MIRA INFORM REPORT
|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED (w.e.f. 06.01.2012) |
|
|
|
|
Formerly Known
As : |
MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED |
|
|
|
|
Registered Office
: |
“Adani House”, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat |
|
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.05.1998 |
|
|
|
|
Com. Reg. No.: |
04-034182 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 4034.898 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63090GJ1998PLC034182 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Subject is in the business of development, operations and
maintenance of multi product SEZ and related infrastructure. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 209000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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Comments : |
Subject is a part of Adani Group. It is a well established and reputed company having a good track
record. Financially company appears to be strong. Performance capability is
high. The company gets strong support from its group companies. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitment. In view of strong holdings and experience promoters the company can be
considered normal for any business dealings. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: AA- |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation it carry very low credit risk. |
|
Date |
March, 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”, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26565555 |
|
Fax No.: |
91-79-26565500 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Gautam S. Adani |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Rajesh S. Adani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Malay Mahadevia |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Rajeeva Ranjan Sinha |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. K. N. Venkatasubramanian |
|
Designation : |
Director (upto June 26, 2012) |
|
|
|
|
Name : |
Mr. S. Venkiteswaran |
|
Designation : |
Director (upto June 30, 2012) |
|
|
|
|
Name : |
Mr. Arun Duggal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. T. Joseph |
|
Designation : |
Director (Retd.) |
|
Qualification : |
IAS |
|
|
|
|
Name : |
Mr. Pankaj Kumar |
|
Designation : |
Director |
|
Qualification : |
IAS |
|
|
|
|
Name : |
Dr. Ravindra Dholakia |
|
Designation : |
Director (upto May 19, 2012) |
|
|
|
|
Name : |
Prof. G. Raghuram |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Dipti Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
147075 |
0.01 |
|
|
1552361640 |
77.49 |
|
|
30000 |
0.00 |
|
|
30000 |
0.00 |
|
|
1552538715 |
77.50 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1552538715 |
77.50 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
35057197 |
1.75 |
|
|
66446461 |
3.32 |
|
|
4010 |
0.00 |
|
|
418440 |
0.02 |
|
|
204531897 |
10.21 |
|
|
306458005 |
15.30 |
|
|
|
|
|
|
23203719 |
1.16 |
|
|
|
|
|
|
47751501 |
2.38 |
|
|
21823659 |
1.09 |
|
|
51618501 |
2.58 |
|
|
894989 |
0.04 |
|
|
2000000 |
0.10 |
|
|
1121081 |
0.06 |
|
|
46130915 |
2.30 |
|
|
1464890 |
0.07 |
|
|
6626 |
0.00 |
|
|
144397380 |
7.21 |
|
Total Public
shareholding (B) |
450855385 |
22.50 |
|
Total (A)+(B) |
2003394100 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
2003394100 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of development, operations and maintenance of multi product SEZ and related infrastructure. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers / Financial Institution : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Holding Company: |
Adani Enterprises Limited |
|
|
|
|
Subsidiary Companies : |
v
Mundra SEZ Textile
and Apparel Park Private Limited v
MPSEZ
Utilities Private Limited v
Rajasthan SEZ
Private Limited v
Adani
Logistics Limited v
Karnavati
Aviation Private Limited v
Adani
Murmugao Port Terminal Private Limited v
Mundra
International Airport Private Limited v
Adani Hazira
Port Private Limited v
Adani
Petronet (Dahej) Port Private Limited v
Adani Vizag
Coal Terminal Private Limited [w.e.f. April 15, 2011]* v
Adani
International Container Terminal Private Limited [w.e.f. April 24, 2011]* v
Adani Kandla
Bulk Terminal Private Limited[w.e.f. March 7, 2012]* v
Mundra Port
Pty Limited[w.e.f. April 18, 2011]* v
Mundra Port
Holdings Pty Limited[Incorporated on April 19, 2011]* [Upto March 5, 2012] v
Adani Abbot
Point Terminal Holdings Pty Limited [w.e.f. March 15, 2012] |
|
|
|
|
Entity held through Controlling Interest : |
Adinath Polyfills Private
Limited |
|
|
|
|
Associate : |
Dholera Infrastructure
Private Limited |
|
|
|
|
Step down Subsidiary : |
v
Hazira
Infrastructure Private Limited Hazira Road Infrastructure Private Limited v
Mundra Port
Holdings Trust (trust entity) [w.e.f. April 19, 2011] v
Mundra Port
Holdings Pty Limited [w.e.f. March 6, 2012] v
Adani Abbot
Point Terminal Holdings Pty Limited v
[Incorporated
on December 6, 2011]* [Upto March 14,2012] v
Adani Abbot
Point Terminal Pty Limited v
[Incorporated
on March 22, 2011] [w.e.f. June 1, 2011] |
|
|
|
|
Fellow Subsidiary : |
v
Adani Power
Limited v
Adani Agri
Logistics Limited v
Adani Power
Dahej Limited v
Adani Gas
Limited v
Adani Mining
Private Limited v
Adani Global
Pte Limited v
Adani Global
F.Z.E. v
Adani Infra
(India) Limited v
Adani Power
Rajasthan Limited v
Adani Welspun
Exploration Limited v
Kutchh Power
Generation Limited v
Adani Mundra
SEZ Infrastructure Private Limited |
|
|
|
|
Entities over which Key Management Personnel, Directors and
their relatives are able to exercise Significant Influence : |
v
Gujarat Adani
Institute of Medical Science v
Shantikrupa
Estates Private Limited v
Adani Wilmar
Limited v
Adani
Properties Private Limited v
Chemoil Adani
Private Limited v
Ezy Global v
Shanti
Builders v
Adani
Foundation v
Ignite
Foundation |
* These entities have been incorporated/formed during the year.
