MIRA INFORM REPORT

 

 

Report Date :

16.08.2013

 

IDENTIFICATION DETAILS

 

Name :

ADANI ENTERPRISES LIMITED

 

 

Formerly Known As :

ADANI EXPORTS LIMITED

 

 

Registered Office :

Adani House, Shrimali Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

02.03.1993

 

 

Com. Reg. No.:

04-019067

 

 

Capital Investment / Paid-up Capital :

Rs. 1099.800 Millions

 

 

CIN No.:

[Company Identification No.]

L51100GJ1993PLC019067

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA01099A

 

 

PAN No.:

[Permanent Account No.]

AABCA2804L

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in the business of coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, gas distribution.

 

 

No. of Employees :

703 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

 

Maximum Credit Limit :

USD 414680000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is the flagship company of ‘The Adani Group’. It is a well established company having fine track record.

 

External borrowing appear to be increasing over previous year, However net worth of the company seems to be strong. The company has recorded a significant increase in its sales turnover as well as net profitability during 2013.

 

Trade relations are reported as trustworthy. Business is active. Payments are reported to be 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term banking facilities : A+

Rating Explanation

Adequate degree of safety and low credit risk

Date

05.02.2013

 

Rating Agency Name

CARE

Rating

Short term bank facilities : A1+

Rating Explanation

Very strong degree of safety and lowest credit risk

Date

05.02.2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE [91-79-26565555]

 

 

LOCATIONS

 

Registered Office :

Adani House, Shrimali Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-25555555/ 26565555/ 25555080

Fax No.:

91-79-26565500/ 25555500

E-Mail :

adani@ad1.vsnl.net.in

info@adanigroup.com

jaladhi.shukla@adani.in

parthiv.parikh@adani.in

Website :

www.adanigroup.com

www.adani.com

 

 

Correspondence Office:

Pinnacle Share Registry Private Limited, Unit : (Adani Enterprises Limited), Near Asoka Mills Limited., Naroda Road, Ahmedabad - 380025, Gujarat, India

Tel. No.:

91-79-22200582/ 22200338

Fax No.:

91-79-22202963

E-Mail :

girish.patel@psrpl.com

 

 

Branch Offices :

Located at :

 

·         Chennai

·         Vadodara

·         Surat

·         Goa

·         Belekari

·         Bangalore

·         Indore

·         Coimbatore

·         Jamshedpur

·         Joda Barbil (Orissa)

 

 

Domestic Offices :

Located at :

 

·         Coimbatore

·         Bangalore

·         Gujarat

·         Angul

·         Bhubaneswar

·         Bilaspur

·         Faridabad

·         Gurgaon

·         Kolkata

·         Mumbai

·         Mundra

·         New Delhi

 

 

Global Offices : 

Located at :

 

·         Australia

·         Dubai

·         Indonesia

·         Jakarta

·         Shanghai

·         Singapore

 

 

DIRECTORS

 

AS ON 31.03.2013

 

Name :

Mr. Gautam S. Adani

Designation :

Chairman

Date of Birth/Age :

24.06.1962

Qualification:

S.Y. B.Com.

Experience :

Mr. Gautam Adani, the Chairman and Founder of the Adani Group, has more than 33 years of business experience. Under his leadership, Adani Group has emerged as a global integrated infrastructure player with interest across Resources, Logistics and Energy verticals.

 

Mr. Adani's success story is extraordinary in many ways. His journey has been marked by his ambitious and entrepreneurial vision, coupled with great vigour and hard work. This has not only enabled the Group to achieve numerous milestones but also resulted in creation of a robust business model which is contributing towards building sound infrastructure in India.

 

Date of Appointment :

02.03.1993

 

 

 

Name :

Mr. Rajesh S. Adani

Designation :

Managing Director

Qualification:

B. Com.

 

 

Name :

Mr. Devang Desai

Designation :

Executive Director and Chief Executive Officer

Qualifications

27.01.2010

Date of Appointment :

FCA

DIN No.:

00005743

 

 

Name :

Mr. Vasant S. Adani

Designation :

Director

Date of Birth/Age :

08.09.1955

 

Qualification :

B.A

 

Experience :

Mr. Vasant Adani looks into the administrative aspects of Adani Group. He has over 30 years of experience in administrative management and real estate development.

 

Date of Appointment :

01.07.1995

 

 

 

Name :

Mr. Anil Ahuja

Designation :

Director

Date of Birth/Age :

01.12.1962

 

Qualification :

B. Tech in Mechanical Engineering from Indian Institute of Technology (NT), New Delhi.  Post Graduate Diploma in Business Management from the Indian Institute of Management (IIM), Ahmedabad.

 

Experience :

Mr. Anil Ahuja has over 20 years of experience in international financial services and is considered one of the earliest private equity investors in India. In the past, he has worked with 3i Group, JPMorgan Partners Asia and Citibank.

 

Date of Appointment :

02.05.2009

 

 

 

Name :

Mr. S. K. Tuteja 

Designation :

Director

 

 

Name :

Dr. Ravindra Dholakia

Designation :

Director

Date of Birth/Age :

02.04.1953

 

Qualification :

- M.A. with Distinction, M.S. University, Baroda (1975) (Economics and Econometrics)

- Ph.D. in Economics, M.S. University, Baroda (1978) (Regional Disparities in Economic Growth in India)

- Post-Doctoral Fellow, University of Toronto (1983-84) (Regional Economic Disparities in Canada)

 

Experience :

Dr Ravindra Dholakia, a faculty of economics and public systems at MM, Ahmedabad, has more than 35 years of experience in regional economic development, economic analysis and policy, international economics and health economics.

 

He holds a post-doctoral research fellowship from the University of Toronto and a Ph.D. in Economics from M. S. University, Baroda. He also served as a consultant to State and Central governments, private sector institutions and international organizations such as WHO, UNICEF, ADB and World Bank. He has also been a member of various committees appointed by the Government and has more than 100 research papers and 12 books to his credit.

 

Date of Appointment :

21.05.2012

 

 

 

Name :

Mr. Berjis Desai

Designation :

Director (w.e.f. 3rd December, 2012)

Date of Birth/Age :

02.08.1956

Qualification :

Law graduate from the Mumbai University and a post­graduate in law from Cambridge University, U.K.

Experience :

Mr. Berjis Desai is the Managing Partner of J. Sagar Associates, a national law firm having offices in Mumbai, Delhi, Gurgaon, Bangalore and Hyderabad.  Mr. Desai specializes in mergers and acquisitions, derivatives, corporate and financial laws, International business laws and international commercial arbitration.

Date of Appointment :

03.12.2012

 

 

KEY EXECUTIVES

 

Name :

Mr. Parthiv Parikh

Designation :

Company Secretary

 

 

SHAREHOLDING PATTERN

 

AS ON 30.06.2013

 

Category of Shareholder

No. of Shares

Percentage of Holding

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

894080

0.08

Bodies Corporate

99491719

9.05

Any Others (Specify)

630034660

57.29

Trusts

630034660

57.29

Sub Total

730420459

66.41

(2) Foreign

 

 

Individuals (Non-Residents Individuals / Foreign Individuals)

90749100

8.25

Bodies Corporate

3688000

0.34

Sub Total

94437100

8.59

Total shareholding of Promoter and Promoter Group (A)

824857559

75.00

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

1090813

0.10

Financial Institutions / Banks

7694723

0.70

Foreign Institutional Investors

225681903

20.52

Sub Total

234467439

21.32

(2) Non-Institutions

 

 

Bodies Corporate

3007850

0.27

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

14172067

1.29

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

2585268

0.24

Any Others (Specify)

20719900

1.88

Non Resident Indians

5588817

0.51

Foreign Nationals

10000

0.00

Clearing Members

880150

0.08

Foreign Corporate Bodies

14240933

1.29

Sub Total

40485085

3.68

Total Public shareholding (B)

274952524

25.00

Total (A)+(B)

1099810083

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

Total (A)+(B)+(C)

1099810083

100.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl. No.

