MIRA
INFORM REPORT
|
Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED [w.e.f. 17.01.2012] |
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Formerly Known
As : |
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Registered
Office : |
Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad -
380009, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
04-034182 |
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Capital
Investment / Paid-up Capital : |
Rs.4034.898
millions |
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CIN No.: [Company Identification
No.] |
L63090GJ1998PLC034182 |
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Legal Form : |
A public limited
liability company. The company's
shares are listed on the stock exchanges. |
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Line of Business
: |
Subject is engaged in the business of developing, operating and
maintaining the |
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No. of Employees
: |
826 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 170000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
The company is a part of Adani group. Financial position of the company
appears to be sound. Fundamentals are strong and healthy. Trade relations are
reported as fair. Business is active. Payments are reported to regular and as
per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Hardik Patel |
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Designation : |
Finance Executive |
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Contact No.: |
91-79-25555308 |
LOCATIONS
|
Registered Office : |
Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad -
380009, |
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Tel. No.: |
91-79-26565555 |
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Fax No.: |
91-79-25555500 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office: |
Post Box No. 1, |
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Tel. No.: |
91-2838-289248/448 |
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Fax No.: |
91-2838-289200/440 |
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Email: |
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Mumbai Office: |
Mundra Port and SEZ Limited, 62, Maker Chambers III, 6th Floor,
Nariman Point, Mumbai 400021, Maharashtra, India |
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Tel. No.: |
91-22-22022323 |
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Fax No.: |
91-22-22022479/481/483 |
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New Delhi
Office: |
Mundra Port And SEZ Limited, "Adani Corporate House" Plot
No. 83, Institutional Area , Sector 32 , Gurgaon-122001, Haryana, India |
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Tel. No.: |
91 124 2555555 |
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Fax No.: |
91 124 2555011 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Gautam S Adani |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajesh S Adani |
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Designation : |
Director |
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Name : |
Dr. Malay Mahadevia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rajeeva Ranjan Sinha |
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Designation : |
Whole Time Director |
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Name : |
Mr. K. N. Venkatasubramanian |
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Designation : |
Director |
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Name : |
Mr. S. K. Tuteja, IAS |
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Designation : |
Director |
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Name : |
Mr. S. Venkiteswaran |
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Designation : |
Director |
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Name : |
Mr. Arun Duggal |
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Designation : |
Director |
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Name : |
Dr. Ravindra Dholakia |
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Designation : |
Director |
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Name : |
Mr. Pankaj Kumar, IAS |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Dipti Shah |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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147,075 |
0.01 |
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1,552,361,640 |
77.49 |
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30,000 |
- |
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|
30,000 |
- |
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1,552,538,715 |
77.50 |
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Total shareholding of Promoter and Promoter Group (A) |
1,552,538,715 |
77.50 |
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(B) Public Shareholding |
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29,848,523 |
1.49 |
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67,308,158 |
3.36 |
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4,010 |
- |
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|
318,440 |
0.02 |
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213,237,352 |
10.64 |
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310,716,483 |
15.51 |
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14,130,251 |
0.71 |
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48,694,923 |
2.43 |
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24,129,177 |
1.20 |
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53,184,551 |
2.65 |
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2,389,649 |
0.12 |
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2,000,000 |
0.10 |
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|
1,109,687 |
0.06 |
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|
46,130,915 |
2.30 |
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1,540,890 |
0.08 |
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13,410 |
- |
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|
140,138,902 |
7.00 |
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Total Public shareholding (B) |
450,855,385 |
22.50 |
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Total (A)+(B) |
2,003,394,100 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
2,003,394,100 |
- |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of developing, operating and
maintaining the Mundra Port and Port based related infrastructure facilities,
including Multi product Special Economic Zone. |
GENERAL INFORMATION
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No. of Employees : |
826 [Approximately] |
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Bankers : |
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Facilities : |
NOTE: 1. Short Term
Loan aggregating to Rs. Nil (Previous Year Rs.2750.0000 Millions) from Banks and
Foreign Currency loans aggregating to Rs.111.087 Millions (Previous Year
Rs.224.613 Millions) from Financial Institutions are secured by first pari passu charge on all the