Aggregate of transactions for the year ended with these parties have been given below.
Sub Notes:
1 The names of the related parties and nature of the relationships where control exists are disclosed irrespective of whether or not there have been transactions between the related parties. For others, the names and the nature of relationships is disclosed only when the transactions are entered into by the Company with the related parties during the existence of the related party relationship.
2 Pass through charges relating to railway freight and other charges payable to third parties have not been considered for the purpose of related party disclosure.
3 For the purpose of comparison, the previous year’s
transactions have been re-classified in the current
year.
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Non Cumulative Redeemable Preference
Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
4975000000 |
Equity Shares |
Rs.2/- each |
Rs. 9950.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 10000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2811037 |
Non Cumulative Redeemable Preference
Shares |
Rs.10/- each |
Rs. 28.110 Millions |
|
2003394100 |
Equity Shares |
Rs.2/- each |
Rs. 4006.788 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 4034.898
Millions |
Reconciliation of the shares outstanding
at the beginning and at the end of the reporting year
|
Equity Shares |
31.03.2012 |
|
|
|
No. |
Rs. In millions |
|
At the beginning of the period |
2003394100 |
4006.788 |
|
Increase due to additional shares on
account of split of face value from Rs. 10 to Rs. 2 each |
-- |
-- |
|
Outstanding at the end
of the year |
2003394100 |
4006.788 |
Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The final dividend recommended by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
For the current financial year 2011-12, the Company declared and paid an Interim dividend of Rs. 0.30 per share and proposed a final dividend of Rs. 0.70 per share. (For the previous financial year two interim dividends of Rs. 0.40 per share and Rs. 0.50 per share were declared and paid in 2010-11 and 2011-12 respectively).
Terms of Non-cumulative
redeemable preference shares
The Company has 28,11,037 outstanding 0.01% Non-Cumulative Redeemable Preference Shares ('NCRPS') of Rs. 10 each issued at a premium of Rs. 990 per share. Each holder of preference shares has a right to vote only on resolutions placed before the company which directly affects the right attached to his preference shares. These shares are redeemable on March 28, 2024 at an aggregate premium of Rs. 2782.927 millions. The Company credits the redemption premium on proportionate basis every year to Preference Share Capital Redemption Premium Reserve and debits the same to Securities Premium Account as permitted by Section 78 of the Companies Act, 1956.
In the event of liquidation of the company the holder of NCRPS will have priority over equity shares in the payment of dividend and repayment of capital.
Shares held by holding/ultimate holding
company and/or their subsidiaries/associates
Out of equity and preference shares issued by the company, shares held by its holding company, ultimate holding company and their subsidiaries/ associates are as below:
|
Particulars |
31.03.2012 Rs. In Millions |
|
Adani Enterprises
Limited, the holding company 1,55,23,61,640 equity shares of 2 each fully
paid (Previous year 1,55,23,61,640 equity share) |
3104.723 |
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 |
31.03.2012 Rs. In Millions |
|
Equity shares allotted as fully paid bonus shares by capitalization of securities premium and balance of profit and loss carried forward. |
901.072 |
Details of shareholders holding more than
5% shares in the company
|
Particulars |
31.03.2012 |
|
|
|
No. |
%
Holding in the Class |
|
Equity shares of
Rs. 2 each fully paid Adani Enterprises Limited, holding company |
1,55,23,61,640 |
77.49% |
|
Non-Cumulative
Redeemable Preference Shares of Rs. 10 each fully paid up |
|
|
|
Gujarat Ports Infrastructure and Development Company Limited |
3,09,213 |
11.00% |
|
Priti G. Adani |
5,00,365 |
17.80% |
|
Shilin R. Adani |
5,00,364 |
17.80% |
|
Pushpa V. Adani |
5,00,365 |
17.80% |
|
Ranjan V. Adani |
5,00,455 |
17.80% |
|
Suvarna M. Adani |
5,00,275 |
17.80% |
|
|
28,11,037 |
100.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4034.898 |
4034.898 |
4034.898 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
48349.994 |
38905.801 |
30847.551 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
52384.892 |
42940.699 |
34882.449 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
46524.636 |
15939.108 |
26536.226 |
|
|
2] Unsecured Loans |
4852.332 |
41.763 |
5641.839 |
|
|
TOTAL BORROWING |
51376.968 |
15980.871 |
32178.065 |
|
|
DEFERRED TAX LIABILITIES |
4297.453 |
3495.794 |
2812.068 |
|
|
Amount Received/Receivable under Long Term Land Lease/ Infrastructure Usage Agreements |
-- |
-- |
6225.134 |
|
|
|
|
|
|
|
|
TOTAL |
108059.313 |
62417.364 |
76097.716 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
58050.744 |
53056.425 |
42099.340 |
|
|
Capital work-in-progress |
21898.767 |
10767.761 |
13946.082 |
|
|
Fixed asset held for sale |
2571.277 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
18375.513 |
7150.351 |
7210.347 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item Translation Difference Account |
170.414 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
