|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MUNDRA PORT PTY LTD |
|
|
|
|
Registered Office : |
'Amp Place' Level 30, 10 Eagle Street, Brisbane, Queensland 4000 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
18.04.2011 |
|
|
|
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Com. Reg. No.: |
150498098 |
|
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|
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Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Operator of Abbot Point Coal Terminal in Australia via
100% ownership of Mundra Port Holding Trust. |
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|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
Payment Behaviour : |
Unknown |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Australia - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
|
Source : CIA |
Verified Address
Subject name : MUNDRA
PORT PTY LTD
Business address : 'Amp
Place' Level 30
10 Eagle Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Tel : +61
7 32234800
Fax : +61
7 32234850
Website : www.mundraport.com
Registered address : 'Amp
Place' Level 30
10 Eagle Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Executive Summary
Date founded or registered : 18/04/2011
Legal form : Australian
Proprietary Company
Chief executive : Samir
Vora
Issued & paid up capital : AUD
105,063,174
Sales turnover : AUD 0
(Non-consolidated 12 months, 31/03/2012)
Net income : AUD
-80,048,168 (Non-consolidated 12 months, 31/03/2012)
Total fixed assets : AUD
703,747,934 (Non-consolidated 12 months, 31/03/2012)
Line of business :
Operator of Abbot
Point Coal Terminal in Australia via 100% ownership of Mundra Port Holding
Trust.
Staff employed : Nil
(Subject); 9,000 employees (Adani Group)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is in start-up phase
Management experience : Management
is modestly experienced
Financial performance : Financial performance is
deteriorating
Organization structure : Organizational
structure is flawed
Detrimental : Some
detrimental found
Payment history : Payment
punctuality is undetermined
Comments : It is strictly
advisable to conduct business dealing on prepayment or L/C basis due to the
Subject's share equity deficit.
Registry Data
Registration date : 18/04/2011
Legal form : Australian
Proprietary Company
Registration no Australia Company Number: 150498098
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australia
Business Number: 61150498098
Registry status : Live/Active
Previous name : None
reported.
Change of legal form : None
reported.
Key Management
Name : Samir
Vora
Designation : Chief
Operating Officer
Name : Praveen
Khandelwal
Designation : Chief
Financial Officer
Appointments
Name : Rajeeva
Sinha
Designation : Director
Appointment date : 18/04/11
Address : Flat
8, Palm Court
Maharshi Karve Road
Mumbai 400020
Maharashtra
India
Biography : Born
on 10-11-1950 in Patna, India.
Mr. Rajeeva Sinha is a Whole-time Director
of Adani Ports and Special Economic Zone Ltd. (APSEZL) He is a former Indian
Administrative Service (IAS) officer with over 35 years of work experience and
in-depth knowledge of shipping and port sectors. He has considerable experience
and expertise in port and shipping management; commercial, legal, labour laws
and regulations; project and financial management and national and
international maritime laws.
Name : Paul
Christopher Devlin
Designation : Director
Appointment date : 18/04/11
Address : Unit
53, 29 Carabella Street
Kirribilli, NSW 2061
Australia
Biography : Born
on 03-03-1964 in Christchurch, New Zealand.
Name : Samir
Vora
Designation : Director
Appointment date : 16/12/11
Address : 'Admiralty
Tower' Unit 58, Level 9
35 Howard Street
Brisbane, QLD 4000
Australia
Biography : Born
on 21-10-1970 in Ohio, United States.
Name : Praveen
Khandelwal
Designation :
Director
Appointment date : 17/02/12
Address : 'Admiralty
Quays' Unit 71
32 Macrossan Street
Brisbane, QLD 4000
Australia
Biography : Born
on 10-05-1968 in Bharatpur, India.
Staff employed : Nil
(Subject); 9,000 employees (Adani Group)
Key Advisors
Auditors : ERNST
& YOUNG
Level 5, Waterfront Place
1 Eagle Street
Brisbane, QLD 4000
Australia
Composition
Authorized Capital : AUD
105,063,174
No of shares : 1,000
Ordinary Shares / 105,062,174 Redeemable Preference Shares
Share par value : AUD 1
Issued capital : AUD
105,063,174
Paid up capital : AUD
105,063,174
How listed : Full List
Composition
Shareholder name : ADANI
PORTS AND SPECIAL ECONOMIC ZONE LIMITED
Address : Post
Box No. 1
Navinal Island
Mundra 370421
Kutch
India
No. of shares : 105,062,174
Redeemable Preference Shares / 1,000 Ordinary Shares
% of shares : 100%
Structure
Name : ADANI
ENTERPRISES LIMITED
Affiliation type : Ultimate
Holding Company
Address : Adani House
Shrimali Society
Near Mithakhali Circle
Navrangpura
Ahmedabad - 380 009
India
Comments : Adani Enterprises Limited, through its
subsidiaries, engages in trading, power, ports, agro, and real estate business
activities in India and internationally. It is involved in mining, processing,
exploration, and development of various coal properties in India, Indonesia,
and Australia; trading of coal to various central and states utilities and
private players in India; oil and gas exploration activities; and distribution
of natural gas. The company also owns and operates Mundra and Dahej ports in
India, and Abbot Point port in Australia; provides multi-modal logistics
services; and generates and transmits power. In addition, it engages in edible
oil refining and agro storage business activities. The company was founded in
1988 and is based in Ahmedabad, India.
