MIRA INFORM REPORT

 

 

Report Date :

07.06.2011

 

Note : Given address of the company could not be confirmed

 

IDENTIFICATION DETAILS

 

Name :

ADANI LOGISTICS LIMITED [w.e.f. 07.07.2009]

 

 

Formerly Known As :

INLAND CONWARE PRIVATE LIIMITED

 

 

Registered Office :

Adani House, Near Mithakhalisix Roads, Navrangpura, Ahmedabad – 380009, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

13.07.2005

 

 

Com. Reg. No.:

04-046419

 

 

Capital Investment / Paid-up Capital :

Rs.3117.900 Millions

 

 

CIN No.:

[Company Identification No.]

U63090GJ2005PLC046419

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA05714C

AHMI00836D

 

 

PAN No.:

[Permanent Account No.]

AABCI4157J

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing integrated logistics solutions for movement of commodities

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B [30]

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

 

Maximum Credit Limit :

USD 10400000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a port of Adani Group, India. It is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow .

 

The company can be considered for business dealings with some caution.

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

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 :

Adani House, Near Mithakhalisix Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26565555

Fax No.:

91-79-26565500

E-Mail :

Yogesh.dalal@adanilogistics.com

Website :

http://www.adanilogistics.com

 

 

Corporate Office :

Adani House, Plot No.83, Sector 32, Institutional Area, Gurgaon, India

Tel. No.:

91-124-2555000

Fax No.:

91-124-2555210

E-Mail :

customercare@adanilogistics.com

 

 

DIRECTORS

 

As on 14.07.2010

 

Name :

Mr. Surender Kumar Tuteja

Designation :

Director

Address :

S – 307, 2nd Floor, Panchsheel Park, New Delhi – 110017, India

Date of Birth/Age :

15.06.1945

Date of Appointment :

18.07.2009

DIN :

00594076

 

 

Name :

Mr. Malay Rameshchandra Mahadevia

Designation :

Director

Address :

12-B, GYankunj Society, St. Xaviers College, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

03.05.1963

Date of Appointment :

18.07.2009

DIN :

00064110

 

 

Name :

Mr. Ravi Bhamidipaty

Designation :

Director

Address :

26, Amrashirish Bungalows, Opposite Chimanbhai Patel Institute, Prahalad Nagar, Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

12.10.1962

Date of Appointment :

18.07.2009

DIN :

00160891

 

 

Name :

Mr. Sandeep Mehta

Designation :

Whiole-time Director

Address :

C – 601, Chaitanya Towers, Appasaheb Marathe Marg, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

11.10.1961

Date of Appointment :

18.07.2009

DIN :

00897409

 

 

Name :

Mr. Rajeeva Sinha

Designation :

Director

Address :

Palm Court, 3rd Floor, 152, Maharshi Karve Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

02.08.1956

Date of Appointment :

12.10.2007

DIN :

00102787

 

 

KEY EXECUTIVES

 

Name :

Mr. Yogesh Dalal

Designation :

Secretary

Address :

CW – 6, Malibu Towne, Sohna Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

22.03.1978

Date of Appointment :

12.01.2008

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 14.07.2010

 

Names of Shareholders

No. of Shares

Mundra Port and Special Economic Zone Limited, India

 

311786100

Smt. Shilin R. Adani Nominee of Mundra Port and Special Economic Zone Limited, India

1750

Shri Pranav V. Adani Nominee of Mundra Port and Special Economic Zone Limited, India

1750

Smt. Namrata P. Adani Nominee of Mundra Port and Special Economic Zone Limited, India

100

Rajesh S. Adani Nominee of Mundra Port and Special Economic Zone Limited, India

100

Gautam S. Adani Nominee of Mundra Port and Special Economic Zone Limited, India

100

Priti G. Adani Nominee of Mundra Port and Special Economic Zone Limited, India

100

 

 

Total

311790000

 

As on 14.07.2010

 

Category

Percentage

 

 

Bodies corporate

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing integrated logistics solutions for movement of commodities

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • State bank of India As Security Trustee, Corporate Finance Branch, 58, Shrimali Society, Navrangpura, Ahmedabad – 380004, Gujarat, India
  • Punjab National Bank
  • State Bank Of Mysore

 

 

Facilities :

Secured Loan [Rs. in million]

31.03.2010

31.03.2009

Term Loans From Banks

 

 

Rupee Loans

0.000

856.261

Foreign Currency Loans

2216.374

2547.500

Total

2216.374

3403.761

 

Unsecured Loan [Rs. in million]

31.03.2010

31.03.2009

Inter Corporate Loan [From 100% holding Company i.e. Mundra Port and Special Economic Zone Limited]

1498.650

0.000

Total

1498.650

0.000
  1. Secured term loans from banks are secured by equitable mortgage of immovable properties of the company and first charge by way of hypothecation of all movable assets and intangible assets and assignment of book debts, operating cash flows, revenues and receivables of project.