625.240
|
411.569 |
313.903 |
|
|
Sundry Debtors |
2744.085
|
2651.339 |
1579.903 |
|
|
Cash & Bank Balances |
5359.133
|
1150.309 |
8586.812 |
|
|
Other Current Assets |
2863.913
|
1422.417 |
621.811 |
|
|
Loans & Advances |
19276.714
|
8481.635 |
6033.611 |
|
Total
Current Assets |
30869.085
|
14117.269 |
17136.040 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1691.295
|
1277.527 |
1644.863 |
|
|
Other Current Liabilities |
19615.332
|
20255.796 |
1912.460 |
|
|
Provisions |
2569.860
|
1141.119 |
736.770 |
|
Total
Current Liabilities |
23876.487
|
22674.442 |
4294.093 |
|
|
Net Current Assets |
6992.598
|
(8557.173) |
12841.947 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108059.313 |
62417.364 |
76097.716 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24819.028 |
18850.722 |
13925.170 |
|
|
|
Other Income |
426.993 |
1202.286 |
337.820 |
|
|
|
TOTAL (A) |
25246.021 |
20053.008 |
14262.990 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
5368.450 |
4189.665 |
2871.410 |
|
|
|
Employee Benefits Expense |
892.606 |
666.180 |
540.794 |
|
|
|
Other Expenses |
1438.957 |
894.950 |
901.546 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
221.566 |
|
|
|
TOTAL (B) |
7700.013 |
5750.795 |
4535.316 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
17546.008 |
14302.213 |
9727.674 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2115.171 |
1454.789 |
441.725 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15430.837 |
12847.424 |
9285.949 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2735.028 |
2078.625 |
1681.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
12695.809 |
10768.799 |
7604.539 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
923.214 |
907.199 |
594.783 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
11772.595 |
9861.600 |
7009.756 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14909.773 |
8941.511 |
5321.464 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividends on Equity Shares |
601.021 |
1803.195 |
1001.868 |
|
|
|
Dividend on Preference Shares |
0.003 |
0.003 |
0.003 |
|
|
|
Proposed final dividend on Equity Shares |
1402.376 |
0.152 |
601.018 |
|
|
|
Transfer to Capital Redemption Reserve |
1.406 |
1.406 |
1.406 |
|
|
|
Transfer to General Reserve |
1177.260 |
986.160 |
700.976 |
|
|
|
Transfer to Debenture Redemption Reserve |
469.920 |
1102.422 |
1084.438 |
|
|
|
Tax on
Interim Dividend (including surcharge) |
97.502 |
0.000 |
0.000 |
|
|
|
Tax on
Final Dividend (including surcharge) |
227.500 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
22705.380 |
14909.773 |
8941.511 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Marine Services |
0.000 |
0.000 |
0.989 |
|
|
|
Storage Rental |
0.000 |
37.502 |
83.652 |
|
|
TOTAL EARNINGS |
0.000 |
37.502 |
84.641 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
339.134 |
|
1801.245 |
|
|
|
Fuel |
2198.094 |
2280.152 |
|
|
|
|
Capital goods |
5290.216 |
1087.737 |
9410.830 |
|
|
TOTAL IMPORTS |
7827.444 |
3675.227 |
11212.075 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.88 |
4.92 |
3.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
7894.100 |
7642.700 |
8921.800 |
|
Total Expenditure |
1893.800 |
2126.000 |
2402.100 |
|
PBIDT (Excl OI) |
6000.300 |
5516.700 |
6519.700 |
|
Other Income |
215.300 |
884.700 |
351.800 |
|
Operating Profit |
6215.600 |
6401.400 |
6871.500 |
|
Interest |
1096.300 |
911.000 |
1122.000 |
|
Exceptional Items |
0.000 |
0.000 |
(459.600) |
|
PBDT |
5119.300 |
5490.400 |
5289.900 |
|
Depreciation |
777.400 |
810.200 |
914.700 |
|
Profit Before Tax |
4341.900 |
4680.200 |
4375.200 |
|
Tax |
157.700 |
384.600 |
220.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
4184.200 |
4295.600 |
4154.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
4184.200 |
4295.600 |
4154.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
46.63
|
49.18 |
49.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
51.15
|
57.13 |
54.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.28
|
16.03 |
12.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.25 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.98
|
0.37 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
0.62 |
3.99 |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
----- |
|
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 |
No |
|
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 |
CORPORATE INFORMATION
Subject (formerly known as Mundra Port and Special Economic Zone Limited) is in the business of development, operations and maintenance of multi product SEZ and related infrastructure. The initial port infrastructure facilities including expansion thereof through development of additional berths and south port infrastructure facilities are developed pursuant to the concession agreement with Government of Gujarat (GoG) and Gujarat Maritime Board (GMB) for 30 years effective from February 17, 2001. The Company is doing expansion of port infrastructure facilities through proposed supplementary concession agreement, which will be effective till 2040, for coal terminal at Wandh, Mundra with the right and authority to develop, design, finance, construct, operate and maintain the port and related infrastructure. The said agreement is in the process of getting signed with GoG and GMB as at the year end although the part of the coal terminal at Wandh is recognized as commercially operational w.e.f. February 1, 2011.