Name : ADANI PORTS AND
SPECIAL ECONOMIC ZONE LIMITED
Affiliation type : Parent Company
Address : Post Box No. 1
Navinal Island
Mundra 370421
Kutch
India
Comments : Adani Ports And Special Economic Zone Ltd
(APSEZL) is the developer and operator of the Mundra port located in the Kutch
district of Gujarat on the west coast of India, under a 30-year Concession
Agreement with the Gujarat Maritime Board (GMB), valid till February 2031.
Currently 77.5% of the company’s equity is held by Adani Enterprises Limited
(flagship of the promoter Adani Group) while the balance is with the public.
APSEZL commenced trial operations at Mundra port in 1998 and commercial
operations in 2001 and in a decade’s time the port has grown to become the
largest port in the country by cargo handling capacity.
The port offers handling services for all
kinds of cargoes viz. bulk dry and liquid, crude and containers.
Apart from the port operations, APSEZL is
also the approved developer of a multi-product SEZ at Mundra and its surrounding
areas. Further through its majority/wholly owned SPVs, APSEZL has a presence in
the logistics business (container trains and ICDs) and is associated with
port/terminal developments in Dahej; Hazira; Mormugao; Kandla and Vizag in
India and an overseas port asset in Australia (Abott terminal).
With effect from January 6, 2012, the
company has changed its name to 'Adani Ports and Special Economic Zone Limited’
from 'Mundra Port and Special Economic Zone Limited' in order to have common
identity with the promoter Adani Group.
Name : ADANI
INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED
Affiliation type : Sister Company
Address : Adani House
Shrimali Society
Near Mithakhali Circle
Navrangpura
Ahmedabad - 380 009
India
Name : MUNDRA PORT
HOLDING TRUST
Affiliation type : Wholly-owned Subsidiary
Address : 'Amp Place'
Level 30
10 Eagle Street
Brisbane, QLD 4000
Australia
Name : MUNDRA PORT
HOLDINGS PTY LTD
Affiliation type : Wholly-owned
Subsidiary
Address : 'Amp Place'
Level 30
10 Eagle Street
Brisbane, QLD 4000
Australia
Related companies and corporate affiliations comments: Other companies
of the Adani Enterprises Group should be considered affiliated
companies of the
Subject.
Bank Details
Name of bank : State
Bank Of India
Address : Australia
Account details : Current
Account
Comments : It is generally not the policy
of local banks to provide credit status information to non related parties,
however interested parties would be advised to consult first with the Subject
if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None
reported.
Court judgements : None
reported.
Tax liens : None
reported.
Others : None
reported.
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 31/03/12
Type of accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 0.97 as of 18-02-2013
Summarized
Financial Information
Consolidation type : Non
Consolidated Group Consolidated Group Consolidated
Currency : Australia
Dollar (AUD) India, Rupee (INR) India, Rupee (INR)
Denomination : (x1)
One (x1) One (x1) One
Date of financial year end : 31/03/12
31/03/12 31/03/11
Length of accounts : 12
months 12 months 12 months
Sale turnover / Income :
0.00 399,037,700,000
268,267,400,000
Profit before tax : -80,048,168
24,963,900,000 32,730,900,000
Net income : -80,048,168 20,203,300,000 28,259,000,000
Non current assets : 700,271,045
812,451,800,000 479,955,200,000
Current assets : 3,476,889
257,520,200,000 155,722,500,000
Inventories : 52,147,800,000
46,212,700,000
Total assets : 703,747,934
1,069,972,000,000 635,677,700,000
Current liabilities : 1,243,481
298,893,000,000 148,287,400,000
Non current liabilities : 751,113,922
541,557,900,000 275,035,400,000
Total liabilities : 752,357,403
840,450,900,000 423,322,800,000
Share equity : -48,609,469
229,521,100,000 212,354,900,000
Retained earning : -80,048,168
Comments : The
non-consolidated financial information above relates to the Subject only.
Comparative
financial information is not available due to the Subject’s recent
date of
establishment.