movable assets of the Company (save and except assets on which exclusive charged
is created as stated elsewhere), both present and future and further secured
by first charge on immovable assets pertaining to Container Terminal-II,
Terminal - II, Multi Purpose Terminal and are further secured by a second
charge on assets pertaining to the SPM Project to in Note 7 below. 2. Short Term
Loan aggregating to Rs.5000.000 Millions (Previous Year Rs. Nil ) from Bank
is secured by first pari passu charge
on all assets pertaining to Multi Purpose Terminal, Terminal-II and Container
Terminal-II Project assets of the Company and are further secured by second
charge on assets pertaining to the SPM Project to in Note 7 below. 3. Foreign
Currency Loans from Banks aggregating to Rs.2496.059 Millions (Previous Year Rs.2254.014
Millions) against purchase of Tugs, are secured by exclusive charge on the
individual Tug. 4. Foreign
Currency Loans from Banks aggregating to Rs.914.355 Millions (Previous Year
Rs.958.446 Millions) against purchase of Cranes, are secured by exclusive
charge on the Cranes. Further, out of above, Foreign currency loan amounting
to Rs.863.823 Millions (Previous Year Rs.873.302 Millions) are further
secured by second charge on the entire fixed assets of the Company over which
the first charge is created in respect of the loans to in Notes 1, 2, 6 and 7
excluding immovable and the movable assets (including receivables) of the
Company pertaining to its Single Point Mooring (SPM) Project. 5. Foreign
Currency Loans aggregating to Rs.5255.036 Millions (Previous Year Rs.5668.701
Millions) against purchase of dredgers, are secured by exclusive charge on
the dredgers. Further, out of the above loan as aggregating Rs.3069.407
Millions (Previous Year Rs.3347.364 Millions) are further secured by way of second
charge on the entire fixed assets of the Company over which the first charge
is created in respect of the loans referred to in Notes 1, 2, 6 and 7
excluding on the immovable and movable assets (including receivables) of the
Company pertaining to its Single Point Mooring (SPM) Project. 6. Debentures
include Secured Non-Convertible Redeemable Debentures amounting to
Rs.8500.000 Millions (Previous Year Rs.8500.000 Millions) issued to Life
Insurance Corporation (LIC) and are secured by first pari-passu charge on all the immovable and movable
assets of Container Terminal - II, Terminal -II and Multipurpose Terminal
(MPT). 7. Debentures
include Secured Non-Convertible Redeemable Debentures aggregating to
Rs.1331.033 Millions (Previous Year Rs.2127.081 Millions) issued to a Bank
and are secured by exclusive mortgage and charge on entire Single Point
Mooring (SPM) facilities and the first charge over receivables from Indian
Oil Corporation Limited. 8. Foreign
currency Loans from bank aggregating to Rs. Nil (Previous Year Rs. 2004.453
Millions) for Coal Terminal at Wandh are secured by exclusive charge on
assets of Coal Terminal, Wandh and second charge on the entire fixed assets
of the Company over which the first charge is created in respect of loans to at
Notes 1, 2, 6 and 7 above. 9. Foreign
Currency Loans aggregating to Rs.2123.601 Millions (Previous Year Rs.1048.918
Millions) towards purchase of capital goods and other equipments /materials
are secured by exclusive charge on respective materials and equipments.
Further, out of above Rs.565.004 Millions (Previous year Rs.629.607 Millions)
is secured by second pari passu charge
on immovable assets pertaining to Container Terminal-II Assets, Terminal - II
Assets, Multi Purpose Terminal Assets and SPM Project Assets over which first
charge is created in respect of loan to at Notes 1, 2,6 and 7 above. 10. Foreign
Currency Loans from Axis Bank, DIFC Branch, Dubai of Rs.1116.250 Millions
(Previous Year Nil) towards first pari-passu
charge on movable and immovable fixed assets pertaining to
Multi-purpose Terminal, Terminal -II, Container Terminal - II project and
second charge on current assets pertaining to said projects. As on March 31,
2011 the said charges are pending to be created in favour of lenders. 11. Debentures,
Short Term Loans, Term Loans from Banks and Financial Institutions and Letter
of Credits against loan facilities include amount repayable within one year
aggregating to Rs.17397.982 Millions (Previous Year Rs.4015.405 Millions)
NOTE: 1. Maximum amount of Commercial Paper
raised during the period Rs. Nil (Previous Year: Rs.62,500 Millions) 2. Amounts repayable within one year Rs.2,509.39 Millions (Previous
Year: Rs. 3,935.69 Millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountant |
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Address : |
Ahmedabad, Gujarat, India |
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Holding Company: |
·
Adani Enterprises Limited ·
Adani Infrastructure Services Private Limited
[till March 31, 2010] |
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Subsidiaries : |
·
Adani Petronet (Dahej) Port Private Limited ·
Adani Logistics Limited [Formerly Inland Conware
Private Limited] ·
Mundra SEZ Textile and Apparel Park Private
Limited ·
Karnavati Aviation Private Limited [Formerly
Gujarat Adani Aviation Private Limited] ·
MPSEZ Utilities Private Limited ·
Rajasthan SEZ Private Limited ·
Adani Murmugao Port Terminal Private Limited ·
Mundra International Airport Private Limited ·
Adani Hazira Port Private Limited |
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Entity Held Through Controlling Interest: |
·
Adinath Polyfills Private Limited |
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Associates: |
·
Dholera Infrastructure Private Limited |
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Step Down Subsidiary: |
·
Hazira Infrastructure Private Limited [w.e.f.
June 7, 2010]* ·
Hazira Road Infrastructure Private Limited
[w.e.f. October 1, 2010]* NOTE: * These entities
have been incorporated/formed during the year. |
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Fellow Subsidiary: |
·
Adani Power Limited ·
Adani Power Dahej Limited ·
Adani Tradelinks Private Limited ·
Adani Energy Limited ·
Adani Gas Limited ·
Adani Mining Private Limited ·
Adani Global F.Z.E. ·
Adani Infra (India) Limited ·
Adani Power Rajasthan Limited ·
Kutchh Power Generation Limited ·
Adani Mundra SEZ Infrastructure Private Limited |
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|
In order to create more business opportunities and
to make strategic investment, following subsidiaries were incorporated
subsequent to March 31, 2011, out of which two were foreign subsidiaries: |
·
Adani Vizag Coal Terminal Private Limited ·
Adani International Container Terminal Private
Limited ·
Mundra Port Pty Limited, Australia ·
Mundra Port Holdings Pty Limited, Australia |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4975000000 |
Equity Shares |
Rs.2/- each |
Rs. 9950.000 millions |
|
5000000 |
Non Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
TOTAL |
|
Rs. 10000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2003394100 |
Equity Shares |
Rs. 2/- each |
Rs. 4006.788
millions |
|
2811037 |
0.01% Non – Cumulative Redeemable Preference Shares of Rs.10 each
fully paid up (Redeemable at a premium of Rs.
