was demerged and transferred to Adani st
Gas from Adani Energy Limited (“Adani Energy”), with effect from 1 January,
2007 pursuant to a scheme of th arrangement, approved by the High Court of
Gujarat on 19 November, 2009. Adani Gas has set up a gas distribution network
of approximately 328 km of steel pipeline network and approximately 1,800 km of
polyethylene pipelines spread across Ahmedabad and Vadodara in Gujarat and
Faridabad in Haryana, Noida, Khurja and Lucknow in Uttar Pradesh and Jaipur and
Udaipur in Rajasthan, and 58 CNG stations in Ahmedabad and Vadodara in Gujarat
and Faridabad in Haryana. Adani Gas is also serving approximately 450
industrial units, 75,000 households and 600 commercial units in these cities through
its infrastructure
network.
Adani
Gas has received “No Objection Certificates” from respective State Governments
to develop, construct, own, operate and maintain city gas distribution projects
in Lucknow Noida, and Khurja in Uttar Pradesh, and
- Oil and gas exploration
As
part of their integrated strategy they have entered the oil and gas exploration
sector and formed a joint venture, Adani Welspun Exploration Limited (“Adani
Welspun”) in which they have 65% stake.
- Domestic Oil and Gas Blocks
The
Company, in a consortium with Naftogaz India Private Limited, Adani
Infrastructure Services Private Limited (“Adani Infrastructure”) and Welspun
group have been awarded 2 Oil and Gas blocks under NELP VI (Assam Block and
Palej Block) which covers a total area of approximately 95 and 75 square kms
respectively. The Company and Adani Infrastructure hold 35% and 20%
participating interest in each of the aforesaid two blocks and is a
non-operator.
Adani
Welspun was awarded a 100% participation interest in Block under NELP VII
(“Mumbai Offshore Block”) under a production sharing contract which covers a
total area of approximately 1191 square kms.
Adani
Welspun in a consortium with Oil and Natural Gas Corporation Limited (“ONGC”), Indian Oil Corporation Limited (“IOC”) and Gujarat State Petroleum
Corporation Limited (GSPC) has been
awarded a exploration block located offshore in the
- Overseas Oil and Gas Blocks
Adani
Welspun was awarded petroleum concessions of two onshore blocks, L39/48 and
L22/50 with a total area of approximately 3,975 square km. and 3,947 square km.
respectively, for a period of six years by the Ministry of Energy of the
Government of Thailand.
Adani
Welspun, in consortium with GSPC, was awarded a Exploration block in
- Bunkering
Chemoil
Adani Private Limited (Chemoil Adani)
their 50% joint venture company, is a registered bunker supplier with
Directorate General of Shipping in
- Trading
Business
- Scrap Business
They
trade in steel scrap through their wholly owned subsidiary, Adani Global FZE,
- Minerals
They
trade in iron ore and export a substantial amount of the same through Belekeri
port, a dedicated port in Karnataka. Iron ore is procured from mines in
proximity to the port.
- Gems and precious metals
They
buy polished diamonds in the Middle East and sell them to jewellery
manufacturers primarily in
- Ship dismantling business
Adani
Virginia Inc. their wholly owned subsidiary, through its subsidiary, operates
ship dismantling yards in
COMPETITIVE
STRENGTHS AND OUTLOOK ON OPPORTUNITIES
- Synergistic Growth in Operations
The
Company invests significant management resources towards ensuring that its
businesses are integrated in an efficient and organized manner that enables it
to maximize the synergies that exist amongst them and provide end-to-end
services. They have developed ability and expertise to leverage their existing
assets and experience to expand their product portfolio, geographical coverage
and market presence to cater to increases in demand of their products. Their
trading and agro-businesses are complemented with their relatively new
businesses, such as power generation and transmission, coal mining and oil and
gas exploration. Additionally, they also undertake oil and gas exploration
which may, in the future, enable us to address any PNG/CNG demands from their
gas distribution business. Their diversified businesses also diminish the risks
associated with the specific dynamics, such as seasonality and cyclicality, of
any particular industry sector. They believe that their synergies across
diverse business sectors provide us with the ability to adapt their business
operations in accordance with the opportunities available in a given business.
- Well-positioned in targeted geographical markets and products
With
the growth of their operations and their foray into new business segments in
recent years, they have been able to access new geographic markets
successfully. Further, they have also been able to access new sources for
procuring industrial or agricultural raw materials in
- Ability to identify new business opportunities
In
addition to their trading business, they have focused on new businesses, such
as their power generation and transmission, coal mining, oil and gas
exploration, and property development businesses. They have also entered into
joint ventures and strategic alliances with leading market players to grow
their businesses. They continually seek to identify and enter into business
activities that they consider to be high growth
businesses,
such as infrastructure and energy businesses.
- Proven Project Management and Execution Skills
They
have a strong track record in the successful development and execution of
projects over a wide range of industries. They believe that their access to
financing sources, partners and industry expertise enables us to identify and
value new projects effectively, assess risks and compare evaluation results
against their experience. Further, they believe that their expertise in the
successful execution of projects provide us with a significant competitive
advantage.