Part of the port facilities initially developed by the Company was transferred under sub-concession agreement between Mundra International Container Terminal Limited (MICTL) (erstwhile Adani Container Terminal Limited) and APSEZL entered into, on January 7, 2003 wherein APSEZL has given rights to MICTL to handle the container cargo for a period of 28 years i.e. up to February 17, 2031.
The Company is developer of Multi Product Special Economic Zone at Mundra and surrounding areas as per approval of Government of India vide their letter no. F-2/11/2003/EPZ dated April 12, 2006 as amended from time to time till date.
OPERATIONAL
HIGHLIGHTS:
The Company has maintained its excellent pace of growth reflected by the significant rise in Turnover, Net Profit, EBIDTA and Cargo volume. It has shown consistent growth in market position making it today the 4th largest commercial port in India.
CHANGE OF NAME:
Iin pursuance of the resolution passed at the Extraordinary General Meeting of the Company held on December 31, 2011, the Registrar of Companies, Gujarat has issued fresh Certificate of Incorporation on change of name and accordingly w.e.f January 6, 2012 the name of the Company stands changed from 'Mundra Port and Special Economic Zone Limited' to 'Adani Ports and Special Economic Zone Limited' (APSEZL).
This change has been necessitated due to change in the profile of their business as well as the ownership. The Company being subsidiary of Adani Enterprises Limited, the name Adani Ports and Special Economic Zone Limited gives singular identity of Adani Brand.
NEW CORPORATE
IDENTITY:
During the year, new logo adaniTM of the Adani Group was launched.
The brand mark is the signature of their brand identity.
Their logo is more international, more flexible, and more vibrant! It reflects their ambition and ability to absorb various colours of cultures and nationalities. It reflects their ability to dream, their ability to move fast and their ability to achieve.
Their logo is the symphony of colors. The colors reflect their 3 integrated businesses. Green represents Resources like coal and oil and gas, Blue represents Ports and Logistics and Orange represents Energy like power and gas distribution. The mark is designed to tell the story of integration and acting as one.
The Company has pioneered a unique leadership initiative to transform itself into an integrated business player and to focus on three core businesses of resources, logistics and energy. These three businesses are strong enough on their own and bring synergy for the stakeholders. The Adani Group would continue to build its strengths in these core sectors nationally and internationally.
The integrated model is well adapted to the infrastructure challenges of fast-growing countries such as India. It offers security of supply for coal and other essential imports while mitigating price and political risk. Integration multiplies the benefits of synergies and economies of scale for them, their customers and stakeholders.
AWARDS AND
ACCREDITATIONS:
During the year, the Company had won the following awards:
Non Major Port of the year 2011 award at International Maritime Offshore Logistics 2011.
MALA awards for the Best Private Port and Best Private Container Terminal Operator.
Gateway Awards of Excellence-Ports and Shipping 2012 category “Private Port of the Year” from Ministry of Shipping, New Delhi.
"Special Commendation Certificate for Golden Peacock Award" in the field of Occupational, Health and Safety - 2011.
Won awards at the 22nd Gujarat Level Convention on Quality held at Vadodara in September 2011 and 25th National Convention on Quality Concepts (NCQC) - 2011 held at Hyderabad.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic Outlook:
In 2011-12, India found itself undergoing a slowdown in the economy compared to the previous two financial years. The Indian economy in 2011-12 is estimated to grow by 6.9% as against 8.4% in each of the two preceding years. But this in no way downplays the overall development in the nation because India still remains among the front-runners when compared to other nations across the globe. The agriculture and services sectors have continued to perform well and the slowdown can be attributed almost entirely to the weakening industrial growth. The manufacturing sector grew by 2.7% and 0.4% in the second and third quarters of 2011-12. Inflation has been at an all time high during 2011-12. This has compelled the Reserve Bank of India (RBI) to tighten the monetary policy during the year to control inflation and curb inflationary expectations.