 

  1. Amount repayable within 1 year is Rs.162.504 millions [previous year Rs.88.581 millions]

 

Banking Relations :

--

 

 

Auditors :

 

Name :

G.K. Choksi and Company

Chartered Accountant    

Address :

Madhuban, Near Madalpur, Underbridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-30012009

Fax No.:

91-79-26569929

E-Mail :

gkchoksi@hotmail.com

 

 

Holding Company :

Mundra Port and Special Economic Zone Limited, India

CIN : L63090GJ1998PLC034182

 

 

Subsidiary Company :

Inland Conware [Ludhiana] Private Limited

CIN : U63010GJ2005PTC046720

 

 

Associates Company :
  • Adani Enterprises Limited
  • Adani Logistics Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

325,000,000

Equity Shares

Rs.10/-each

Rs.3250.000 millions

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

311,790,000

Equity Shares

Rs.10/-each

Rs.3117.900 millions

 

 

 

 

 

 

 

 

 

Note :

 

  • Of the above 51050000 shares were issued to the shareholders of erstwhile Adani Logistics Limited as per the scheme of amalgamation

 

  • 311,790,000 equity shares were held by Mundra Port Special Economic Zone Limited, Holding Company and Its nominee.

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

Particulars

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

3117.900

1470.400

1239.600

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.388

0.000

0.000

4] (Accumulated Losses)

(495.217)

(62.693)

0.000

NETWORTH

2623.071

1407.707

1239.600

LOAN FUNDS

 

 

 

1] Secured Loans

2216.374

3403.761

1000.440

2] Unsecured Loans

1498.650

0.000

0.000

TOTAL BORROWING

3715.024

3403.761

1000.440

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

Foreign Currency Monetary Translation Difference

98.141

0.000

0.000

TOTAL

6436.236

4811.468

2240.040

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4456.624

996.348

4.926

Capital work-in-progress

692.278

2438.795

2153.469

 

 

 

 

INVESTMENT

2.654

0.100

0.100

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

0.000

0.000

0.000

 

Sundry Debtors
181.333

24.480

0.000

 

Cash & Bank Balances
1183.169

1427.821

76.167

 

Other Current Assets
16.307

20.562

0.011

 

Loans & Advances
107.501

50.247

33.731

Total Current Assets
1488.310

1523.110

109.909

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
152.899

120.689

2.803

 

Other Current Liabilities
48.089

45.343

25.381

 

Provisions
2.642

0.357

0.180

Total Current Liabilities
203.630

166.389

28.364

Net Current Assets
1284.680

1356.721

81.545

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

Foreign Currency Monetary Translation Difference

0.000

19.504

0.000

 

 

 

 

TOTAL

6436.236

4811.468

2240.040

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

 

952.787

21.864

 

 

Other Income

 

217.175

2.228

 

 

TOTAL                                     (A)

 

1169.962

24.092

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Operating Expenses

 

850.653

5.397

 

 

Administrative and other Expenses

 

104.549

30.496

 

 

TOTAL                                     (B)

 

955.202

35.893

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

 

214.760

[11.801]

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

309.294

36.253

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

[94.534]

[48.054]

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

120.173

15.013

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

 

[214.707]

[63.067]

 

 

 

 

 

Less

TAX                                                                  (I)

 

0.640

0.374

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

 

[214.067]

[62.693]

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

[62.693]

0.000

 

 

 

 

 

 

Amount transferred on amalgamation of erstwhile adani logistics limited being profit after tax for the year ended 31.03.2008 and 31.03.2009

 

[218.457]

0.000

 

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

 

[495.217]

[62.693]

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

[0.93]

[0.51]

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
[18.30]

[260.22]

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
[22.53]

[288.45]

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
[3.61]

[2.50]

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
[0.08]

[0.04]

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.49

2.54

0.83

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
7.31

9.15

3.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

MERGER : the scheme of amalgamation / merger under section 391 to 394 of the companies act 1956 of Adani Logistics Limited [ALL] and Inland Conware [Ludhiana] Private Limited [ICLPL] with the company with appointed sate as 01.04.2007 has been filed with hon’ble high court, Gujarat and the final order from hon’ble high court  is expected shortly.