- Focus on high value businesses
They
will continue to focus on and seek to enter higher value businesses, which they
believe present attractive opportunities and enable us to reduce their exposure
to the cyclicality of the commodities trading business. They are actively
focused on becoming a diversified infrastructure player.
Financial
Performance with respect to operational performance
Details
of various milestones achieved and financial performance of the Company with
respect to operational performance are as under:
- SALES and
OPERATING EARNINGS
During
the year, the Company has recorded Sales and Operating Earnings on standalone
and consolidation basis to the tune of Rs. 11,58478.000 Millions and Rs.
25,88987.000 Millions respectively as compared to Rs. 11,57505.000 Millions and
Rs. 26,25828.000 Millions respectively in the previous year.
- Fixed Assets
(Net Block)
The
Net Block of the Company on standalone and consolidation basis as at 31 March,
2010 was Rs. 16064.000 Millions and Rs. 457728.000 Millions respectively as compared
to Rs. 21008.000 Millions and Rs. 191846.000 Millions st respectively as at 31
March, 2009.
- Profits and
profitability
During
the year, the Company generated earnings before interest, depreciation, tax and
after prior period adjustments and exceptional items (EBIDTA) of Rs. 60575.000
Millions on standalone and Rs. 172254.000 Millions onconsolidation basis as
compared to Rs. 60431.000 Millions and Rs. 101664.000 Millions respectively as
at 31st March, 2009. Net profit of the Company on standalone and
consolidation basis was Rs. 25441.000 Millions and Rs. 9193.000 Millions
respectively as compared to Rs. 32643.000 Millions and Rs. 50465.000 Millions
respectively during the previous year. Earnings per share (EPS) of the Company
on standalone and consolidation basis as on 31st March, 2010 are Rs.
5.13 and Rs. 18.55 respectively on face value of Re. 1 each. The Management is
pleased with the financial milestones achieved by the Company during the year
and confident of achieving bright growth in the years to come.
CONTINGENT LIABILITIES NOT PROVIDED FOR
(Rs. In millions)
|
PARTICULARS |
As at 31.03.2010 |
|
a) Claims against the Company
not acknowledged as Debts |
100.800 |
|
b) In respect of : |
|
|
Income Tax |
134.500 |
|
Service Tax |
106.700 |
|
Sales Tax |
273.000 |
|
Custom Duty |
414.900 |
|
Excise Duty |
9.200 |
|
FERA / FEMA |
41.600 |
|
c) In respect of Corporate
Guarantee given:- |
|
|
I To Companies under the Same
Management |
2432.900 |
|
II To it’s Subsidiaresies |
1354.200 |
|
III For obligations to
Associates |
600.000 |
|
d) Bills of Exchange Discounted |
3558.400 |
|
e) In respect of Bank Guarantees
given to Government agencies. |
345.100 |
|
f) Certain claims / show cause
notices disputed have neither been considered as contingent liabilities nor
acknowledged as claims, based on internal evaluation of the management. |
|
|
g) Show cause notice in terms of
value of export goods under section14 of the Customs Act, 1962 read with
Section 11 of FTDR Act, 1992 and rule 11 and 14 of FT(Regulation) Rule, 1993
in which liability is unascertainable. And under Section 16 of the Foreign
Exchange Management Act, 1999 readwith Rule (4) of the Foreign Exchange
Management (Adjudication Proceedings and Appeal) Rule, 2000, in which
liability is uncertainable. |
|
|
h) Show cause notices issued
under the Custom Act, 1962 , wherein the Company has been asked to show cause
why, penalty should not been imposed under section 112 (a) and 114 (iii) of the Custom Act,1962 in
which liability is uncertainable. |
|
|
i) Investments are pledged with
Banks / Financial Institutions towards collateral security for loan taken by
a group Company - Amount of contingent liability is to the extent of value of
Shares Pledged. |
|
|
j) Complaint filed by Asst.
Labour Commissioner, Hubli under Section 30 of the Payment of Bonus Act, 1956.
Matter being contested by the Company and projected liability in terms of
penalty would be not more than Rs. 00.100 millions (P.Y. Rs. 00.100
millions). |
|
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Electrical
Fittings
- Office
Equipment
- Computer
Equipments
- Vehicles
- Air Craft
- Ship
AS PER WEB
DETAILS
PROFILE
Adani Group, founded in 1988, is
one of the fastest growing business houses in
Adani Enterprises at a Glance
Adani Enterprises Limited (AEL) is
the flagship company of The Adani Group it has been accorded the status
of “Five Star Trading House” by Directorate General of Foreign
Trade, New Delhi.