Name of the Shareholder

Details of Shares held

 

No. of Shares held

As a %

1

Gautam S Adani / Priti G Adani on behalf Gautam S Adani Family Trust

8836750

0.80

2

Gautam S Adani / Rajesh S Adani on behalf S B Adani Family Trust

621197910

56.48

3

Adani Agro Private Limited

83089065

7.55

4

Adani Properties Private Limited

16402654

1.49

5

Vinod Shantilal Adani

90749100

8.25

6

Ventura Power Investments Private Limited Mauritius

3688000

0.34

7

Bhavik B Shah

37000

0.00

8

Rakesh R Shah

611080

0.06

9

Surekha B Shah

34000

0.00

10

Priti R Shah

196000

0.02

11

Vinod N Sanghvi

16000

0.00

 

Total

824857559

75.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as %

1

Janus Overseas Fund

26061085

2.37

 

2

Gudami International Pte Limited

13980900

1.27

 

3

Emerging Markets Growth Fund INC

16387800

1.49

 

4

Elara India Opportunities Fund Limited

16081880

1.46

 

5

HSBC Bank (Mauritius) Limited

15801251

1.44

 

6

Citigroup Global Markets Mauritius Private Limited

11494969

1.05

 

7

Cresta Fund Limited

13636973

1.24

 

8

Albula Investment Fund Limited

14701610

1.34

 

 

Total

128146468

11.65

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, gas distribution.

 

 

GENERAL INFORMATION

 

No. of Employees :

703 (Approximately)

 

 

Bankers :

·         State Bank of India, Corporate Accounts Group Branch, 58, Shrimali Society, Navrangpura, Ahmedabad - 380009, Gujarat, India

 

·         ICICI Bank Limited, 1st Floor, JMC House, Opposite Parimal Garden, Ambawadi, Ahmedabad - 380006, Gujarat, India

 

·         ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

·         Axis Bank Limited

 

·         Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakhali Six Roads, Navrangpura, Ahmedabad - 380006, Gujarat, India

 

·         Bank of Maharashtra, L.J. Road, Mahim (West), Mumbai - 400016, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

LONG TERM BORROWINGS

 

 

Term Loan

 

 

From Bank

13900.000

0.000

SHORT TERM BORROWINGS

 

 

Short term loan

1750.000

3750.000

Cash Credit Facilities

0.000

4.200

Buyers Credit Facilities

24094.000

3296.500

Total

39744.000

7050.700

 

Note :

 

LONG TERM BORROWINGS:

 

Term of the long term borrowings:

a)       Secured term loan from bank for Rs. 10000.000 Millions (P.Y. Nil) secured by pledge of the some of the investment of the company amounting equivalent to 50% of the loan amount and to be repaid in 9 quarterly installments (8 quarterly installments of Rs. 1100.000 Millions each and last installment  of Rs. 1200.000 Millions) commencing from 28th February, 2014.

b)       Secured term loan from bank for Rs. 50000.000 Millions (P.Y. Nil) secured by first pari-passu charge on leased hold rights on sub-leased contiguous land of associates entity at Mundra, Kutch and subservient charge on the current assets of the company and to be repaid in 12 unequal structured quarterly installments commencing from the quarter ending 31st March, 2015.

c)       The above Loans carry interest rate ranging 6% to 12.25% p.a.

 

SHORT TERM BORROWINGS:

 

a)       The facilities secured by first and exclusive charge by hypothecation of identified receivable and first and exclusive mortgage charge on immovable assets of the company ( The facilities secured hypothecation of current assets both present and future of the company by way of  first charge ranking pari-passu among the banks and subservient  charge).

b)       The facilities secured by hypothecation of current assets both present and future of the company by way of first charge ranking pari-passu.

c)       The facilities secured by the fixed deposits and by hypothecation of current assets both present and future of the company by way of first charge ranking pari-passu.

 

 

 

 

Banking Relations :

--

 

 

Financial Institution :

Axis Trustee Services Limited, 2nd Floor, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhakar Marg, Worli, Mumbai - 400025, Maharashtra, India

 

 

Auditors :

 

Name :

Dharmesh Parikh and Company

Chartered Accountants

Address :

Ahmedabad, Gujarat, India

 

 

Subsidiaries :

·         Adani Infrastructure and Developers Private Limited *

·         Adani Global Limited

·         Adani Agri Logistics Limited

·         Adani Agri Fresh Limited

·         Adani Power Limited

·         Miraj Impex Private Limited

·         Adani Mining Private Limited

·         Adani Energy Limited

·         Adani Gas Limited

·         Maharashtra Eastern Grid Power Transmission Company Limited

·         Mundra LNG limited

·         Adani Shipping (India) Private Limited

·         Adani Infra (India) Limited

·         Natural Growers Private Limited

·         Chendipada Collieries Private Limited

·         Adani Port and Special Economic Zone Limited

·         Adani Renewable Energy LLP (upto 08.10.2013)

·         Parsa Kente Collieries Limited

·         Adani Welspun Exploration Limited

·         Rajasthan Collieries Limited

 

* (upto 29.06.2013 subsidiary and from 30.03.2012 Associates)

 

 

Step-down Subsidiary Companies :

·         Adani Estates Private Limited*

·         Adani Developers Private Limited*

·         Adani Land Developers Private Limited*

·         Adani Landscapes Private Limited*

·         Swayam Realtors and Traders Limited*

·         Columbia Chrome (India) Private Limited *

·         Shantigram Estate Management Private Limited*

·         Adani Mundra SEZ Infrastructure Private Limited*

·         Belvedere Golf and Country Club Private Limited*

·         Shantigram Utility Services Private Limited*

·         Lushgreen Landscapes Private Limited*

·         Jade Food and Properties Private Limited*

·         Jade Agri Land Private Limited*

·         Jade Agricultural Company Private Limited*

·         Rajendra Agri Trade Private Limited*

·         Rohit Agri Trade Private Limited*

·         Aaloka Real Estate Private Limited*

·         Panchdhara Agro Farms Private Limited*

·         Adani Township and Real Estate Company*

·         Adani Power Maharashtra Limited

·         Adani Power Rajasthan Limited

·         Adani Power Dahej Limited

·         Adani Pench Power Limited

·         Mundra Power SEZ Limited (upto 28.03.2013)

·         Kutchh Power Generation Limited

·         Mahaguj Power Limited

·         Sarguja Rail Corridor Private Limited

·         Adani Chendipada Mining Private Limited

·         Adani Resource Private Limited

·         Mundra SEZ Textile and Apparel Park Private Limited

·         Karnavati Aviation Private Limited

·         MPSEZ Utilities Private Limited

·         Rajasthan SEZ Private Limited (upto 20.10.2012)