990 per Share on March 28, 2024) |
Rs.10/- each |
Rs. 28.110 millions |
|
|
TOTAL |
|
Rs. 4034.898 millions |
NOTE:
OUT OF THE ABOVE
(i) 901,072,050
(Previous Year 180,214,410 Equity Shares of Rs.10 each) Equity Shares of Rs.2
each (after split of share of Rs.10 each into 5 shares of Rs.2 each) were allotted
as fully paid up Bonus shares by capitalisation of Securities Premium Account
and Profit and Loss Account balance.
(ii) 201,082,050
(Previous Year 40,216,410 Equity Shares of Rs.10 each) Equity Shares of Rs.2 each
(after split of share of Rs.10 each into 5 shares of Rs.2 each) were allotted
to the shareholders of Adani Port Limited, as fully paid up pursuant to the
scheme of amalgamation, for consideration other than cash.
(iii)
1,552,361,640 (Previous Year 224,146,540 Equity Shares of Rs.10 each) Equity
Shares of Rs.2 each (after split of share of Rs.10 each into 5 shares of Rs.2
each) are held by Adani Enterprises Limited, the Holding Company. The Company
has become subsidiary of Adani Enterprises Limited in the current year w.e.f.
April 1, 2010. In previous year, the Company was subsidiary of Adani
Infrastructure Services Private Limited, which merged with Adani Enterprises
Limited.
(iv) Pursuant to
the approval of shareholders at 11th Annual General Meeting held on
August 21, 2010, the face value of fully paid up Equity Shares of Rs.10 each
has been sub-divided into five Equity Shares of face value of Rs. 2 each fully
paid up.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4034.898 |
4034.898 |
4034.898 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
38905.801 |
30847.551 |
25417.811 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42940.699 |
34882.449 |
29452.709 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26847.421 |
26536.226 |
22804.258 |
|
|
2] Unsecured Loans |
250.939 |
5641.839 |
280.225 |
|
|
3] Debentures |
0.000 |
0.000 |
45.500 |
|
|
TOTAL BORROWING |
27098.360 |
32178.065 |
23129.983 |
|
|
DEFERRED TAX LIABILITIES |
3495.794 |
2812.068 |
2296.996 |
|
|
Amount Received / Receivable under Long Term / Infrastructure Usage
Agreements |
5931.803 |
6225.134 |
6518.465 |
|
|
|
|
|
|
|
|
TOTAL |
79466.656 |
76097.716 |
61398.153 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
53056.425 |
42099.340 |
32514.211 |
|
|
Capital work-in-progress |
13257.279 |
13946.082 |
12325.526 |
|
|
|
|
|
|
|
|
INVESTMENT |
7150.351 |
7210.347 |
4152.053 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
412.268
|
313.903 |
264.897 |
|
|
Sundry Debtors |
2687.822
|
1579.903 |
2116.432 |
|
|
Cash & Bank Balances |
1386.589
|
8586.812 |
11307.119 |
|
|
Other Current Assets |
1149.656
|
621.811 |
522.325 |
|
|
Loans & Advances |
5991.415
|
6033.611 |
1743.692 |
|
Total
Current Assets |
11627.750
|
17136.040 |
15954.465 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2594.326
|
1644.863 |
1738.379 |
|
|
Other Current Liabilities |
1889.704
|
1912.460 |
1340.875 |
|
|
Provisions |
1141.119
|
736.770 |
468.848 |
|
Total
Current Liabilities |
5625.149
|
4294.093 |
3548.102 |
|
|
Net Current Assets |
6002.601
|
12841.947 |
12406.363 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
79466.656 |
76097.716 |
61398.153 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18850.722 |
13925.170 |
11351.225 |
|
|
|
Other Income |
497.637 |
337.820 |
443.241 |
|
|
|
TOTAL (A) |
19348.359 |
14262.990 |
11794.466 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
4189.665 |
2871.410 |
|
|
|
|
Personnel Expenses |
666.180 |
540.794 |
3952.304 |
|
|
|
Administrative Expenses |
894.950 |
901.546 |
|
|
|
|
Prior Period Items |
0.000 |
221.566 |
|
|
|
|
TOTAL (B) |
5750.795 |
4535.316 |
3952.304 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13597.564 |
9727.674 |
7842.162 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
750.140 |
441.725 |
1329.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12847.424 |
9285.949 |
6512.660 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2078.625 |
1681.410 |
1372.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10768.799 |
7604.539 |
5140.310 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
907.199 |
594.783 |
529.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9861.600 |
7009.756 |
4610.852 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8941.511 |
5321.464 |
2375.354 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim
Dividends on Equity Shares (including interim dividend of Rs. 801.358
Millions declared on April 28, 2011) |
1803.195 |
1001.868 |
801.569 |
|
|
|
Dividend on Preference Shares |
0.003 |
0.003 |
0.003 |
|
|
|
Proposed final
dividend on Equity Shares (Current year amount represents rounding off effect
relating to previous year; Previous Year Rs. Nil) |
0.152 |
601.018 |
400.679 |
|
|
|
Transfer to Capital Redemption Reserve |
1.406 |
1.406 |
1.406 |
|
|
|
Transfer to General Reserve |
986.160 |
700.976 |
461.085 |
|
|
|
Transfer to Debenture Redemption Reserve |
1102.422 |
1084.438 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
14909.773 |
8941.511 |
5321.464 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Marine Services |
0.000 |
0.989 |
6.412 |
|
|
|
Storage Rental |
37.502 |
83.652 |
0.000 |
|
|
TOTAL EARNINGS |
37.502 |
84.641 |