The group’s consolidated financial
information above relates to the Subject’s
Ultimate Holding Company Adani Enterprises
Limited and all its subsidiaries
which includes the Subject.
Main activities : The Subject is the operator of Abbot
Point Coal Terminal in Australia via 100% ownership of Mundra Port Holding
Trust.
Located approximately 20km north of Bowen in
North Queensland, the Port of Abbot Point is signi?cant as one of the few
locations along Queensland’s eastern seaboard with deep water (more than 15
metres) access close to shore.
On 3 May 2011, the Queensland Government
finalised the 99-year lease of Abbot Point Coal Terminal to Mundra Port Pty Ltd
(Subject).
Under the Port’s lease, the Queensland State
retains ownership of the Port land and ?xed infrastructure such as the jetty
and the wharf. The North Queensland Bulk Ports Corporation remains as the port
authority for AAPTPL and is responsible for the ongoing safety, security,
ef?ciency of and master planning for the Port.
The terminal operation consists of the
following key components:
- Stockyard
- Yard machines to stack and reclaim coal to
and from the stockpiles
- Out loading to the off-shore berth
- Ship loading
The Subject is ultimately owned by Adani
Enterprises Ltd.
Adani Enterprises Limited (formerly known as
Adani Exports Ltd.) is the flagship company of the Adani conglomerate.
Adani Enterprises Limited, through its
subsidiaries, engages in trading, power, ports, agro, and real estate business
activities in India and internationally. It is involved in mining, processing,
exploration, and development of various coal properties in India, Indonesia,
and Australia; trading of coal to various central and states utilities and
private players in India; oil and gas exploration activities; and distribution
of natural gas. The company also owns and operates Mundra and Dahej ports in
India, and Abbot Point port in Australia; provides multi-modal logistics
services; and generates and transmits power. In addition, it engages in edible
oil refining and agro storage business activities. The company was founded in
1988 and is based in Ahmedabad, India.
The Adani Group has many distinctions to its
merit:
- Operator of the largest private port in
India
- Developer of the largest multiproduct SEZ
in India
- Owns the largest edible oil refining
capacity in India
- One of the largest trading houses in India
- Largest Integrated Coal Management Firm in
India
- Promoter of India’s first supercritical
technology based power plant
- Operator of the world’s largest automated
import Coal Terminal having 60 MnT capacity
Purchases
Local : None
reported.
International : None
reported.
Sales
Local : None
reported.
International : None
reported.
Key events : 3
May, 2011
Adani’s Mundra Port Acquires Abbot Point
Coal Terminal for A$1.8 Billion
Adani Enterprises Ltd. (ADE), India’s
biggest coal importer, agreed to pay A$1.8 billion ($2 billion) for the Abbot
Point terminal in Australia’s Queensland state.
Mundra Port & Special Economic Zone
Ltd., 77 percent owned by Ahmedabad-based Adani, was awarded a long-term lease
to operate the terminal by the government of Queensland state, according to a
statement to the Bombay Stock Exchange today. Queensland is selling the coal
export terminal as part of an A$15 billion asset-sale program.
The company controlled by billionaire Gautam
Adani is acquiring the coal port as India seeks to increase electricity
generation capacity to sustain economic growth of more than 8 percent a year.
Adani in August bought a Linc Energy Ltd. (LNC) coal asset for about A$3
billion, gaining control of the Galilee tenement in Queensland.
Adani gained as much as 2.1 percent to 642
rupees in Mumbai and traded at 632 rupees as of 10:52 a.m. local time. The shares
have declined 2.8 percent this year, compared with a 7.3 percent drop in the
benchmark Sensitive Index.
Australia’s northeastern state of
Queensland, which raised more than A$4 billion selling shares of coal-train
operator QR National Ltd. in November, started an asset-sale campaign to
replace lost revenue and regain its AAA credit rating.
Queensland, which initially expected to
raise A$1.5 billion from the transaction, will use proceeds from the
transaction to fund its share of the recovery costs following floods and
Cyclone Yasi, the state government said in an e-mailed statement.
Australian Approval
“Taxpayers have done their bit to establish
the terminal and entice investment,” state Premier Anna Bligh said in the
statement. “It’s time for the private sector to take over.”
Australia’s Foreign Investment Review Board
has approved the transaction, the government said.
Abbot Point, 25 kilometers (16 miles) north
of the town of Bowen, has one terminal and is being expanded to 50 million tons
from 21 million tons currently, according to its website. The terminal has
exported coal since 1984, when it was commissioned.
Indian imports of power-station coal
increased by 33 percent to 65.7 million metric tons in the year ending March
31, from 49.4 million a year earlier, India Coal Market Watch said last month,
citing estimates based on port data.
India’s coal deficit may triple over the
next five to seven years, a unit of Moody’s Investors Service said in a
February report. The nation competes with China to secure supplies of coal,
used for more than half of its electricity production.