·         Adani Logistics Limited

·         Mundra International Airport Private Limited

·         Adani Hazira Port Private Limited

·         Adani Petronet (Dahej) Port Private Limited

·         Hazira Infrastructure Private Limited

·         Hazira Road Infrastructure Private Limited

·         Adani Vizag Coal Terminal Private Limited

·         Adani International Container Terminal Private Limited (upto 30.03.2013)

·         Adano Global Pte Limited, Singapore

·         Adani Shipping Pte Limited, Singapore

·         Rahi Shipping Pte. Limited, Singapore

·         Vanshi Shipping Pte. Limited., Singapore

·         Adani Power Pte. Limited, Singapore (upto 06.12.2012)

·         Adani Global FZE, Dubai

·         Adani Power (Overseas) Limited, Dubai (upto 31.12.2012)

·         Adani Mining Pty Limited, Australia

·         PT Adani Global, Indonesia

·         PT Kapuas Coal, Mining, Indonesia (upto 08.10.2012)

·         PT Adani Global Coal Trading, Indonesia

·         PT Coal Indonesia, Indonesia

·         PT Mundra Coal, Indonesia

·         PT Sumber Bara, Indonesia

·         PT Energy Resources, Indonesia

·         PT Sumber Dana Usaha, Indonesia

·         PT Setara Jasa, Indonesia

·         PT Niaga Antar Bangsa, Indonesia

·         PT Niaga Lintas Samudra, Indonesia

·         PT Andalas Bumi Persada, Indonesia (upto 14.09.2012)

·         PT Citra Persada Luhur, Indonesia (upto 24.09.2012)

·         PT Gemilang Pusaka Pertiwi, Indonesia

·         PT Hasta Mundra, Indonesia

·         PT Karya Pernitis Sejati, Indonesia

·         PT Lamindo Inter Multikon, Indonesia

·         PT Mitra Naiga Mulia, Indonesia

·         PT Pahala Buana Abadi, Indonesia (upto 14.09.2012)

·         PT Sumber Bumi Lestari, Indonesia (upto 18.09.2012)

·         PT Suar Harapan Bangsa, Indonesia

·         PT Tambang Sejahtera Bersama, Indonesia

·         PT Adani Sumselon, Indonesia

·         Aanya Maritime Inc. panama

·         Aashna Maritime Inc. panama

·         Adani Abbot Point Terminal Pty Limited (upto 30.03.2013)

·         Mundra Port Pty Limited, Australia (upto 30.03.2013)

·         Mundra Port Holdings Pty Limited, Australia (upto 30.03.2013)

·         Adani Abbot Point Terminal Pty Limited, Australia (upto 30.03.2013)

·         Adani Minerals Pty Limited, Australia

·         Surguja Power Private Limited

·         Adani Kandla Bulk Terminal Private Limited

·         Chemoli Adani Pte Limited, Singapore

·         Adani Murmugao Port Terminal Private Limited

·         Chemoli Adani Private Limited

·         AWEL Global Limited, UAE

·         Adani Warehousing Services Private Limited (w.e.f 19.04.2012)

·         Galilee Transmission Holdings Pty Limited (w.e.f 17.01.2013)

·         Galilee Transmission Pty Limited, (w.e.f. 17.01.2013)

 

*(upto 29.06.2012 subsidiaries and from 30.06.2012 Associates)

 

 

Associates :

·         Ezy Global

·         Adani Advisory LLP

·         M/s. Adani Textile Induastries

 

 

Joint Control Entities :

 

·         Adani Wilmar Limited

·         CSPGCL AEL Parsa Collieries Limited

·         Adani Wilmar Pte. Limited  Singapore

 

 

Enterprises over which have significant influence :

·         Adani Agro Private Limited

·         Adani Properties Private Limited

·         Adani Foundation

·         Adani Education and Research Foundation

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3208200000

Equity Shares

Re. 1/- each

Rs. 3208.200 Millions

4500000

Preference Shares

Rs. 10/- each

Rs. 45.000 Millions

 

Total

 

Rs. 3253.200 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1099810083

Equity Shares

Re. 1/- each

Rs. 1099.800 Millions

 

 

 

 

 

 

Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Rs. in Millions

At the Beginning of the year

1099810083

1099.800

Movements for the year

-

-

Outstanding at the end of the year

1099810083

1099.800

 

 

Terms/ Rights attached to Equity Shares:

 

The Company has only one class of shares referred to as equity shares having a par value of Rs. 1/-. Each holder of equity shares is entitled to vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

 

For the financial year ended 31st March, 2013, the board has proposed a final dividend of Rs. 1.40 per share (31st March 2012: Re. 1).

 

In the event liquidation of the company, the holders of the equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no preferential amounts exist currently. The distribution will be in proportion to the number of shares held by the shareholders.  

 

 

Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

 

Particulars

Number of Shares

Rs. In Millions

Equity shares are allotted as fully paid bonus shares by capitalization of securities premium 

248015675

248015375

Equity shares are allotted as fully paid shares pursuant to the scheme of amalgamation

454899087

464899087

Total

702914762

712914462

 

 

    Details of equity shares held by shareholders holding more than 5% shares:

 

Name of Shareholder

Number of Shares

% holding

Guatam S. Adani / Rajesh S. Adani (on Behalf S.B. Adani Family Trust)

621197910

56.48

Adani Agro Private Limited

83089065

7.55

Vinod Shantilal Adani

90749100

8.25

Total

795036075

72.28

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1099.800

1099.800

1099.800

(b) Reserves & Surplus

102569.600

98920.800

96581.800

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

103669.400

100020.600

97681.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

14900.000

8577.000

1500.000

(b) Deferred tax liabilities (Net)

726.100

226.800

9.500

(c) Other long term liabilities

3412.500

2873.200

0.000

(d) long-term provisions

51.900

43.400

31.500

Total Non-current Liabilities (3)

19090.500

11720.400

1541.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

34382.700

7050.700

6468.100

(b) Trade payables

37703.600

17682.800

7323.900

(c) Other current liabilities

6352.900

3818.700

1550.800

(d) Short-term provisions

1827.600

1429.000

1572.800

Total Current Liabilities (4)

80266.800

29981.200

16915.600

 

 

 

 

TOTAL

203026.700

141722.200

116138.200

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8954.600

8893.800

2088.600

(ii) Intangible Assets

215.300

263.200

292.800

(iii) Capital work-in-progress

1634.900

1452.400

1228.200

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

40461.000

35456.900

34408.300

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

57532.100

37784.200

36080.100

(e) Other Non-current assets

0.000

5.500

43.300

Total Non-Current Assets

108797.900

83856.000

74141.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

205.900

824.400

319.400

(b) Inventories

7367.100

6433.100

4709.100

(c) Trade receivables

36983.200

18330.300

9251.500

(d) Cash and cash equivalents

18988.800

3744.600

2910.800

(e) Short-term loans and advances

30011.000

27148.000

24771.100

(f) Other current assets

672.800

1385.800

35.000

Total Current Assets

94228.800

57866.200

41996.900

 

 

 

 

TOTAL

203026.700

141722.200

116138.200

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from operations

118908.800

52822.000

29268.500

 

 

Other Income

6134.000

4616.500

5276.500

 

 

TOTAL                                    

125042.800

57438.500

34545.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material consumed

102.900

49.300

1662.300

 

 

Purchase of traded goods

100911.100

45089.200

25067.400

 

