MIRA INFORM REPORT

 

 

Report Date :

20.07.2013

 

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. 1099.810 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.

 

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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.

 

 

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

 

 

Branches :

Located at :

 

  • Chennai
  • Vadodara
  • Surat
  • Goa
  • Belekari
  • Banglore
  • Indore
  • Coimbatore
  • Jamshedpur
  • Joda Barbil (Orissa)

 

 

Domestic Offices :

Located At :

 

·         Coimbatore

·         Bangalore

·         Gujarat

·         Angul

·         Bhubaneshwar

·         Bilaspur

·         Faridabad

·         Gurgaon

·         Kolkata

·         Mumbai

·         Mundra

·         New Delhi

 

 

 Global  Offices : 

Locate At :

 

·         Australia

·         Dubai

·         Indonesia

·         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.

 

 

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

 

 

Name :

Mr. Vasant S. Adani

Designation :

Director

 

 

Name :

Mr. Anil Ahuja

Designation :

Director

 

 

Name :

Mr. S. K. Tuteja 

Designation :

Director

 

 

Name :

Dr. Ravindra Dholakia

Designation :

Director

 

 

Name :

Mr. Berjis Desai

Designation :

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

 

 

Name :

Mr. Yoshohiro Miwa

Designation :

Director (Up[to 24th December, 2012)

 

 

KEY EXECUTIVES

 

Name :

Mr. Parthiv Parikh

Designation :

Company Secretary

 

 

SHAREHOLDING PATTERN

 

As on 30.06.2013

 

Names of Category

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

0

0.00

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

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

1099810083

0.00

 

 

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, Ahmedabad

·         ICICI Bank Limited, Mumbai

·         Axis Bank Limited, Ahmedabad

·         Standard Chartered Bank, Mumbai

 

 

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 :

 

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 :

--

 

 

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 :

·         M/s. Ezy Global

·         Adani Advisory LLP

·         M/s. Adani Textile Induastries

 

 

Joint Control Entities :

 

·         Adani Wilmar Limited

·         CSPGCLAEL 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

Rs. 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

Rs. 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: Rs. 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

Mr Guatam S. Adani / Mr. Rajesh S. Adani

 (on Behalf S.B. Adani Family Trust)

621197910

56.48%

Adani Agro Private Limited

83089065

7.55%

Mr. Vinod Shantilal Adani

90749100

8.25%

Total

795036075

72.28%

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

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

 

 

 

 

 

Income

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 trade 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

 

 

 

 

 

Trades 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

 

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}

(%)
4.27

4.05

3.38

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.04

0.02

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.47

0.16

0.08

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.17

1.93

2.48

 

 

LOCAL AGENCY FURTHER INFORMATION

 

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

No

24]

Banking facility details

No

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

No

 

 

CASE DETAILS:

 

HIGH COURT OF GUJARAT

CIVIL APPLICATIONNo. 6636 of2011

[GROUP 06634-06636]

In FIRST APPEAL/ 2400/ 2008( DISPOSED ) On : 17/07/2013

 

Status: PENDING                          ( Converted from : CAST/5398/2011 )               CCIN No: 001057201300158

 

Next Listing Date : 15/04/2013

 

Coram       HONOURABLE MR.JUSTICE K.M.THAKER

 

 

Coram

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

Not Before :

HONOURABLE MR. JUSTICE B.J.SHETHNA

HONOURABLE MR.JUSTICE K.M.THAKER

HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

 

S.NO.

Name of the Respondant

Advocate On Record

1

ADANI ENTERPRISES LIMITED

M/S TRIVEDI AND GUPTA for :Respondent(s) 1

 

Presented On                : 13/05/2011                                      Registered On : 13/05/2011

Bench Category            : DIVISION BENCH                          District           :AHMEDABAD

Case Originated From : THROUGH ADVOCATE                  Listed               : 37 times

StageName                    : FOR HEARING AT 3:30 P.M.

 

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

13/05/2011

MEMO OF APPEAL/PETITION/SUIT

MR PS CHAMPANERI ADVOCATE
for PETITIONER(s) 1

20

-

2

28/09/2011

AFFIDAVIT

M/S TRIVEDI AND GUPTA ADVOCATE
for RESPONDENT(s) 1 , 1

0

-

3

16/02/2012

AFFIDAVIT

MR PS CHAMPANERI ADVOCATE
for PETITIONER(s) 1

0

-

 

COURT PROCEEDINGS

 

S. No.

Notified Date

Court

Code

Board Sr. No.