Source: www.bloomberg.com
3 May, 2011
Mundra Port and SEZ Ltd (MPSEZL), the port
arm of infrastructure conglomerate and group flagship company Adani Enterprises
Ltd (AEL), on Tuesday announced its foray overseas with the acquisition of
Abbot Point Coal Terminal (APCT), an Australian port, for $2 billion, or nearly
Rs 9,000 crore.
The deal takes MPSEZL to among the top port
companies in the world with its asset base of $100 million increasing to over
$3 billion. From a 2.5 MTPA (million tonnes per annum) port in 2001, MPSEZL's
cargo handling capacity has now risen to over 200 MTPA The sale-and-purchase
agreement was signed in Brisbane, Australia, between MPSEZL Director Mr Rajeeva
Sinha and officials of the State of Queensland. It is the largest acquisition
by any Indian company abroad in this sector.
The deal size is also one of the largest
amongst all port acquisitions in the world, making the Adani Group the largest
Indian investor in Australia, said Mr B. Ravi, Chief Financial Officer, here.
The all-cash deal will be duly funded by an acquisition debt. “The asset base
at Abbot Point allows us to take out finance at the assets-level very soon,” Mr
Ravi said. MPSEZL has formed a subsidiary for this port, Mundra Port Pty Ltd.
Abbot Point, which commenced operations in 1984, is a profit-making port with
take-or-pay arrangement for its entire 50 MTPA capacity; it currently handles
20 MTPA of coal. The fully-mechanised port is equipped with high-end ship
loaders, stacker re-claimers, conveyors and rail systems.
ALL-CASH DEAL
About 25 per cent of the amount involved is
expected to be in the form of equity issue in the next 3-4 months from internal
accruals while the balance would be through a short-term mezzanine debt. Having
achieved full financial closure, the Adanis will take over APCT on June 1 and
go in for the debt thereafter.
With capacity to handle 50 MTPA of coal from
its existing two fully-mechanised berths at APCT, the current revenue of A$100
million is expected to go up to A$305 million when the company expands to add
two more berths to reach 80 MTPA capacity in the next three years. The demand
in the region is about 100 MTPA, apart from the Adanis' Galilee cargo, making
it a sound commercial proposition for the Group.
During this period, EBIDTA is expected to
increase from 54 per cent (A$60 million) to 74 per cent (A$213 million). As of
now, the Adanis will only be the landlords of the port which will continue to
be run by the existing operator, Xtrata, for the five-year concession period.
Thereafter, the Adanis could begin operating APCT, Mr Ravi said.
At present, the entire capacity of 50 MTPA
is fully booked by nine customers. In the near-term, however, the Adanis, who
have coal interests in Australia, could also join the user base.
Source: www.thehindubusinessline.com
Property &
Assets
Premises : The Subject operates from
premises located at the verified headingaddress consisting of an administrative
office.
Branches : In addition, the Subject
operates from port facilities located at the Abbot Point Coal Terminal, 25
kilometres north of Bowen, Queensland.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product - GDP : US$
1.586 trillion
GPP (Purchasing power parity) : 954.296
billion of International dollars
GDP per capita - current prices : US$
68,916
GDP - composition by sector : agriculture:
4%
industry: 25.6%
services: 70.4%
Inflation : 2009:
1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate : 2009:
5.6%
2010: 5.2%
2011: 5.1%
Public debt
(General Government gross debt as
a % GDP) : 2009:
16.9%
2010: 20.4%
2011: 22.9%
Government bond ratings : Standard
& Poor's: AAA/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded
Shares : US$1.258 trillion
Largest companies
in the country : Commonwealth Bank
(Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto
(Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra
(Telecommunications)
Trade &
Competitiveness Overview
Total exports :
US$210.7 billion
Exports commodities : Coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports : US$187.2
billion
Imports
commodities : Machinery
and transport equipment, computers and office machines, telecommunication
equipment and parts, crude oil and petroleum products
Export - major partners : Japan
18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners : China
15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%,
UK 4.3%, Thailand
4.2%
FDI Inflows : 2008: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows : 2008:
US$33,604 million
2009: US$16,160 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 142, the first is the best)
Country and
Population Overview
Total population : 22.23
million
Total area : 7,692,024
km2
Capital : Canberra
Currency : Australian
dollars (AUD)
Internet users as % of total
Population :
76%
Purchase Term
Local : None
International : None
Sales Term
Local : None
International : None
Trade Reference/
Payment Behaviour
Comments : As
local and international trade references were not supplied, the Subject's
payment track record history cannot be appropriately determined.
Investigation Note
Sources : Interviews
and material provided by the Subject
Other
official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.