 

(Increase)/ Decreases in inventories 

(1092.500)

(1541.700)

-2222.600

 

 

Employee Benefits Expenses

1232.000

1041.500

959.800

 

 

Other Expenses

16206.500

6960.000

5068.700

 

 

TOTAL                                    

117360.000

51598.300

30535.600

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 7682.800

5840.200

4009.400

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

3025.700

1650.300

746.200

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

4657.100

4189.900

3263.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

575.500

299.000

132.700

 

 

 

 

 

 

PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX

4081.600

3890.900

3130.500

 

 

 

 

 

Add/ Less

EXCEPTIONAL ITEMS

2029.900

 (20.100)

(492.000)

 

 

 

 

 

 

PROFIT BEFORE TAX

6111.500

3870.800

2638.500

 

 

 

 

 

Less

TAX                                                                 

913.100

253.600

(52.600)

 

 

 

 

 

 

PROFIT AFTER TAX

5198.400

3617.200

2691.100

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

14305.000

12466.000

9902.800

 

 

 

 

 

Add

ON ACCOUNT OF AMALGAMATION

0.000

0.000

1734.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend on Equity Shares

1539.700

1099.800

1099.800

 

 

Dividend for Earlier Year

(75.500)

0.000

113.800

 

 

Tax on Dividend (including surcharge)

85.400

178.400

203.900

 

 

Dividend Cancelled Due to Cancellation of Cross Holding in Amalgamated Entity

0.000

0.000

(55.600)

 

 

Transfer to General Reserve

600.000

500.000

500.000

 

BALANCE CARRIED TO THE B/S

17353.800

14305.000

12466.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Goods on F.O.B. Values

172.900

0.000

487.600

 

 

Commission Earnings

0.000

0.000

0.700

 

 

Other Earnings

0.000

0.000

15.100

 

TOTAL EARNINGS

172.900

0.000

503.400

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Traded Goods

75768.200

32373.900

20224.400

 

 

Capital Goods

9.600

4055.200

0.000

 

TOTAL IMPORTS

75777.800

36429.100

20224.400

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.73

3.29

2.53

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2013

Type

 

 

1st Quarter

Sales Turnover

 

 

27789.500

Total Expenditure

 

 

29910.700

PBIDT (Excl OI)

 

 

(2121.200)

Other Income

 

 

2532.700

Operating Profit

 

 

411.500

Interest

 

 

1576.200

Exceptional Items

 

 

0.000

PBDT

 

 

(1164.700)

Depreciation

 

 

143.300

Profit Before Tax

 

 

(1308.000)

Tax

 

 

51.000

Provisions and Contingencies

 

 

0.000

Reported PAT

 

 

(1359.000)

Extraordinary Items       

 

 

0.000

Prior Period Expenses

 

 

0.000

Other Adjustments

 

 

0.000

Net Profit

 

 

(1359.000)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
4.16

6.30

7.79

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
5.14

7.33

9.01

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.80

3.69

3.28

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.04

0.03

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.48

0.16

0.08

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.17

1.93

2.48

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBT

 

Particulars

31.03.2013

31.03.2012

 

31.03.2011

 

(Rs. In Millions)

Current maturities of long term debt

 

 

 

Term Loans from banks

1100.000

0.000

Inter Corporate Loans

500.000

0.000

 

Total

1600.000

0.000

NA

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------

26]

Buyer visit details

----------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

CASE DETAILS:

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 698 of 2013

 

 

Status: PENDING                          (Converted from : O/ST/2063/2013)               CCIN No: 001092201300698

 

Next Listing Date : 25/11/2013

 

Coram  - HONOURABLE MR.JUSTICE M.R. SHAH

-          HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.

Name of the Petitioner

Advocate On Record

1

DIRECTOR OF INCOME TAX

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

1

ADANI ENTERPRISES LTD.

RULE NOT RECD BACK for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

Presented On              : 02/08/2013                                    Registered On : 02/08/2013

Bench Category          : --                                                  District           : AHMEDABAD

Case Originated From : THROUGH ADVOCATE                Listed               : 3 times

Stage Name                : FOR FINAL HEARING

 

 

OTHER FORUMS

 

S. No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA/3072/AHD/2009

INCOME TAX APPELLATE TRIBUNAL AHMEDABAD

ACCOUNTANT MEMBER AND JUDICIAL MEMBER

18/01/2013

AHMEDABAD

 

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/08/2013

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MRS MAUNA M BHATT(174) for P:1

2

02/08/2013

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MRS MAUNA M BHATT(174), for P:1

3

02/08/2013

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MRS MAUNA M BHATT(174), for P:1

 

COURT PROCEEDINGS

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

06/08/2013

51

8

ADMISSION (FRESH MATTERS)

NEXT DATE

·                     HONOURABLE MR.JUSTICE M.R. SHAH

·                     HONOURABLE MS JUSTICE SONIA GOKANI

2

25/11/2013

51

-

FOR FINAL HEARING

undefined

·                     HONOURABLE MR.JUSTICE M.R. SHAH

·                     HONOURABLE MS JUSTICE SONIA GOKANI

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

1

TAX APPEAL/698/2013

·                     HONOURABLE MR.JUSTICE M.R. SHAH

·                     HONOURABLE MS JUSTICE SONIA GOKANI

06/08/2013

N

N

 

 

CHARGES:

 

 ENTITY

 PERSON

COMPETENT AUTHORITY

 REGULATORY CHARGES

 REGULATORY ACTION (S) / DATE OF ORDER

 FURTHER DEVELOPMENTS

ADANI ENTERPRISES LIMITED 

(Old Name : ADANI EXPORTS LIMITED)

(Along with : ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED)

 

SEBI 

DID NOT COMPLY WITH MINIMUM PUBLIC SHAREHOLDING REQUIREMENT

DEBARRED/ RESTRAINED FROM BUYING/ SELLING/ DEALING/ IPOS IN SECURITIES/ SPECIFIED SCRIPS DIRECTLY/ INDIRECTLY FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT

DIRECTED FREEZING OF VOTING RIGHTS AND CORPORATE BENEFITS LIKE DIVIDEND, RIGHTS, BONUS SHARES, SPLIT, ETC. WITH RESPECT TO EXCESS OF PROPORTIONATE PROMOTER / PROMOTERS GROUP SHAREHOLDING FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT

RESTRAINED SHAREHOLDERS FORMING PART OF PROMOTER / PROMOTER GROUP FROM HOLDING ANY NEW POSITION AS DIRECTOR IN ANY LISTED COMPANY FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT

RESTRAINED DIRECTORS FROM HOLDING ANY NEW POSITION AS DIRECTOR IN ANY LISTED COMPANY FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT

04-JUN-2013

COMPANY COMPLIED WITH THE GUIDELINES ON 04/06/2013 THROUGH INSTITUTIONAL PLACEMENT PROGRAMME

SEBI VIDE ITS ORDER DATED 26/07/2013 REVOKED THE DIRECTION ISSUED VIDE ITS INTERIM ORDER DATED 04/06/2013  

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10400183

22/01/2013

5,000,000,000.00

BANK OF MAHARASHTRA

L.J. ROAD, MAHIM (WEST), MUMBAI - 400016, MAHARASHTRA, INDIA

B66965443

2

10385913

12/11/2012

1,750,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA

B61886735

3

10385460

16/11/2012 *

1,750,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA

B61881330

4

10308697

19/12/2012 *

4,750,000,000.00

AXIS TRUSTEE SERVICES LIMITED

2ND FLOOR, AXIS HOUSE, BOMBAY DYING MILLS COMPOUND, PANDURANG BUDHAKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