 

Pursuant to the scheme, the business of ALL and ICLPL has to be transferred on the going concern basis. Accordingly all the assets, liabilities, rights licenses, benefits, obligations etc. of ALL and ICLPLas on 01.04.2007 are to be transferred to and vest in the company.

 

ICLPL being wholly owned subsidiary of the company, as per the scheme, the entire share capital of ICLPL stood cancelled and extinguished and no shares of the company will be issued in exchange of these shares. In case of ALL the exchange ratio is fixed as 1:1, so the company will be issuing one share for one share issued by all.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U63090GJ2005PLC046419

Name of the company

ADANI LOGISTICS LIMITED

Address of the registered office or of the principal place of  business in India of the company

Adani House Nr Mithakhalisix Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India

 

This form is for

Modification of Charge

Charge identification (ID) number of the charge to be modified

10127206

Type of charge

  • Immovable Property
  • Book Debts
  • Movable Property
  • Others
  • Any Interest in Immovable Property

Particular of charge holder

State bank of India As Security Trustee, Corporate Finance Branch, 58, Shrimali Society, Navrangpura, Ahmedabad – 380004, Gujarat, India

Nature of instrument creating charge

Letter From The Security Trustee Confirmation Regarding The Repayment Of Ruppee Loan Of Punjab National Bank Of Rs 1000.000 millions And State Bank Of Mysore For Rs.500.000 millions

Date of instrument Creating the charge

19.04.2010

Amount secured by the charge

Rs.2566.303 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate Of Interest - As Per Section 1 Of Ann. A Of The Original Document Filed At The Time Of Creation Of Security

 

Terms Of Repayment - As Per Section 2 Of Ann. A Of The Original Document Filed At The Time Of Creation Of Security

 

Margin - As Per Section 3 Of Ann. A Of The Original Document Filed At The Time Of Creation Of Security

 

Extent And Operation Of The Charge - As Per Section 4 Of Ann. A Of The Original Document Filed At The Time Of Creation Of Security

Short particulars of the property or asset(s) charged (including complete address and location of the property)

As Per Section 5 Of Ann. A Of The Original Document Filed At The Time Of Creation Of Security

Particulars of the present modification

The Company Has Repaid The Ruppee Loan Of Punjab National Bank Of Rs 1000.000 millions And State Bank Of Mysore For Rs 500.000 millions

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Furniture and Fixtures
  • Computer
  • Office Equipments
  • Railway Siding
  • Railway Wagons
  • Electrical Installations
  • Vehicles

 

AS PER WEBSITE DETAILS

 

Company Profile

 

Adani Logistics Limited (ALL) provides integrated logistics solutions for movement of commodities. Towards its mission, Adani has secured an all-India license to manage container train operations on Indian Railways. In order to provide pan-India multi-modal-logistics services, Adani Logistics Limited, has developed the facilities for movement of goods in containers by train, road and sea. ALL is also developing logistics parks for providing various ground facilities, including aggregation, warehousing, holding, inspection, custom bonding, stuffing/de-stuffing of Export import (EXIM) and Domestic cargo, and loading/unloading onto railway wagons.

 

Adani Logistics offers comprehensive end to end logistics solutions for handling a wide range of cargo including containers, break bulk dry and liquid cargo, perishables and project cargo, in the form of full train load, full container load and less than container load. ALL is already operating regular train services from Rajasthan and National Capital Region to Mundra and JNPT(Mumbai), Chennai by deploying the fleet of six rakes. Additional rakes are being inducted by the year 2009.

 

ALL encourages other train operators to commence their operations from Adani Logistics Parks (ALP) to improve frequency of service to gateway ports and in turn facilitate EXIM trade.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.72

UK Pound

1

Rs.73.46

Euro

1

Rs.65.47

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

 

30

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.