With its head office in
The company started activities as
a partnership firm in 1988, was converted into a joint stock company in 1993
and made its IPO in 1994. The IPO was oversubscribed by 25 times. Its trade
desks handle a diverse and voluminous product portfolio with expertise. Through
time-conscious delivery, quality-driven process systems, total reliability and
unusual levels of commitment to customer satisfaction, AEL has found great
success in marketplaces around the world, and a rock-solid reputation. It has
achieved the critical mass needed to carry out the sizable transactions
demanded by its global clients, while at the same time maintaining the
entrepreneurial drive that has given it an edge in Asia and
To further strengthen its presence
in the commodity landscape, it is venturing into asset backed commodity trading
to help it de-risk the commodity trading portfolio and avoid the ever
increasing pressure on the margins. Over time, the strategic forays into new
businesses have garnered a significant share of these emerging high-growth
markets in
Adani Enterprises Limited has
emerged as Global Trader in the ever-changing evolving dynamic environment with
a clear focus on the core global facilitating businesses, mainly – Power
Generation, Coal Mining, Oil and Gas Exploration, City Gas Distribution, Real
Estate and Agro. The company has chalked out clear growth plans in all its
business units and intends to fully leverage its capacities and the vast
available opportunities opened up for the Indian companies AEL's diversified status originates from its
corporate strategy aimed at creating multiple drivers of growth anchored on its
time-tested core competencies: unmatched distribution reach, superior
brand-building capabilities, effective supply chain management and acknowledged
service skills.
HISTORY and MILESTONES
2009
AEL has received a LOI for the
Macchakatta Coal Block and LOA for Parsa Coal Block
2008
Food gain silos of Adani
Agrilogistics have been operationised
AEL has formed a joint venture company
with Chemoil Energy Limited for expansion of its bunkering business on pan
AWEL has received one offshore
block in Surat Depression near Bombay High and another offshore block at
2007
The company has successfully
completed foreign currency convertible bond issue USD250 Million for its
business expansion plans.
Orders for two Capesize vessels
placed with a Korean Shipyard.
Base Depot constructed by Adani
Agri Logistics got commissioned on 17th July 2007.
2006
Adani Agrifresh commences
business.
AEL commissions two floating crane
barge.
Work on setting up grain silos
under Adani Agri Logistics started.
Commencement of construction of
660 MW thermal power project at Mundra
Expansion of jetties at
2005
The company has received
prestigious reorganization of “Five Star Export House” on account of valuable
contribution in country’s overall exports.
Sales turnover has crossed
Rs.13,5000.000 Millions during FY 2004-05.
The company has successfully
completed foreign currency convertible bond issue of USD 38 Million and proved
its global reach
2004
The company has crossed
Rs.71550.000 Millions sales turnover mark. Awarded “Five Star Export House”
status
Successfully disinvested its stake
of Mundra Container Terminal to P and O Ports,
Introduction of new products like
2001 and 2003
Actual net worth at Rs 5500.000
millions
2003 During FY 2002-2003
Company has achieved turnover of Rs. 28730.000 millions as against Rs.21880.000
millions for FY 1998-99 (a 30 % growth)
and becomes the top net foreign exchange (NFE) earner of the country.
The largest private sector player
awarded with prestigious award of “Golden Super Star Trading House.”
1999 and 2000
Declares a 1:1 bonus.
Market capitalization of the
company rises beyond Rs 17100.000 millions in wake of its scrip price touching
Rs 775.60 per share (as on June 09, 2000), subscribers to the IPO see money
growing by 1966 per cent in just 5 years.
During FY 1999-2000 Company has
achieved all time high turnover of Rs. 28531.100 millions as against
Rs.21880.000 millions for FY 1998-99 (a 30 % growth).
1998 and Beyond: Period
of Consolidation
1998
Turnover leaps to Rs 2,4186.000
millions for the FY 1997 - 98.
Expands its trade basket, at
present trades in more than 40 commodities and in 28 countries.
Becomes the top net foreign
exchange (NFE) earner of the country and the largest private sector Super Star
Trading House in
Jetty at
1994 - 1997: Period of Growth
1997
Super Star Trading House status
extended for another 3 years, upto 31st March, 2000, inspite qualification
limits for this status being substantially enhanced.
1996
Turnover crosses the coveted Rs
1,0000.000 millions level; at Rs
1,1346.000 millions in 1995 - 96.
Declares a 1:1 bonus in November’96;
paid up capital increases to Rs 110.200 millions.
1994
Hits the primary market in
September 1994 with its initial public offering (IPO) of 1.250 millions equity
shares of Rs 10 each at a premium of Rs 140 per share aggregating Rs 187.500
millions; float oversubscribed by more than 25 times. Accorded
the status of “Super Star Trading House” on April 1, 1994 by the Ministry of
Commerce, Government of India; the youngest trading house and the only one from
the State of
1988 - 1993: The Initial Years
1993
Converted into a public limited
company on 2nd March 1993 with a paid up capital of Rs 10.000 millions.
Accorded the status of “Star
Trading House” on April 1, 1993 by the Ministry of Commerce, Government of
India.
1988
Conceived as a partnership firm by
Gautam
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.44.29 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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.