B65779068

5

10310361

25/09/2012 *

10,000,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA

B59193110

6

10303432

28/01/2013 *

7,949,550,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR, NEAR MITHAKHALI SIX ROADS, NAVRANGPURA, AHMEDABAD - 380006, GUJARAT, INDIA

B68164490

7

10284322

15/04/2011

2,750,000,000.00

ICICI BANK LIMITED

1ST FLOOR, JMC HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI, AHMEDABAD - 380006, GUJARAT, INDIA

B11642642

8

10285629

02/03/2012 *

10,000,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA

B34273714

9

10252059

24/11/2010

5,000,000,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA

B00140228

10

90098581

12/08/2005 *

5,300,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNT GROUP BRANCH; MITHAKHALI, NAVRANGPURA, AHMEDABAD, GUJARAT, INDIA

-

11

90098454

21/12/2004 *

3,678,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH,  MITHAKHALI, NAVRANGPURA, AHMEDABAD, GUJARAT, INDIA

-

12

90102611

12/08/2005 *

3,678,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNT GROUP BRANCH, MITHAKHALI, NAVRANGPURA, AHMEDABAD, GUJARAT, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS:

 

Particulars

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

LONG TERM BORROWINGS

 

 

Loans and advances from related parties

 

 

Loans from subsidiary company

0.000

7077.000

Inter-Corporate Loans

1000.00

1500.000

SHORT TERM BORROWINGS

 

 

Loans from related parties repayable on demand

2788.700

0.000

From Bank

 

 

Short term loan

3500.000

0.000

Inter-Corporate Deposits

2250.000

0.000

Total

9538.700

8577.000

 

Note:

 

LONG TERM BORROWINGS

 

a)      Unsecured loan from subsidiary company are repayable on demand at the discretion of the company, however the same is expected to be repayable within a period of 2-5 years.

b)      The inter-corporate loans repayable in 3 yearly installments of Rs. 500.000 Millions each commencing from 29th October, 2013.

 

 

 

CORPORATE INFORMATION:

 

Subject is a public company domiciled in India and incorporated under the provision of Companied Act, 1956. The company along with its subsidiaries (‘Adani Group’) is a global integrated infrastructure player with business spanning coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, gas distribution.

 

 

PERFORMANCE OF THE COMPANY:

 

During the year, the company continues its focus on consolidation and transformation, reducing overall leverage and posted yet another year of encouraging overall performance reflecting the inherent strength of the company’s low cost business model, operational excellence and a balanced be-risked portfolio.

 

 

FINANCIAL RESULTS:

 

The company registered gross revenue of Rs. 125042.800 Millions as compared to Rs. 57438.500 Millions in the previous year. The net profit after tax stood at Rs. 5198.400 Millions as against Rs. 3617.200 Millions in the previous Year.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

OVERVIEW:

 

During the fiscal year 2013, the economic environment remained challenging with growth slowing down globally. Global Gross Domestic Product (GDP) is expected to expand about 2.2% in 2013 and to grow at 3.0% and 3.3% in 2014 and 2015 respectively as per the World Bank report. Risks from advanced economics have eased and growth is firing up, despite ongoing contraction in the euro area. However, global economic growth is expected to be muted in current year, led by developing world.

 

On domestic front, the Indian economy slowed down considerably during the year with GDP growth at 5% for FY 13- lowest in decade, as per the latest estimate of Central Statistical Organization (CSO). This is mainly on account of poor performance of manufacturing, agriculture and services sector. India id expected to record 6.5% GDP growth in the current fiscal. The growth is expected to increase further to 6.7% in FY15, according to the World Bank’s report.

 

India’s ‘twin deficit’ challenge also came under the spotlight during the year. The current account deficit widened to an all-time high of 6.7% during the third quarter of the year and has boiled down to 4.8% of GDP during 2012-13, mainly contributed by high oil prices, subdued merchandise exported and a marginal decline in net services exports. On the other hand, the fiscal deficit, this seemed like heading toward 6% of GDP in the middle of the year, was reined in by the government to 5.1% of GDP through aggressive compression in expenditure. Deteriorating current account deficit and fiscal deficit with weak domestic growth and excessive domestic credit expansion world further put pressure on depreciating currency.

 

Among other, several policy measures were announced by the government during the year including the New Companies Bill, Land Acquisition Bill and power tariff revision. These coupled with seamless execution and resilience in overcoming all challenges, the company delivering in its focus areas of Resources Logistics and Energy.

 

 

OPERATIONAL PERFORMANCE

 

The Company continues to strengthen its competitiveness in the global market and posted an encouraging performance for the year.

 

 

RESOURCES

 

Natural Resources are essential for rapid growth and development of a nation. Presently, India faces an acute thermal coal deficit to cater to the demand of the power stations and resorted to imported coal to meet the internal deficit scenario. The Company is focused on this sector of national importance and strategically placed to help overcome those challenges through developing and operating mines in India, Indonesia and Australia as well as importing coal and providing end to end solution to the customer.

 

 

COAL MINING

 

Their coal mining business involves mining, processing, acquisition, exploration and development of mining assets, Coal Mining in Indonesia.

 

Their wholly owned step down Indonesian subsidiaries have been awarded coal mining concessions in Bunyu island, Indonesia. The Bunyu Mines has a Joint Ore Reserves Committee (JORC) compliant resource of 269 Million Metric Tonnes (MMT) of coal. Production during the year FY13 has been 4 MMT

 

 

COAL MINING IN AUSTRALIA

 

Their wholly owned step down subsidiaries in Australia have 100% interest in the Carmichael Coal Mine in the Galilee Basin in Queensland, Australia. During the year, the Company has undertaken an extensive exploration program. The Carmichael Coal Mine has a Joint Ore Reserves Committee (JORC) compliant resource of 10.15 billion tonnes of coal. The mine is being developed for producing 100 MMTPA of coal at peak capacity.

 

 

DOMESTIC COAL MINING OPERATIONS

 

In India, as part of the public private partnership model, Government sector companies, which are allotted coal blocks, appoint a Mine Developer and Operator ("MDO") to undertake all activities relating to the development and operations of a coal block allotted.

 

 

PARSA EAST AND KANTA BASAN COAL BLOCK

 

Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL') has been allocated the Parsa East and Kanta Basan coal blocks at Chhattisgarh. To undertake the MDO operations, the Company entered into a joint venture agreement with RRVUNL to form Parsa Kente Collieries Limited ("PKCL'), wherein the Company owns 74%equity interest.

 

The project has started Mining Operations and dispatches of coal to Thermal Power stations of RRVUNL in FY13,

Machhakata Coal Block

 

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 thermal power plants of Maharashtra State Power Generation Company Limited and the Gujarat State Electricity Corporation Limited. Preliminary project activities including work on Land Acquisition have commenced and area tan advanced stage.