Stage

Action

Coram

1

13/12/2011

20

-

ADMISSION - CA

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

2

30/01/2012

20

-

OFFICE OBJECTION (FILING STAGE)

NEXT DATE

HONOURABLE MR.JUSTICE J.C.UPADHYAYA

3

20/08/2012

19

-

OFFICE OBJECTION (FILING STAGE)

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

4

02/04/2013

1

64

ADMISSIN AT 2:30 P.M.

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

1

FIRST APPEAL/2399/2008

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

17/07/2013

Y

Y

2

FIRST APPEAL/2399/2008

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

05/03/2013

N

N

3

FIRST APPEAL/2400/2008

HONOURABLE MR.JUSTICE JAYANT PATEL

HONOURABLE MR.JUSTICE R.M.CHHAYA

30/06/2011

N

N

4

FIRST APPEAL/2399/2008

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

31/01/2013

N

N

5

CIVIL APPLICATION/6636/2011

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

18/08/2011

N

N

 

 

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.

 

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.

 

 

Fixed Assets

 

·         Land

·         Leasehold Improvements

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Electrical Fittings

·         Office Equipment

·         Computer Equipments

·         Vehicles

·         Air Craft

·         Ship

·         Software

 

 

ARTICLES:

 

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.

 

 

YET TO GET CLARITY ON POWER PRICE HIKE: ADANI ENTERPRISES

 

Adani Enterprises is looking forward to strengthen margins in FY14, once it is allowed to charge higher tariff for power sold to consumers. The  Central Electricity Regulatory Commission's ( CERC ) has in a ruling last month allowed power companies to charge compensatory tariff till they make up for losses incurred due to higher fuel cost.

 

The company is yet to get clarity on the quantum of compensatory tariff, said Devang Desai, chief financial officer, Adani Enterprises, in an interview with CNBC-TV18.

 

Adani and its competitor Tata Power had approached the CERC to consider increases in their power tariffs after customers declined to pay higher rates for the electricity generated from their imported coal-based power plants in Mundra, Gujarat.

Due to its inability to pass on costs to consumers, Adani has been crying hoarse about inviable tariff structure.

 

Meanwhile, Desai further said he is hopeful of seeing margins improve going ahead as most issues are likely to get resolved by FY14-end

 

Below is the verbatim transcript of his interview to CNBC-TV18

 

Q: Could start by giving us an update on what’s going on with the Central Electricity Regulatory Commission (CERC) ruling which came in earlier on Adani Power? Apparently the Haryana discom filed a case against it, a committee was apparently set up where do things stand on that?

 

A: From a broader structure of vertical that we have power is very important, has a very good weightage and we have already done 5320 megawatt of operational capacity today.

 

On the CERC front, the committee is already being formed and deliberations are going on and we expect an early resolution, hopefully somewhere in this quarter we should get a feedback. We are very hopeful that this compensate tariff award that has been given by the CERC would make a big difference on the overall impact on our various capacities that we are building up.

 

Q: What will this amount to - the Haryana discom has filed a case contesting the decision do you still get your payment as scheduled or as planned or does this go into another litigative loop?

 

A: No. I think the basic focus is now on CERC and the committee, the way the deliberations that will take place. We will have to wait till that time somewhere in the quarter. Even the committee comprises of Haryana as well as Gujarat and various other entities. I think we wait for the committee’s resolution and that will give us clarity.

 

Q: There has been no clarity either on the quantum of compensatory tariff because last we had spoken you had indicated that, that hadn’t been worked out either?

 

A: I think those numbers and the various issues would be in the domain of the committee and we have to wait till then and with due respect I won’t be able to say anything more on that.

 

Q: We stressing about power because that is the one segment or vertical which is dragging down the overall consolidated numbers for Adani Enterprises despite some of the other segments like coal trading doing quite well. By when do you see the power business becoming EBIT positive and taking away some of the drag that it is having on your consolidated numbers?

 

A: Even in the last year, it was already an EBITDA positive. The only issue was that because the capacities came in we had the larger finance cost being charged off and we also have mark to market issue on the foreign exchange and some of the deferred tax. The actual cash loss was not that substantial amount last year. If one sees, there are overall three verticals that we have coal trading, port and logistics and the power generation. A very big chunk, large amount of growth was there in the coal trading.

 

Almost 46 million tonne of volume that we handled, imported, the largest import that we did and that gave us a handsome EBIT. Port also did extremely well. These are the two that have taken the bulk of the pain of power that was there in the last year. We see that in 13-14 most of these issues will be resolved so more capacities, the balance capacities of 2640 will also be rolled out and we will have the entire 9240 megawatt operation. Hopefully the entire scenario will change as a lot of generations are expected from the power sector itself. 

 

 

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.79

UK Pound

1

Rs. 91.03

Euro

1

Rs. 78.52

 

 

INFORMATION DETAILS

 

Report Prepared by :

VNT

 

 

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

NO

--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.