The global economic environment took a beating during the mid-part of 2011-12 owing to the turmoil in the Eurozone, and questions about the outlook on the US economy provoked by rating agencies. However, for the Indian economy, the outlook for growth and price stability at this juncture looks more promising. There are signs from some high frequency indicators that a gradual upswing in the economic activity is around the corner.
Industry Structure:
Ports:
Indian Scenario:
India's 95% external trade by volume and 70% by value moves by sea. The twelve Major Ports of India handled 560.2 million tonnes of cargo during the financial year 2011-12. The cargo volumes have dropped by 1.73% year on year. The total cargo handled during 2010-11 for all major ports was 570.0 million tonnes.
The volume of cargo handled in non-major has grown at just 7.2% in the first half of 2011-12 but it is significantly better than the performance of major ports. Non major ports handled more than 37% of total maritime freight traffic of India during April-September 2011. The growth in cargo handled at non-major ports is attributed to growth in non-major ports located in Gujarat and Maharashtra, which are aided by substantial increase in the cargo traffic of coal, fertilizers and building material. Gujarat accounted for more than three-fourths of the total traffic handled by non-major ports across India. Additionally, the total cargo handled by ports located in Gujarat (including Kandla port) accounts for one-third of the total cargo traffic handled in the entire country.
APSEZL at its port location in Mundra handled 64.01 million tonnes of cargo in financial year 2012, a growth of 23.86% year to year. Compared with the major as well as non major ports of India, it ranks 4th in terms of total cargo handled and 3rd in terms of Container Cargo handled during the year under review amongst all major commercial ports
Special Economic
Zone:
The Special Economic Zone Policy was framed in April, 2000 with an objective to increase the exports, attract Foreign Direct Investment and to accelerate the economic growth of the country. The total exports from the SEZs in the year 2011-12 was ` 3,64,477 crore approximately against ` 3,15,867 crores in 2010-11 registering growth of 15.39%. The total investment in SEZs till March 31, 2012 is ` 2,01,874.76 crore approximately. The Multi-product SEZ at Mundra is the largest notified SEZ in the country. Export from Mundra SEZ for the financial year 2011-12 was ` 1,706 crores against ` 1,530 crores in the previous year 2010-11 a growth of 10.32%. The company's SEZ with its multi-modal connectivity including road, rail, sea port and airport is expected to attract more and more investments in the coming years.
The company has also obtained approvals from Government of India for setting up another Multi-product SEZ and Free Trade Warehousing Zones in Taluka: Mundra. Notification of both the SEZs has been issued by Government of India in March, 2012. These SEZs are adjacent to the existing multi-product SEZ.
Performance Overview:
During the year the performance of the Company is encouraging.
Highlights of Overall
Performance:
• Total number of vessels handled at Mundra Port during 2011-12 was 2577, against 2,517 vessels in the previous year 2010-11 an increase of 2.38% year on year. The gross registered tonnage for the year 2011-12 was 83.89 MMT against 74.45 MMT for the year 2010-11, a growth of 12.68%.
• Cargo volumes have improved across all segments. Cargo handled in 2011-12 was 64.01 million tones against 51.68 million tonnes in 2010-11 a growth of 23.86% year on year.
Railway:
• Total number of rakes handled in 2011-12 is 8,414.
• The West Port Terminal is the 5th Rail Terminal at APSEZL. It commenced operations in December, 2011. The terminal has 6 full rakes siding with two loading lines. The loading of rakes is done using the automated wagon loading system.
Dry Cargo:
• Dry Cargo handled during 2011-12 was 28.46 million tonnes as against 22.66 million tonnes during 2010- 11, a growth of 25.6% year on year.
• Coal Cargo handled during the 2011-12 was 18.75 million tonnes as against 14.06 million tonnes during 2010-11, a growth of 33.36% year on year.
Container Cargo:
• Mundra Port handled 1.52 million TEUs as against 1.23 million TEUs in 2010-11, a growth of 23.58% year on year.
• In January 2012, Adani Mundra Container Terminal (AMCT) handled a record 77,234 TEUs on 56 vessels. This is the highest throughput in a month by any Container Terminal in Gujarat since the start of container business from the Gujarat coast.
Marine:
• Commissioning of Berth 9 in August, 2011 and 10 in January, 2012 at Terminal-3. Commissioning of West Basin berth WB-3 on 15th April 2011. With this berthing, West Basin now has 3 operational berths.
• Induction of two additional Tug: Tug Dolphin No. 17 and Dolphin No.18, both 70 ton Bollard pull tugs were inducted into the APSEZL Tug fleet in the month of August, 2011 and November, 2011 respectively. With the induction of Dolphin No. 18, APSEZL is now a proud owner of 14 tugs.
• APSEZL successfully completed the 200th SPM operation for IOCL vessels at Mundra SPM on March 10, 2012.
• The second SPM at Mundra which will receive crude oil for HMEL refinery was commissioned on July 20, 2011. The SPM is now fully operational for receiving crude oil through VLCC tankers and has achieved a throughput of 1.11 MMT in this financial year.