6.412 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
2610.247 |
1801.245 |
402.031 |
|
|
|
Capital Goods |
1335.213 |
9410.830 |
3952.655 |
|
|
TOTAL IMPORTS |
3945.460 |
11212.075 |
4354.686 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.92 |
3.50 |
2.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5296.230 |
6197.230 |
6906.160 |
|
Total Expenditure |
1667.430 |
2229.940 |
2575.030 |
|
PBIDT (Excl OI) |
3628.800 |
3967.290 |
4331.130 |
|
Other Income |
79.070 |
150.940 |
126.370 |
|
Operating Profit |
3707.870 |
4118.230 |
4457.500 |
|
Interest |
406.480 |
409.640 |
398.160 |
|
PBDT |
3301.390 |
3708.590 |
4059.340 |
|
Depreciation |
587.090 |
678.640 |
701.880 |
|
Profit Before Tax |
2714.300 |
3029.950 |
3357.460 |
|
Tax |
170.610 |
295.770 |
251.490 |
|
Profit After Tax |
2543.690 |
2734.180 |
3105.970 |
|
Net Profit |
2543.690 |
2734.180 |
3105.970 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
50.97
|
49.15 |
39.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
57.13
|
54.61 |
45.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.65
|
12.84 |
10.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.22 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
1.05 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
3.99 |
4.49 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION REVIEW:
The Company has
scaled new heights during the year. It has emerged as the 7th largest port in
the Country in terms of annual cargo handling volumes for the financial year
2010-11.
The key aspects of the Company’s performance during
the financial year 2010-11 are as follows:
• Cargo volume
increased by 28% from 40.29 million tonnes in 2009-10 to 51.68 million tonnes
in 2010-11.
• Turnover
increased by 36% from Rs.14263.0000 Millions in 2009-10 to Rs.19348.400
Millions in 2010-11.
• Profit After Tax
increased by 41% from Rs.7009.800 Millions in 2009-10 to Rs.9861.600 Millions
in 2010-11.
• Earning Per Share (EPS) for the year increased by 41% from Rs.3.50 in
2009-10 to Rs.4.92 in 2010-11.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OUTLOOK:
Their growth in
the year 2010-11 has been good and broad-based. While agriculture has shown a
rebound, industry is regaining its earlier momentum. Service sector continues
its near double digit run. Fiscal consolidation has been impressive. This year
has also seen significant progress in those critical institutional reforms that
would set the pace for double-digit growth in the near future. The Gross
Domestic Product (GDP) of India is estimated to have grown at 8.6% in 2010-11
in real terms. More importantly, the economy has shown remarkable resilience to
both external and domestic shocks. Though the development of India’s external
sector in the current year have been encouraging, their principal concern this
year has been the continuing high food prices. The Company continues to
strengthen its business and has sustained its position in the global market and
posted encouraging performance for the year.
INDUSTRY
STRUCTURE:
PORTS:
INDIAN SCENARIO:
India’s 95% external
trade by volume and 70% by value moves by sea. Cargo handling volume in 12
Major Ports in India was at 569 million tonnes in 2010-11 compared to 561
million tonnes in 2009-10, a growth of 1.57%. According to GMB figures, the
non-Major Ports in Gujarat have registered a traffic growth of 12.34% over last
year with cargo handling rising from 206 million tonnes in 2009-10 to 231
million tonnes in 2010-11. Meanwhile, the total port capacity of the Gujarat’s
non-Major Ports grew by 16% this year, reaching 284 million tonnes per annum
compared 244 million tonnes last year.
SPECIAL ECONOMIC ZONE:
The Special
Economic Zone Policy framed in April, 2000 with an objective to increase the
exports, attract FDI and accelerate the economic growth of the country, has
started showing results wherein the total exports from the SEZs in the year
2009-10 exceeded Rs.2207110.000 Millions. The export in the first half of
financial year 2010-11, has been to the tune of Rs.2231320.000 Millions,
registering a growth of 46.70% over the exports of corresponding period of
2009-10.
Multi-product SEZ
at Mundra is the largest notified SEZ in the country. Export from Mundra SEZ
for the current financial year 2010-11 has been over Rs.15300.000 Millions.
This shows a growth of more than 19% over previous year. The company’s SEZ with
its multi-modal connectivity’s including road, rail, sea port and airport is
expected to attract more and more investments in the coming years.
HIGHLIGHTS OF OVERALL PERFORMANCE:
• Total number of
vessels handled at Mundra Port: 2,517 (2,339 vessels in 2009-10 i.e. a growth
of 9.3% year on year).
• Cargo volumes
have improved across all segments (cargo handled in 2009-10 was 40.29 million
tonnes and 2010-11 was 51.68 million tonnes which shows a growth of 27.97% year
on year).
RAILWAY:
• Total number of
rakes handled in 2010-11 is 8,121
• Commissioning of
four lines at R and D Yard with RRI (Route Relay Interlocking) type of
signaling system
• Works on the
anvil: Doubling of 64 KM railway track from Adipur to Mundra has commenced in
2010-11 and expected to be completed by second quarter of 2012-13.
DRY CARGO:
• 22.66 million tonnes of dry cargo handled during 2010-11.