 

 

PARSA COAL BLOCK

 

Chhattisgarh State Power Generation Company Ltd. (CSPGCL) has been allocated the Parsa Captive Coal Block in Chhattisgarh. The Company has entered into a joint venture agreement with CSPGCL and formed joint venture Company, CSPGCL AEL Parsa Collieries Limited, ("JVC") in the state of Chhattisgarh wherein they own 49% equity interest. This entails development and operation of the Parsa Captive Coal Block and transportation of coal upto End-use Thermal Power Station located at Marwa, Chhattisgarh.

 

 

CHENDIPADA COAL BLOCK

 

The Company has been selected as Mine Developer and Operator (MDO), by UCM Coal Company Limited, a Joint Venture of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Chhattisgarh Mineral Development Corporation Limited (CMDC) and Maharashtra State Power Generation Company Limited (MAHAGENCO) for development and operation of the Chendipada and Chendipada II coal block in the District Angul, State of Orissa. The Company will undertake development and operation of the Chendipada coal block, which includes mining, beneficiation of coal, arranging transportation and delivery of washed coal to end power projects of UPRVUNL, CMDC and MAHAGENCO. The environment and other approvals are expected in due course.

 

 

COAL TRADING

 

The Company remains the largest procurer of thermal coal in India. As India's primary power generating capacity is still coal based, the country is expected to remain increasingly dependent on imported thermal coal to bridge the demand-supply gap in future.

 

The Company provides multiple services of procurement and logistics for its customers. The major coal sourcing is from suppliers in Indonesia and South Africa, and supply it to various state utilities in India, The Company, through its subsidiaries, has entered into long-term arrangement for uninterrupted supply of imported coal with some of the biggest suppliers in Indonesia.

 

Coal demand is expected to increase substantially in the coming years, which will strengthen the Company's presence in this segment. The Company also continues to improve coal trading business by cost effective shipping and logistics management and expanding its sourcing network.

 

 

EDIBLE OIL AND AGRO-COMMODITIES TRADING

 

The Company entered the edible oil refining business through a 50: 50 joint venture Company, Adani Wilmar Limited ("Adani Wilmar") with Singapore's Wilmar Group. Adani Willmar's flagship brand 'Fortune' has successfully retained its top position in edible oil segment and has been voted the No. 1 cooking oil brand in India for the tenth consecutive year as per Nielsen RSA Report for the year 2012-13. Adani Wilmar is scaling new heights each year, and is today the 12th largest FAACG Company in India, as per the Nielsen Company.

 

In 2012-13, Adani Wilmar continued sustained efforts on development of new plant infrastructure, brand-building and distribution. One of the key thrust areas during the year was retail coverage expansion which has grown by over 9% YoY as per the Nielsen Company. Adani Wilmar has wholly owned 85 stock points and 5,000 distributors catering to about 1 million outlets across the country. Adani Wilmar has become the 6th largest food Company in India, growing at 27% YoY as per the Nielsen Company.

 

During the year, Fortune has registered volume growth of about 10%. 'Kings" and 'Raag Gold' for edible oil and 'Pilaf and 'Pilaf Gold' brands of Basmati rice have been widely accepted and gained significant popularity across the country. This year, Adani Wilmar achieved landmark sales of 1 Lac AAT of packed oil sales in a single month.

 

Keeping a keen eye on the changing needs of consumers, Fortune Rice bran health -100% refined rice bran oil, was launched targeting the health conscious consumer.

 

Adani Wilmar aims to have Pan-India coverage and plans to leverage on its sourcing and supply chain expertise by adding branded edible commodities to its existing portfolio of cooking medium in consumer space.

 

 

AGRI FRESH BUSINESS

 

Adani Agri Fresh Limited ("Adani Agri Fresh"), their wholly owned subsidiary, has been developing integrated storage, handling and transportation infrastructure for horticulture produce. Adani Agri Fresh has set up modern controlled atmosphere storage facilities at three locations, Rewali, Sainj, and Rohru in Shimla District of Himachal Pradesh with a combined capacity of approximately 18,000 metric tonnes of Apple per annum, Adani Agri Fresh has also set up a marketing network in major towns across India to cater to the needs of wholesale, cash and carry and organized retail customers. Adani Agri Fresh, marketing Indian fruits under the brand name 'Farm-pik', has expanded its footprints in the branded fruit segment and is giving a comparable competition to Imported Apples. Adani Agri Fresh imports Apple, Pear, Kiwi, Orange etc. from various countries for sale in India.

 

 

AGRO-STORAGE BUSINESS

 

Adani Agri Logistics Limited ("AALL'), their wholly owned subsidiary, had entered into a service agreement with the Food Corporation of India (FCI) for bulk food grains handling, storage and transportation network on a commercial Build, Own and Operate Basis for a period of 20 years. The project was started in 2007 and it is now in the 6th year of successful operations. At present, AALL has seven storage facilities in India, including AAoga, Kaithal, Hooghly, Navi Mumbai, Chennai, Coimbatore and Bangalore. The total storage capacity of 5.5 Lac AAT food grain is spread across these seven locations. The Company is eligible for revenues based on Annual Guaranteed Tonnage of 8 Lac AAT irrespective of actual usage by FCI. It also has 5 special purpose bulk food grain rakes.

 

 

LOGISTICS

 

Ports handle approximately 95% of India's total trade in terms of volume and 70% in terms of value, Total volumes are expected to increase further as India continues its economic expansion, making India one of the fastest growing economies in the world.

 

The Company's subsidiary, Adani Ports and Special Economic Zone Limited (Adani Ports) has shown impressive performance during the year.

 

 

PORTS OPERATION AND GROWTH

 

Adani Ports have developed and operate the port at Mundra, Gujarat, the largest Non-major Port in India by volume, which handled 82.13 million tonnes of cargo in FY 13, a growth of 21% year on year. It ranks 2nd in terms of total cargo and container cargo handled during the year compared with the major as well as non-major ports of India. It has a dry bulk terminal at the port at Dahej, Gujarat; and a multi-purpose terminal and a container terminal at the port at Hazira, Gujarat. Adani Ports handled 90.71 MMT of consolidated cargo in FY13, a growth of 29% over a year ago.

 

Adani Ports would continue to lead innovative practices, adoption of technology and setting examples of efficient port operations.

 

 

CAPACITY

 

The capacities at Adani ports have increased significantly in recent years as they have commissioned new terminals and expanded the capacity at their operational facilities. They have developed and operate six bulk terminals, four container terminals, automobile handling and coal handling facilities and two single-point mooring facilities across the Mundra Port, the Dahej Port and the Hazira Port, that together allow us to provide port services for dry and liquid bulk (including coal), container, crude oil and other cargo. They benefit from, and their capacities are higher because of, the deep drafts at their facilities, which allow us to accommodate larger ships that can handle larger volumes of cargo. They have recently expanded their facilities at the Mundra Port to accommodate larger ships, including the recent commissioning of Container Terminal 3, fourth berth at the Coal Bulk Terminal and Multi-purpose Terminal-Ill, at the Mundra Port.

 

 

CARGO AND SERVICE MIX

 

The three broad categories of cargo handled are bulk (consisting primarily of coal cargo), container and crude oil cargo. Their cargo volume handled has increased in recent years as they have developed new terminals, berths and other infrastructure at the Mundra Port and commenced commercial operations at the Dahej Port and the Hazira Port. Their cargo volume handled continues to increase as they expand the capacities and utilizations at the Mundra Port, the Dahej Port and the Hazira Port, and as they commence operations at their terminals at the Mormugao Port, the Vizag Portand the Kandla Port.