Automobiles :
• Total 95,070 cars were exported in the financial year 2011-12.
Liquid :
• Achieved historic high (5.35 million tonnes) in handling of HPCL cargo during 2011-12.
• Commenced rake unloading facility for black oil in September 2011. Handled 9 rakes during the year.
• Radar gauging system commissioned for Vegetable Oil tanks during February, 2012
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
From banks |
309.053 |
0.000 |
|
Suppliers bills accepted under foreign currency letters of credit issued by Banks |
43.279 |
41.763 |
|
Short Term Loan from Banks |
2500.000 |
0.000 |
|
Commercial Paper |
2000.000 |
0.000 |
|
Total |
4852.332 |
41.763 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
a.Corporate Guarantees given to banks and financial institutions against credit facilities availed by the subsidiaries and an entity over which key management personnel, directors and their relatives are able to exercise significant influence – Amount outstanding there against Rs. 41489.897 millions. |
47332.415 |
|
b. In earlier years, civil suits have been filed by the Customers for recovery of damages caused to machinery in earthquake Rs. 3.710 millions, to cargo stored in Company's godown Rs. 9.440 millions and loss due to mis-handling of wheat cargo Rs. 62.000 millions. The said civil suits are currently pending with various Civil Courts in Gujarat. The management is reasonably confident that no liability will devolve on the Company in this regard and hence no provision is made in the books of accounts towards these suits |
75.150 |
|
c. In earlier years, the Company had received show cause notices from the Custom Authorities for recovery of custom duty and interest thereon on the import of a tug and bunkers by the Company Rs. 20.715 millions, import of various Cargos at Port Rs. 5.042 millions. The Customs cases are currently pending with, Custom, Excise and Service Tax Appellate Tribunal, Ahmedabad (Rs. 20.715 millions), Assistant Commissioner of Customs, Mundra (Rs. 1.420 millions), Customs, Excise and Service Tax Appellate Tribunal, Mumbai (Rs. 2.660 millions), Commissioner of Customs (Appeals), Kandla (Rs. 0.500 millions) and Deputy Commissioner of Customs Mundra, (Rs. 0.462 millions), respectively. The management is reasonably confident that no liability will devolve on the Company and hence no liability has been recognised in the books of accounts. |
25.757 |
|
d. Joint Commissioner Customs, Mundra has held the Company liable for custom duty on short delivery of imported goods of various Customers namely, H.M.S. through Mundra Port. The Company has been directed to remit the differential duty of Rs. 0.709 millions and penalty of Rs. 0.050 millions - under section 117 of the Customs Act. During the current year, the matter has been settled and APSEZL has paid the full amount along with interest to the concerned authorities. |
0.000 |
|
e. Deputy Commissioner of Customs, Mundra and Assistant Commissioner of Customs, Mumbai have held that the Company wrongly availed duty benefit exemption under DFCEC Scheme on import of equipment and demanded duty payment of Rs. 2.631 millions (Previous Year Rs. 2.631 millions). The Company has filed its reply to the show cause notice with Deputy Commissioner of Customs, Mundra and Commissioner of Customs, Mumbai against order in original. The management is of view that no liability shall arise on the Company. |
2.631 |
|
f. Various show cause notices received from Commissioner/ Additional Commissioner/ Joint Commissioner/ Deputy Commissioner of Customs and Central Excise, Rajkot and Commissioner of Service Tax, Ahmedabad, for wrongly availing of Cenvat credit/ Service tax credit and Education Cess credit on input services and steel, cement and other misc. fixed assets. The Excise department has demanded recovery of the duty along with penalty and interest thereon. The Company has given deposit of Rs. 45.000 millions (Previous Year, Rs. 25.000 millions) against the demand. The matters are pending before High Court of Gujarat, Commissioner of Central Excise (Appeals), Rajkot and Commissioner of Service Tax, Ahmedabad. The Company has taken an external opinion in the matter based on which the management is of the view that no liability shall arise on the Company. |
672.323 |
|
g. Show cause notices received from Commissioner of Customs and Central Excise, Rajkot in respect of levy of service tax on various services provided by the Company and wrong availment of Cenvat credit by the Company. The matter is currently pending at High Court of Gujarat Rs. 67.247 millions (Previous Year Rs. Nil); Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad Rs. 1.547 millions (Previous Year Rs. 85.170 Millions) and Commissioner of Service Tax Ahmedabad Rs. 0.178 millions (Previous Year Rs. 82.987 millions). The Company has taken an external opinion in the matter based on which the management is of the view that no liability shall arise on the Company. |