ADANI MUNDRA CONTAINER TERMINAL (AMCT):
• Mundra Port has crossed
one million TEU’s mark during the financial year and ended handling total 1.23
million TEU’s. Thus, becoming third port in country to reach one million TEU
throughout.
• Largest
container ship to call to India so far, the MSC's operated 8,400 TEU vessel M
V. Northern Jaguar called at AMCT on October 12, 2010.
MARINE:
• Mundra Port West
Basin commenced its commercial operations on December 12, 2010 with the
berthing of its first cargo vessel M.V. CSK Beilun with LOA of 289 mtrs and
beam of 45 mtrs. With the commissioning of the West Basin, Mundra Port has
become the world’s largest coal receiving terminal with 60 MMT capacity.
• Mundra port became the only port in India to have its own mini
shipyard in which air balloon technology was used to up-slip a tug.
ADANI AUTOMOBILE
TERMINAL:
• Total 1,05,382
cars exported in the financial year 2010-11.
• Executed first
shipment (Stock Yard, Mumbai to Vessel) of Tata Motors comprising of 5 trucks
in January, 2011. Subject is the first port in India to take up this activity
as a single window activity.
LIQUID:
• New Vegetable
Oil tank farm (encl 15 and 16) with a capacity of 80,000 KL constructed.
• Highest single export consignment handled with 39,338 MT in August,
2010.
CSR RELATED
INITIATIVES:
• Introduction of
New Initiatives in areas of
• Community
Health- Kidney Stone Project- Awareness, Intervention and Cure
• Agriculture
Support/ Water Conservation- Additional 25% support for Drip Irrigation
• Fisher Folk Equipment
Support to more than 2000 fisher men and women
• Eight more Check
Dams constructed under Sardar Patel Sahbhagi Jal Sanchay Yojana in Mundra
Taluka recharging/ storing 44 lacs cubic feet water and rendering direct
benefit to 179 hectares of land
• Wide spread
Rural Infrastructure Development Activities initiated with total participation
of people at each process at various villages
• More and more
Skill Development Initiatives for increasing Employability and Rural
Entrepreneurial Development trainings
SPECIAL ECONOMIC
ZONE:
During the year,
the Company has focused on development of robust infrastructure for supporting
the industrial development within the Special Economic Zone (SEZ). Construction
of road over bridge within the Zone has been completed enabling seamless
connectivity to the Port and SEZ development. Elaborate arterial road network
has been completed for SEZ users. Execution of utility infrastructures like
common effluent treatment plant (CETP), water desalination plant has also been
completed. Work for doubling of Mundra-Adipur rail line has been undertaken.
The Co-developers of the SEZ have provided various social infrastructure
facilities such as Housing, Hospital and School in the SEZ. MPSEZ Utilities
Private Limited (MUPL), a 100% subsidiary of the Company and approved
Co-developer, has developed electricity distribution network and started
distribution of electricity in the SEZ. In addition to the eight Co-developers
approved by GOI, three more Co-developers have obtained approval for setting up
LNG Facilities and Gas based power plant, Airport and related infrastructure
facilities and Industrial Training Institute. The Development Commissioner’s
office is functional within the SEZ and the SEZ units are obtaining required
approvals within the Zone itself. By now total 22 units have been approved for
setting up manufacturing and service facilities in the SEZ. Total investment by
these units is expected to be more than Rs.42000.000 Millions. Some of the
approved Units have already started export activities in the Zone.
PORT RELATED DEVELOPMENTS:
West Basin
Development: Coal terminal at West Basin is designed for 60 million tonnes capacity
on 3 berths. In addition, one additional berth No. 4 is being constructed in
West Basin. This berth is expected to be completed in 2nd quarter of 2012-13.
Additional berths:
As
a part of expansion of port capacity 4 additional berths are being constructed
in Subject (Berth No. 9, 10, 11 and 12); 2 berths are being developed in South
Basin (BCT1/2, BCT2/1) and 1 berth in West Port (Berth No. 4), total being 7
berths. Subject is continuously striving to increase its capacity by improving
productivity and efficiency through the introduction of new facilities,
mechanization and other cargo handling techniques.
OTHER GROUP
DEVELOPMENTS:
Dahej Port is
strategically located along the Vadodara-Mumbai corridor, which generally
services cargo centers in south Gujarat, upper Maharashtra and parts of central
India. During the year Adani Petronet (Dahej) Port Private Limited a subsidiary
of the Company has commenced commercial operations at Dahej on 1st Jetty w.e.f
September 1, 2010. Subject is in the process of setting up coal cargo terminals
at Murmugao Port, Goa which will enable it to capture a larger market
hinterland, extending further into Central India and some portion of Southern
India. This terminal was awarded to MPSEZL after competitive bidding. The
thirty year concession agreement has already been signed. Subject is developing
a non-LNG multi-user, multi-cargo port facilities at Hazira under the
sub-concession route. Sub Concession Agreement with Hazira Port Private Limited
(a subsidiary of Shell India) and GMB has been signed in November, 2010 and key
approval from GMB has been obtained. Dredging and Jetty construction work has
already commenced. Hazira Port will be developed to handle container, dry and
liquid bulk cargo.
GLOBAL
DEVELOPMENT:
Subject emerged
successful in international competitive bidding by the Queensland Government
for sale of Abbot Point X50 Coal Terminal (APCT). Among the largest investment
by an Indian company in Australia, Subject has acquired on a 99-year lease of
the Abbot Point Coal Terminal for AUD$ 1.829 billion from the Queensland
Government. The coal terminal, with a capacity to handle 50 million tonnes a
year, will facilitate the transport of coal from Australian mines to India.