 

The port services include marine, intra-port transport, storage and handling, other value-added and evacuation services for a diverse range of customers, primarily terminal operators, shipping lines and agents, exporters, importers and other port users. In addition to port services, they provide value-added, evacuation and other logistics services to their customers. Their ability to maintain a diverse mix of cargo handled and other services performed allows us to diversify their income sources, reduce financial risk and compete more effectively.

 

 

EXPANSION PLANS

 

The Company has commenced operations at Container Terminal 3, fourth berth at the Coal Terminal and Bulk Terminal-Ill at Mundra Port. During the year, the company has started operations at Hazira port The Company is also in the process of developing facilities at the Murmugao Port, the Vizag Port and the Kandla Port (Tuna), The majority of the capital expenditure at their operational facilities and the Murmugao Port has been completed.

 

 

SPECIAL ECONOMIC ZONE

 

During the year, Adani Port has been focusing on development of robust infrastructure for supporting the industrial development within the Special Economic Zone (SEZ) at Mundra, which is one of the largest operating port-based multi-product special economic zones in India. 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 is completed. These multi-modal connectivities are expected to attract more investments in the coming years.

 

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 Adani Port and approved Co-developer, had developed electricity distribution network and is distributing electricity at competitive rate in the SEZ. AAUPL has also been approved as co-developer of the Free Trade Warehousing Zone (FTWZ) SEZ to provide infrastructure facilities/utilities. The company has set up a FTWZ in an area of 168.41 Ha. in Taluka: Mundra. Some of the approved Units have already started export activities in the Zone.

 

 

ENERGY

 

Efficient infrastructure is a pre-requisite for sustainable and inclusive economic growth and it holds the key to global competitiveness of the Indian economy. India needs to substantially bridge the gap between demand and supply of electricity for sustained economic growth and to kindle hope in the lives of its people and to accomplish that the Country needs all sources of power it can get access to.

 

The Indian power sector has historically been characterized by demand-supply gap which has been increasing over the years. During the Eleventh Plan period (FY08-12) the Government of India (Gol) has targeted capacity addition of 78,700 AAW. Against which, actual capacity addition in 11th Plan period was 54,964 AAW. Moving forward, Gol has targeted 88,537 MW of power generation capacity during twelfth plan period, creating massive opportunity in the sector.

 

 

POWER GENERATION AND TRANSMISSION

 

The Company's listed subsidiary Adani Power Limited, is developing various power projects with a combined installed capacity of 9,240 MW, out of which 5,940 MW is operational and 3,300 MW is under implementation, Adani Power Ltd. intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis. With fully operationalized capacity, the Company will become one of the largest private power producers in the country and best placed to gain from business opportunity in the power sector.

 

 

AAUNDRA POWER PLANT

 

The Mundra power project with total capacity of 4,620 MW is located at Mundra, Gujarat and fully operational, It has four units of 330 MW and five units of 660 MW. Therefore, Mundra Power Project has become India's largest single location thermal plant. The power project continues to operate at high PLF and operational efficiency. The Company is selling the power generated through long term PPAs and on merchant basis.

 

Additionally, Fuel Supply Agreement (FSA) for supply of indigenous coal equivalent to 70% of the capacity of Unit-7, 8 8-9 has been executed with Coal India (CIL). To ensure continued efficient operations at the plant, the Company has installed world class Operations and Maintenance (O&M) systems. A training simulator which is a replica of unit control system has been set up at Mundra power plant for training operation staff at regular frequency.

 

 

TIRODA POTHEYR PLANT

 

The Tiroda power project with total capacity of 3,300 MW is being developed at Tiroda, Maharashtra by step-down subsidiary Company, Adani Power Maharashtra Limited (APML). It has five super critical units of 660 MW. Two units of 660 MW each -1320 MW were commissioned during FY 13. The Company intends to sell the power generated from this project under long-term PPAs and on merchant basis till the obligation under PPAs commences. Entire 3,300 MW capacity is expected to be commissioned by FY 14.

 

Coal requirement for 1,980 MW projects has been planned from domestic sources and FSA for supply of indigenous coal equivalent to 1180 MW has been executed with Coal India and an application for coal linkage to meet the balance coal requirement has been made.

 

 

KAWAI POWER PLANT

 

The Kawai power project with total capacity of 1,320 MW is being developed at Kawai, Rajasthan by step-down subsidiary Company Adani Power Rajasthan Limited (APRL). It has two super critical units of 660 MW. They intend to sell the power generated from this project under a combination of long-term PPA and on merchant basis.

 

An application for coal linkage to meet the coal requirements of the Kawai power project has been made, Entire capacity of 1320 MW is expected to be commissioned by FY 14.

 

 

TRANSMISSION

 

Adani Power has about 1,633 kilometre of operational transmission network in India, comprising of 1,000 kilometre of 500kV of High Voltage Direct Current (HVDC), 633 kilometre of 400kV double circuit line and in process of developing 1,290 kilometre of 765 kV single circuit transmission line connecting Tiroda to Aurangabad.

 

The 433 km long double circuit 400 kV transmission line with a capacity to transmit up to 1,000 MW of power, connecting to the Central Transmission Utility (CTU) grid at 400 kV Power Grid Corporation of India Limited (PGCIL) Sub-station at Dehgam, Gandhinagar is operational.

 

During the year, the Company commissioned a 400 kV double circuit, 200 Km long Transmission line for Power evacuation with a capacity to transmit about 2,000 MW of power, from Tiroda to Warora in Maharashtra, Further, they have also implemented transmission line with the configuration of 500 kV High Voltage Direct Current (HVDC) with a capacity to transmit up to 2,500 MW of power, from Mundra to Mohindergarh, Haryana.

 

 

SOLAR

 

During the year, the Company efficiently operated the 40 Megawatt (MW) solar power plants at Bitta-Naliya, Kutch, Gujarat. The plant was certified for Occupational Health and Safety Management System in accordance with IS 18001:2007 by Bureau of Indian Standards as well as certified for ISO 9001:2008 for Quality Management System by TUV NORD, a technical inspection association based at Germany.

 

 

CITY GAS DISTRIBUTION

 

The city gas distribution business is undertaken through the Company's Wholly Owned Subsidiary, Adani Gas Limited ("Adani Gas"). Adani Gas has set up a gas distribution network of approximately 410 km of steel pipeline network and approximately 4,100 km of polyethylene pipelines spread across Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana, Noida, Khurja and Lucknow in Uttar Pradesh and Jaipur and Udaipur in Rajasthan. It has set up 63 CNG stations in Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana, Adani Gas is also serving approx. 850 industrial units, 178000 households and 1300 commercial units in these cities through its infrastructure network.