68.972 |
|
h. Commissioner of Customs, Ahmedabad has demanded vide letter no . 4 / Comm. / SIIB / 2009 date d 25 / 11 / 2009 for recovery of penalty in connection with import of Air Craft which is owned by Karnavati Aviation Private Limited (Formerly Gujarat Adani Aviation Private Limited), subsidiary of the Company. Company has filed an appeal before the Customs, Excise and Service Tax Appellate Tribunal against the demand order, the management is reasonably confident that no liability will devolve on the Company and hence no liability has been recognized in the books of accounts . |
20.000 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
DECEMBER 31, 2012
(Rs. In millions)
|
|
|
Standalone |
||
|
|
Particulars |
Quarter Ended |
Nine Months ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.02.2012 |
|
1 |
Income |
|
|
|
|
|
a. Net Sales /
Income from Operations |
8682.300 |
6975.800 |
23396.300 |
|
|
b. Other Operating
Income |
239.500 |
666.900 |
1062.300 |
|
|
Total Income |
8921.800 |
7642.700 |
24458.600 |
|
2 |
Expenditure |
|
|
|
|
|
a. Operating
Expenses |
1789.500 |
1552.100 |
4447.000 |
|
|
b. Employee
Benefits Expense |
244.400 |
309.800 |
800.600 |
|
|
c. Depreciation and
Amortisation Expenses |
914.700 |
810.200 |
2451.600 |
|
|
d. Other Expenses |
233.100 |
264.100 |
768.100 |
|
|
e. Foreign Exchange
(Gain)/Loss |
135.100 |
(192.600) |
264.200 |
|
|
Total Expenditure |
3316.800 |
2743.600 |
8731.500 |
|
3 |
Profit from
Operations before Other Income, Finance Cost and Tax(1-2) |
5605.000 |
4899.100 |
15727.100 |
|
4 |
Other Income |
351.800 |
305.700 |
872.700 |
|
5 |
Profit before
Finance Cost and Tax(3+4) |
5956.800 |
5204.800 |
16599.800 |
|
6 |
Finance Costs |
|
|
|
|
|
a. Finance Cost |
1122.000 |
911.000 |
2741.200 |
|
|
b. Derivative
(Gain)/Loss |
459.600 |
(386.400) |
461.300 |
|
7 |
Profit before Tax
(5-6) |
4375.200 |
4680.200 |
13397.300 |
|
8 |
Tax Expense (net of
MAT credit) (refer note 5) |
220.900 |
384.600 |
763.200 |
|
9 |
Net Profit for the
Period (7-8) |
4154.300 |
4295.600 |
12634.100 |
|
10 |
Paid up Equity
Share Capital (Face value of ? 2 each) |
4006.800 |
4006.800 |
4006.800 |
|
11 |
Reserves excluding
Revaluation Reserves as at 31st March |
|
|
|
|
12 |
Earning per Share Basic and Diluted (in Rs.) (Not Annualised) |
2.07 |
2.14 |
6.31 |
|
A |
Public Shareholding |
|
|
|
|
|
Number of Shares |
45.08.55,385 |
45.08.55,385 |
45,08.55,385 |
|
|
Percentage of
Shareholding |
22.50% |
22.50% |
22.50% |
|
|
Promoters B
Promoter's group shareholding |
|
|
|
|
|
a) Pledged |
|
|
|
|
|
- Number of Shares |
|
- |
|
|
|
- Percentage of
Shares (as a % of total
shareholding of |
|
- |
|
|
|
Promoters and
Promoter's group) |
|
|
|
|
|
Percentage of
Shares (as a % of total share capital of |
|
|
- |
|
|
the company) |
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
1,55,25,38,715 |
1.55,25.38,715 |
1,55.25,38.715 |
|
|
- Percentage of
Shares (as a % of total shareholding of |
100 00% |
100.00% |
100 00% |
|
|
Promoters and
Promoter's group) |
|
|
|
|
|
-Percentage of
Shares (as a % of total share capital of |
77.50% |
77.50% |
77.50% |
|
|
the company) |
|
|
|
|
B |
The number of investors complaint received, resolved
and pending are: |
|||
|
|
Pending as at 01.10.2012 |
1 |
||
|
|
Received during the Quarter |
34 |
||
|
|
Resolved during the Quarter |
35 |
||
|
|
Pending as at 31.12.2012 |
0 |
||
FIXED ASSETS
v
Tangible
Assets
- Land Development Cost on Leasehold Land
- Freehold Land
- Buildings, Roads and Civil Infrastructure
- Marine Structures
- Dredged Channels
- Tugs and Boats
- Railway Tracks
- Plant and Machinery
- Office Equipment
- Furniture and Fixtures
- Computer Hardware
- Vehicles
v
Intangible
Assets
- Goodwill
- Software
- Rights of use in Leased land
PRESS RELEASE
ADANI PORTS SIGNS PACT TO DEVELOP BULK TERMINAL AT KANDLA PORT
Ahmedabad, July 02, 2012: Adani Ports and Special Economic Zone (APSEZ), India's largest private multi-port operator and part of the Adani Group, a global integrated infrastructure player, today said its subsidiary Adani Kandla Bulk Terminal Private Limited has signed a concession agreement with the Kandla Port Trust, to set up a dry bulk terminal at the Kandla Port on build, operate and transfer basis, thus emerging as the only private sector port operator with presence across six ports in India.