With the acquisition of APCT, the Company has established international
credentials as an efficient world class port developer and operator. They have
harboured aspirations to expand globally and APCT is the right business
opportunity with strategic fit. Abbot Point is their contribution to India’s
increasing global ambition and will boost synergy with other businesses of the
Group.
STANDALONE FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
The Company has
recorded total income to the tune of Rs.19348.359 Millions during the financial
year 2010-11 compared to Rs.14262.990 Millions in the corresponding previous
financial year an increase of 35.65%. Net Block of fixed assets the Company as
on March 31, 2011 is Rs.53056.425 Millions as compared to Rs.42099.340 Millions
as on March 31, 2010 an increase of 26% in comparison to the corresponding
period in the previous year. During the year, the Company generated earnings
before interest, depreciation and tax (EBIDTA) of Rs.13597.564 Millions as
compared to Rs.9949.240 Millions in the previous year, showing growth of
36.67%. Net profit after tax is Rs.9861.600 Millions as compared to Rs.7009.756
Millions as on March 31, 2010 an increase of 40.68% Earnings per share
increased by 40.68% on an annualized basis to Rs.4.92 on face value of Rs.2/-
each.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
DECEMBER 31, 2011
Rs. in Millions
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
|
Unaudited |
||
|
Income |
|
|
|
|
Net Sales |
6553.662 |
5877.611 |
17592.654 |
|
Other Operating Income |
352.499 |
319.618 |
807.565 |
|
Total Income |
6906.161 |
6197.229 |
18400.219 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Operating Expenses |
1413.437 |
1496.519 |
4079.461 |
|
Employee Cost |
230.421 |
236.570 |
676.091 |
|
Depreciation |
701.881 |
678.639 |
1967.605 |
|
Administrative and Other Expenditure |
448.104 |
357.956 |
1101.068 |
|
Total Expenditure |
2793.843 |
2769.684 |
7824.225 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
4112.318 |
3427.545 |
10575.994 |
|
Other Income |
28.211 |
66.838 |
104.698 |
|
Profit/(Loss) before Interest and Exceptional items |
4140.529 |
3494.383 |
10680.692 |
|
Interest |
783.068 |
464.436 |
1578.983 |
|
Profit / (Loss) From Ordinary activities before Tax |
3357.461 |
3029.947 |
9101.709 |
|
Provision for Taxation |
251.492 |
295.772 |
717.871 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
3105.969 |
2734.175 |
8383.838 |
|
Extraordinary Items |
-- |
-- |
-- |
|
Net Profit/(Loss) for the period |
3105.969 |
2734.175 |
8383.838 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each) |
4006.788 |
4006.788 |
4006.788 |
|
Reserves (Excluding Revaluation Reserves) |
|
-- |
-- |
|
Earning Per Share |
1.55 |
1.36 |
4.18 |
|
Public Share Holding |
|
|
|
|
- Number of Shares |
450855385 |
450855385 |
450855385 |
|
- Percentage of shareholding |
22.50 |
22.50 |
22.50 |
|
Promoters and
Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
1552538715 |
1552538715 |
1552538715 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
77.50 |
77.50 |
77.50 |
NOTES:
·
The company is primarily engaged
in one business segment, namely developing, operating and maintaining the port
and port based related infrastructure facilities including Multi Product
Special Economic Zone, in accordance with accounting standard 17 “Segment
Reporting” notified in companies (Accounting Standards) Rules, 2006.
·
The aforesaid results
have been reviewed by the audit committee and approved by the board of
directors at their respective meeting held on February 6, 2012. The statutory
auditors have carried out a limited review of the above results as per clause
41 of the listing agreement.
·
The number of investors
complaint received, resolved and pending are:
Pending as at
01.10.2011:6
Received during
the quarter: 30
Resolved during
the quarter: 36
Pending as at 31.12.2011:
0
·
Finance cost is disclosed
on net basis (including gain/ loss of derivative contracts.) interest income of
Rs.98.157 millions, Rs. 84.098 millions,
Rs. 238.762 millions, Rs.198.443 millions, Rs. 614.872 Millions and Rs.704.649
millions gain/loss on account of derivative contracts of Rs.83.065 Millions
(loss), Rs.138.893 millions (loss), Rs. 603.472 millions (gain), Rs.30.500
millions (gain) and Rs.4.705 millions (loss), and Rs. 45.345 Millions (loss),
for the current quarter, previous year ended September 30, 2011 and nine months
ended December 31, 2011 corresponding previous quarter and nine months ended
December 31, 2010 and previous year ended March 31, 2011, respectively have
been included in the finance cost.
·
Provision for current tax
has been made after considering company’s eligibility to avail benefit under
section 80IAB of the Income Tax Act, 1961. Though the company has filed Public
Interest Litigation against the levy of MAT on SEZ developer, MAT provision as
per section 115 JB of the Income Tax Act, 1961 have been made. The company has
also considered MAT credit of Rs. 617.021 millions, Rs. 550.716 Millions and
Rs.1695.910 millions during the current quarter, previous quarter ended
September 30, 2011 and nine months ended December 31, 2011 respectively.
·
The name of the Company
has been changed from ‘Mudra Port and Special Economic Zone Limited’ to ‘Adani
Ports and Special Economic Zone Limited’ effective January 6, 2012.