 

 

CONTINGENT LIABILITIES

[Rs. in Millions]

Particulars

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

a) Claims against the Company not acknowledged as Debts

30.000

30.000

b)  In respect of:

 

 

Income Tax (Interest thereon not ascertainable at present)

430.200

425.200

Service Tax

347.100

238.200

VAT/Sales Tax

2202.100

1281.300

Custom Duty

1702.100

658.000

Excise Duty / Duty Drawback

14.800

32.000

FERA / FEMA

82.600

82.600

Others

--

3.500

c) In respect of Corporate Guarantee given:-(amount outstanding at close of the year)

 

 

I.   On behalf of its Subsidiaries

24930.000

4216.200

II.  On behalf of its Associate Companies

977.000

1017.000

d)  In respect of Bank Guarantees given for Subsidiaries

1583.400

729.100

e) Bills of Exchange Discounted

253.700

598.300

 

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 issued under Section 16 of the Foreign Exchange Management Act, 1999 read with Rule(4)of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rule, 2000, in which liability is unascertainable

 

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 unascertainable

 

i) Investments are pledged with Banks/Financial Institutions towards collateral security for loan taken by a company and group Companies. 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 no more than Rs. 0.100 Million (31st March, 2012: Rs.0.100 Million)

 

k) In the matter of show cause notice, amount of interest and penalty not ascertainable, hence not disclosed

 

l) Show cause notice issued by DGCEI proposes for imposition penalties under Section 76 and Section 78 of the Finance Act, 1994. In which liability is uncertain and not included

 

m) Custom Department has considered a different view for levy of custom duty in respect of specific quality of coal imported by the company for which the company has received demand show cause notices amounting to Rs. 1802.100 Millions from custom departments at various locations and the company has deposited Rs. 589.700 Millions as custom duties under protest and contested the view taken by authorities as advised by external legal counsel. The company being the merchant trader generally recovers custom duties from its customers and does not envisage any major financial or any   other implication.

 

Note:

Future cash flows in respect of above are determinable only on receipt of judgement/decision pending with various forums/authorities.

 

 

 

Fixed Assets

 

·         Land

·         Leasehold Improvements

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Electrical Fittings

·         Office Equipment

·         Computer Equipments

·         Vehicles

·         Air Craft

·         Ship

·         Software

 

 

PRESS RELEASE:

 

ADANI ENTERPRISES SWINGS INTO Q1 LOSS

 

August 8, 2013

 

Hit by mark to market (MTM) losses on account of rupee depreciation, Adani Enterprises has plunged into a consolidated net loss of Rs 2783.000 Millions during the first quarter ended June 30, 2013.


The flagship firm of the Adani group had posted a net profit of Rs 4028.800 Millions in the corresponding quarter of the previous fiscal.


"Consolidated net loss for Q1FY14 is Rs 2780.000 Millions due to MTM provision for rupee depreciation, non-cash items like depreciation, provision for deferred tax and higher imported coal due to limited availability of domestic coal in power business," Adani said in a statement.


On a standalone basis also, the company reported a net loss of Rs 1359.000 Millions for the last quarter.


Its consolidated net sales, at Rs 115249.400 Millions, was up 4.54 per cent during the quarter vis-a-vis Rs 110245.900 Millions of the Q1FY13.


Adani's total expenditure, at Rs 106169.500 Millions, amounted to over 92 per cent of its net sales during the quarter as its costs on depreciation rose by nearly 50 per cent to Rs 7184.100 Millions.


Moreover, its MTM losses more than doubled to Rs 5280.000 Millions in the quarter, while the finance costs were up 58.66 per cent to Rs 10827.600 Millions.


Commenting on the results, Adani group chairman Gautam Adani said, "We are confident of overcoming the present difficulties faced by the power sector and enriching its financial performance in the ensuing quarters. Our integrated business model of Resources, Logistics and Energy sectors is best suited to reap benefits of sustainable growth."


Adani group CFO Devang Desai said that "our quarterly financial performance has been adversely affected due to sudden currency volatility and continuing constraints of coal availability, transmission bottleneck and tariff related issues in the power business.


He added that company follows a judicious currency hedging policy, which is in line with its business aligned financial strategy.


"With focused efforts, we shall ensure sustainable returns from the power business and improve our overall performance," he said.


Performance of company's different business segments were mixed during the quarter. While the trading business reported a 0.21 per cent decline in gross revenues to Rs 45875.800 Millions, power business' earnings were up nearly 72 per cent to Rs 25671.900 Millions.


Revenues from ports were up over 52 per cent to Rs 12772.200 Millions, while agro business' earning were down nearly 20 per cent to Rs 19945.800 Millions.

 

 

ADANI ENTERPRISE GETS RELIEF FROM HC IN FERA CASE

 

Billionaire Gautam Adani promoted Adani Group on Wednesday got relief from the Gujarat High Court in a case filed by the Enforcement Directorate (ED) alleging violation of Foreign Exchange Regulation Act (FERA), 1973 by the group's flagship company Adani Enterprise Limited (AEL).


A division bench of Chief Justice Bhaskar Bhattacharya and J B Pardiwala today set aside an order of the Appellate Tribunal for Foreign Exchange (ATFE) endorsing order of the ED imposing fine on AEL for alleged violation of FERA, which is now known as Foreign Exchange Management Act (FEMA) after amendment in 1993.

According to case details, an adjudicating officer of ED in May 2002 had come to the conclusion that there was alleged violation of FERA and issued notice to AEL. He further imposed a fine for the violation. AEL on its part appealed against order of ED in the ATFE.


After hearing both the parties ATFE on February 25, 2008, upheld the order of ED imposing fine on AEL. Aggrieved by this the AEL approached the Gujarat High Court which today set aside the order of ATFE.

 

 

ADANI POWER COMMISSIONS THIRD 660 MW UNIT OF MAHA PLANT

 

Adani Power, a subsidiary of Adani Enterprises, has commissioned the third 660 MW unit of its thermal power plant at Tiroda in Maharashtra.


"With the commissioning of this 660 MW unit at Tiroda plant in Maharashtra the total power generation capacity of the company reached 7,260 MW," Adani Power said in a statement.


Adani Power Maharashtra, a unit of Adani Power Limited, is constructing a 3,300 MW thermal power plant in Tiroda, commissioned its first two units of 660 MW in last financial year 2012-13 and has current generation capacity of 1,980 MW.


The Tiroda project will help Maharashtra meet its electricity demand.


"We at Adani are committed towards nation building and are working towards increasing the electricity generation in the country. We are targeting a capacity of nearly 10,000 MW by March 2014 and aim to generate 20,000 MW by 2020," said Gautam Adani, Chairman Adani Group in the statement.


The statement added that the first two units, of 660 MW each, of the Tiroda Power Plant are also going to be registered for clean development mechanism (CDM) of the United Nations Framework Convention on Climate Change.

Adani Power now has a total generation capacity of 7,260 MW including 4,620 MW from the Mundra project in Gujarat and 660 MW from Kawai Power Plant in Rajasthan.

 

 

ADANI ENTERPRISES OFFER FOR SALE FULLY SUBSCRIBED

 

The offer for sale of a little over two% stake of Adani Enterprises by its promoters was fully subscribed today.

 

The Rs. 230.000 Millions stake sale received bids for Rs. 23.800 Millions shares, raising Rs 6531.70 Millions, as per data available with the BSE.

 

The indicative price for the issue was Rs 283.99. Adani Enterprises' promoters fixed Rs 282 as the floor price for selling the company's Rs. 230.000 Millions shares.


The promoters are Adani Agro, Adani Commodities, Vinod S Adani, Rajesh S Adani, Pranav V Adani, Priti G Adani and Shilin R Adani.


Promoters' had 79.96% stake in the company, as on September-end.


DSP Merrill Lynch acted as the sole selling broker for the OFS.


Shares of the company ended at Rs 273.45, up 0.81% from its previous close.

 

 

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 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. 61.52

UK Pound

1

Rs. 94.99

Euro

1

Rs. 81.63

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

63

 

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.