"This is a testimony of the Government of India's trust and confidence in Adani and its execution and operating skills to set up world class port infrastructure. This modern and mechanized cargo bulk terminal will act as a game changer for exim trade of the north-west hinterland and contribute to Adani's goal of reaching 200 million tonnes of cargo handling by 2020." said Rajeeva Sinha, Wholetime director at APSEZ.
"This facility will reduce cargo handling cost at Kandla Port due to increased productivity and proximity to cargo generating centers." Mr Sinha added.
The project, which will be the one of largest bulk terminal on the west coast of India, will have a capacity of over 20 million tonnes a year and will be built at the cost of about Rs 1,200 crores approx and be commissioned within a period of 24 months. The dry bulk terminal will be located off Tekra near Tuna outside Kandla Creek at the Kandla Port, India's number one port by volumes. The terminal, will handle cargo like coal, fertilizer, salt, minerals and other agri-products.
With this, APSEZ's bulk cargo capacity gets enhanced and it can now tap the ever increasing cargo of the hinterland as well as at Kandla. The existing customer base, including the large trader community at Kandla as well as customers at the nearby ports, can now enjoy a hassle free, mechanised handling services of Adani at the new bulk terminal.
The direct berthing at Tuna would address the present issues at Kandla relating to anchorage/barge operations which lead to increased cost per tonne, double handling, loss of cargo and lower productivity. The automated and mechanised processes at the new terminal at Tuna would ensure transparency.
APSEZ spearheads Adani's logistics business which includes setting up world class port infrastructure, special economic zones and multi-modal logistics such as railways. It is now the only private port infrastructure company to operate and construct ports and terminals across six locations in India - Mundra, Dahej, Hazira and Kandla in Gujarat, Mormugao in Goa and Visakhapatnam.
About The Adani Group
The Adani Group is one of India's leading business houses with revenue of over $8 billion for financial year 2012.
Founded in 1988, Adani has grown to become a global integrated infrastructure player with businesses in key industry verticals - resources, logistics and energy. The integrated model is well adapted to the infrastructure challenges of the emerging economies. It multiplies the benefit of synergy and economies of scale both for the Group and for the customers.
We live and work in the communities where we operate and
take our responsibilities to society seriously. The Group protects biodiversity
in ecologically sensitive areas like Mundra and undertakes initiatives to
reduce CO2 emissions. At Adani, we deliver benefits to our customers and
customers' customers.
Resources means obtaining coal from mines and trading; in future it will also include oil and gas production. Adani is developing and operating mines in India, Indonesia and Australia as well as importing and trading coal from many other countries. Currently, we are the largest coal importer in India. We also have extensive interests in oil and gas exploration. Extractive capacity is scheduled to increase from 3 million MT of thermal coal in 2011 to 200 million MT per annum by 2020, making Adani one of the largest mining groups in the world.
Logistics denotes a large network of ports, Special Economic Zone (SEZ) and multi-modal logistics - railways and ships. Adani owns and operates three ports - Mundra and Dahej in India and Abbot Point in Australia. The Mundra Port, which is the largest private port in India, benefits from deep draft, first-class infrastructure and SEZ status. Adani is also developing ports at Hazira, Mormugao, Visakhapatnam and Kandla in India and Dudgeon Point in Australia. Our aim is to increase our annual cargo handling capacity from 78 million MT in 2012 to 200 million MT by 2020.
Energy involves power generation and transmission and gas distribution. Adani is the largest private thermal power producer in India. Our power generation capacity is expected to increase from 4,660 MW in 2012 to 10,000 MW by the end of 2013. We are currently developing six power projects for generating 16,500 MW of power across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Our aim is to generate 20,000 MW by 2020.
DAHEJ PORT COMMISSIONS 2ND JETTY
January 12, 2012
Ahmedabad
Adani Petronet (Dahej) Port Private Limited, which operates Dahej Port in South Gujarat, today announced the successful commissioning of the second jetty at the port. The company is a joint venture between Adani Ports and Special Economic Zone Limited and Petronet LNG Limited.
"This milestone of adding one more jetty at Dahej port will provide a welcome access to the industries and trade for their raw materials in central India and the industrialized south Gujarat region," said Dr. Malay Mahadevia, Wholetime Director at APSEZ.
The commissioning of the jetty also marks completion of the second phase of expansion at Dahej Port. The port has an annual cargo handling capacity of 20 million tonnes.
Dahej Port handles varied commodities such as coal, silica sand, rock phosphate, steel products and project cargo / machinery items.
The coal import terminal at Dahej is equipped with two jetties with a deep draft of 14 metres each thus enabling berthing of large capsize vessels. Both the jetties are equipped with state of the art Gottwald make Mobile Harbor cranes.
Last month, the Dahej Port has also been connected by railways, a move that will help reducing logistics costs for transporting coal to the region and rest of India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
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 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.