·
Adani Abbot Point
Terminal Holdings Pty Limited, Australia has been incorporated on December 6,
2011 as a step down subsidiary of the company and wholly owned subsidiary of
Mudra Port Pty Limited, Australia.
·
The Board of Directors
has declared an Interim Dividend of Rs. 0.30 per equity share of Rs. 2/- each
for the Financial Year 2011-12 and for this 14.02.2012 has been fixed as Record
Date. Shareholders whose name appears on Share Register as on 14.02.2012 would
be entitled for Interim Dividend.
·
The previous year’s
figures are regrouped/ rearranged wherever necessary to facilitate comparison.
FIXED ASSETS:
·
Software
·
Land Development Cost on
Leasehold Land
·
Freehold Land
·
Tugs and Boards
·
Railway Tracks
·
Computer Hardware
·
Office Equipments
·
Furniture and Fixtures
·
Plant and Machinery
·
Vehicles
WEBSITE DETAILS:
BUSINESS DESCRIPTION:
Subject is engaged in the business of developing, operating and
maintaining the Mundra Port and Port based related infrastructure facilities,
including Multi product Special Economic Zone. MPSEZL is in the process of
setting up coal cargo terminals at Murmugao Port, Goa. Subject is developing a
non-LNG multi-user, multi-cargo port facilities at Hazira under the
sub-concession route. Mundra Port has handled 2,517 vessels during the fiscal
year ended March 31, 2011 (fiscal 2011). During fiscal 2011, the Company
handled 8,121 rakes; 22.66 million tons of dry cargo, and 1.23 million TEU’s.
During fiscal 2011, the Company had focused on development of infrastructure
for supporting the industrial development within the special economic zone
(SEZ). In September 2010, the Company became a subsidiary company of Adani
Enterprises Limited. For the fiscal year ended 31 March 2010, Subject revenues
increased 23% to RS15.28B. Net income increased 56% to RS 6.76B. Revenues
reflect an increase in income from Port and SEZ activities business segment.
Net income also reflects a decrease in managerial remuneration, lower
administrative and other expenses, decreased interest expense and increased
interest income of the company.
Board of
Directors:
Gautam S. Adani
Executive Chairman
Mr. Gautam S. Adani is Executive Chairman of the Board, Managing
Director of Subject. He is the founder of the Adani Group. Under his
leadership, Adani Group has emerged as a diversified conglomerate with
interests in international trading, infrastructure development, power
generation and distribution, development of special economic zones, gas
distribution, trading and business process outsourcing. He has been
instrumental in the diversification of the Adani Group into the port sector. He
has studied commerce from the Gujarat University.
Rajesh Shantilal
Adani
Non-Independent
Non-Executive Director
Mr. Rajesh Shantilal Adani is Non-Independent Non-Executive Director of
Subject. He is currently involved in the management of Adani Enterprises
Limited. He has been associated with Adani Exports Limited (presently Adani
Enterprises Limited) since its inception in 1988. He handles the marketing and
finance aspects of Adani Enterprises Limited and has been responsible for
developing the business relationships and contacts of Adani Enterprises
Limited. He has a Bachelor of Commerce degree from the Gujarat University.
Arun Duggal
Non-Executive
Independent Director
Mr. Arun Duggal is Non-Executive Independent Director of Subject. He is
an experienced international banker advising Corporations on financial
strategy, mergers and acquisitions and in capital raising. He has been an
advisor to a number of corporations, financial institutions and private equity
firms such as Macquarie Bank, TPG NewBridge, General Atlantic etc. Mr. Duggal
is involved in several initiatives in the social sector such as the Bellwether
Microfinance Fund which provides equity capital to promising Micro Finance
organizations and helps them in capacity building and Transparency
International Berlin, which is undertaking a number of initiatives to combat
corruption around the world. He also teaches banking and finance at the Indian
Institute of Management, Ahmedabad as a visiting Professor. Mr. Duggal is
mechanical engineer from the Indian Institute of Technology, Delhi and holds an
MBA degree from the Indian Institute of Management, Ahmedabad.
K. N.
Venkatasubramanian
Non-Executive
Independent Director
Mr. K. N. Venkatasubramanian is Non-Executive Independent Director of
Subject. He had worked as independent project consultant to many companies
after retiring as Chairman of Indian Oil Corporation Limited (IOC). He is a
chemical engineering graduate from Madras, and a post graduate from IIT,
Kharagpur. He has more than 45 years of experience in the industry. Having
worked initially with international oil companies like Standard Vaccum, Exxon,
Philips Petroleum, he joined Indian Petrochemicals Corporation Limited (IPCL)
in 1973 where he held several positions, including that of Director
(Operations), wherein he handled production, engineering, materials and
employee relations and also as an Executive Director. He was also on the Board
of Directors of the State Trading Corporation of India Limited for 2 years from
May 1982 and was also the Chairman cum Managing Director of Engineers India
Limited. He was the chairman of IOC from 1991 to 1996. He has also served as a
convener of the plastics working group on petrochemicals established by the
Department of Petroleum, Government of India for formulating the policy
framework for petrochemicals during the 7th five year plan. He is also the
Chairman of the sub-committee on Petrochemicals constituted by the Department
of Chemicals and Petrochemicals, Government of India, for formulating the
perspective plan for petrochemicals during the 8th and 9th plan five year plan
periods.
S. Venkiteswaran
Non-Executive
Independent Director
Mr. S. Venkiteswaran is Non-Executive Independent Director of Subject.
He is a Senior Advocate at the High Court of Bombay and an independent director
of the Company. He is a specialist in commercial disputes related to
international trade, shipping and aviation. He was conferred the Varuna Award
in 2004 by the Government of India for his services to the Indian shipping
industry. He is also on the Board of several banks and government bodies such
as Centurion Bank Limited, Indian Registrar of Shipping, National Securities
Clearing Corporation Limited., National Securities Depositories Limited and the
National Stock Exchange Limited. He has a Bachelor of Science degree in physics
and mathematics and a LLB from Bombay University.
PRESS RELEASE:
MUNDRA PORT HANDLES RECORD FERTILISER CARGO OF ABOUT 1 MILLION TONNES IN
NOVEMBER
DECEMBER 05, 2011
EDITORS’ SYNOPSIS
·
Mundra Port handles a
record 984,000 MT of fertilizer cargo in November
·
Aims to increase market
share in fertilizer cargo handling
·
Operates a fully mechanized
fertilizer cargo complex with capacity of 500,000 MT
·
Mundra Port is India’s
fourth-largest commercial port and the largest Private Port
Mundra Port and
Special Economic Zone Ltd (MPSEZ), India’s No. 1 private multi-port operator
and a subsidiary of Adani Enterprises Ltd--India’s leading infrastructure
conglomerate, today said it’s Mundra Port, located in Mundra, Gujarat, has
handled a record 984,000 metric tonnes of fertilizers in November, thus making
it one of the largest fertilizer handling ports in the country.
Mundra Port, which
is also India’s fourth largest commercial port, is well equipped to handle
around 20% share of India’s annual fertilizer imports that stand at 22 million
tonnes currently thanks to its dedicated and fully mechanized fertilizer cargo
complex with a total capacity of 500,000 metric tonnes.
The
state-of-the-art facility is viewed as a boon by fertilizer distribution firms
due to its automated fertilizer bag filling system. Around eight to ten rakes
are loaded on daily basis thus evacuating cargo in excess of 25,000 metric
tonnes a day against about four rakes in a leading major port in the region.
“We, at Mundra
Port, aim to capture the top slot in the Country for handling imported
fertilizer cargo also as we did with coal. High level of mechanization,
state-of-the-art technology, our robust processes and very committed employees
are behind this success", said Capt. Unmesh Abhyankar, COO – MPSEZ.
With India’s
fertilizer imports slated to rise, Mundra Port aims to break its own record and
capture a higher share of the imported fertilizer cargo in next few years.
Earlier in
November, Mundra Port transported a record cargo of imported coal at its West
Basin terminal, Asia’s largest coal handling facility. It has also commenced
double stack container trains to help control transportation costs. The trains
are running from Mundra Port to Patli near Gurgaon, Haryana, thus connecting
northern
India to the west.
About The Adani
Group
The US $ 6 billion
Adani Group is rated amongst the top 10 and fastest growing business houses in
India. An integrated infrastructure conglomerate, the Group has leveraged its
strong project execution capabilities in key traditional industry verticals
like Infrastructure, Mining, Power, Ports and SEZ to achieve significant growth
and
stakeholder value.
Founded in 1988,
the Adani group today employs over 8,500 people across two continents. It has
truly metamorphed from being a trusted trading house into a diversified
multinational conglomerate with integrated operations across India, Indonesia
and Australia.
Adani Enterprises
Ltd, the Adani Group’s flagship company, has featured in the Forbes Asia’s Fab
50 for last two consecutive years. Forbes also ranked Adani Group chairman Gautam
Adani as the 7th Richest Indian in 2011, while Fortune ranked him as the
Business Leader of the Next Decade in its February 2011 issue.
Our businesses:
Power: Spearheading the
Adani Group’s foray into power infrastructure is Adani Power, implementing
16,500 MW of power generation projects at six locations across India, with the
objective of generating 20,000 MW by 2020. It is also actively investing in
cross country power transmission lines. Adani Power is credited with
commissioning of India’s first environment friendly and energy efficient
supercritical technology based 660 MW power unit. Adani Power is today the
country’s largest thermal power producer in private sector.
Port
Infrastructure: The Adani Group is also engaged in the creation of a port and special
economic zone, logistics management (shipping to container train movement),
storage and movement (food grain and orchard products) as well as realty
development. The Adani Group established India’s largest private sector port
and Special Economic Zone at Mundra (Gujarat) and is engaged in developing
ports/terminals at Dahej, Hazira, Mormugao and Visakhapatnam in India and Adani
Abbot Point in Australia. The Group is focused on emerging as the largest port
in the country by aiming to handle 200 million tonnes of cargo by 2020.
Coal Mining: The Adani Group is
the country’s largest importer and supplier of coal and is also its leading
private mine developer and operator. It also owns mining and development rights
for 130 Million tonnes coal mining in India. Adani owns coal mining rights in
Indonesia and Australia. Adani supplied nearly 30 million tonnes of coal last
fiscal to Indian companies and is expected to manage 200 million tonnes of coal
by 2020.
Agro-products: The Adani Group is
also engaged in the business of agro-products (wheat, pulses and edible oil);
its ‘Fortune’ brand is the largest edible oil brand in India
today.
Oil and Gas: The Adani Group’s
energy business basket includes the supply of Compressed Natural Gas to
automobiles and piped natural gas to household users. It also has ventured into
oil and gas exploration and production with assets in India, Thailand and
Egypt.
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. 51.04 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
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.