MIRA
INFORM REPORT
|
Report Date : |
18.09.2013 |
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”, Shrimali Society, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.05.1998 |
|
|
|
|
Com. Reg. No.: |
04-034182 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4034.900
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63090GJ1998PLC034182 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00515E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG7917K |
|
|
|
|
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 developing, operating and maintaining the Port and
Port based related infrastructure facilities including Multi product Special
Economic Zone. |
|
|
|
|
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 268200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – 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 |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
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”, Shrimali Society, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26565555/ 25555101/ 102 |
|
Fax No.: |
91-79-26565500 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
"Adani Corporate House", Plot No. 83, Institutional Area, Sector 32, Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-2555000 |
|
Fax No.: |
91-124-2555010 |
|
|
|
|
Site Office : |
Post Box No. 1, Navinal Island, Mundra, Kutch – 370421,
Gujarat, India |
|
Tel. No.: |
91-2838-255000 |
|
Fax No.: |
91-2838-255110 |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
62, Maker Chambers III, 6th Floor, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-22885066/ 22022479 |
|
Fax No.: |
91-22-22022323/ 22854150 |
|
|
|
|
Branch Office 2 : |
Adani Group, 6th Floor, Hall Mark Business Plaza, Opposite
GuruNanak Hospital Bandra East, Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66881111 |
|
Fax No.: |
91-22-26561555/ 26561515 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
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 |
|
Date of Birth/Age : |
10.11.1950 |
|
Qualification : |
M.B.A., L.L.B., Master of Science in Shipping Management |
|
Date of Appointment : |
12.10.2007 |
|
Brief Profile covering experience, achievements etc.: |
Mr. Rajeeva Sinha is a Whole Time Director of the Company. He is a graduate of advanced management program from Wharton School, USA. He also holds a Master's degree in science in shipping management (commercial) from the World Maritime University, Malmo, Sweden and is a Fellow of the Institute of Chartered Shipbrokers, United Kingdom. He holds a master's degree in administrative management from the University of Mumbai and is a law graduate. He is a former Indian Administrative Service officer with over 35 years of work experience in public and private sectors. He has in-depth knowledge of shipping and port sectors having worked earlier as Deputy Chairman and Chairman, Mumbai and Murmugao Port Trust as well as CEO, Maharashtra Maritime Board. His expertise spans across the areas of port and shipping management, commercial and labour laws, project and financial management and maritime laws. |
|
Other Directorship : |
· Adani Logistics Limited Adani Petronet (Dahej) Port Private Limited Mundra International Airport Private Limited Adani Hazira Port Private Limited Adani Murmugao Port Terminal Private Limited Hazira Infrastructure Private Limited Hazira Road Infrastructure Private Limited Adani Vizag Coal Terminal Private Limited Adani Kandla Bulk Terminal Private Limited Mundra Port Pty Limited, Australia Mundra Port Holdings Pty Limited, Australia Adani Abbot Point Terminal Pty. Limited, Australia Adani Abbot Point Terminal Holdings Pty Limited, Australia |
|
|
|
|
Name : |
Mr. Arun Duggal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. T. Joseph |
|
Designation : |
Director (Retd.) |
|
Date of Birth/Age : |
21.12.1945 |
|
Qualification : |
M.A., IAS |
|
Date of Appointment : |
17.09.2007 |
|
Brief Profile covering experience, achievements etc.: |
Mr. D. T. Joseph is an Independent Director of the Company. He holds a master's degree in English from the University of Madras. He is a former Indian Administrative Service officer. He has served the Government of India and the Government of Maharashtra in various capacities including Secretary Shipping and Director General of Shipping. He was elected as President at the International Maritime Organization's Plenary Conference in February 2004. |
|
Other Directorship : |
· Shreyas Shipping and Logistics Limited Ocean Sparkle Limited TATA Teleservices (Maharashtra) Limited Shreyas Relay Systems Limited West Asia Maritime Limited Dedicated Freight Corridor Corporation of India Limited Keystone Realtors Private Limited Great Sea Shipping Private Limited |
|
|
|
|
Name : |
Mr. Pankaj Kumar |
|
Designation : |
Director |
|
Qualification : |
IAS |
|
|
|
|
Name : |
Prof. G. Raghuram |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. K. Pillai |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.11.1949 |
|
Qualification : |
M.Sc., IAS |
|
Date of Appointment : |
19.10.2012 |
|
Brief Profile covering experience, achievements etc.: |
Mr. G. K. Pillai is an Independent Director of the Company. He is a retired Indian Administrative Services officer. He holds a master's degree in science from the Indian Institute of Technology, Chennai. He started his career as subcollector, Quilon and worked in revenue administration. He has previously held various government positions including special secretary for industries, especially the traditional industries of cashew, coir and handlooms; secretary, health and as principal secretary to the Chief Minister of Kerala, department of Commerce, Ministry of Commerce and Industry. He was the chairman of the board of approvals for special economic zones from 2006 to 2009. |
|
Other Directorship : |
· Hindustan Petroleum Corporation Limited Zuari Agro Chemicals Limited IvyCap Ventures Advisors Private Limited |
|
|
|
|
Name : |
Mr. Sanjay Lalbhai |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.04.1954 |
|
Qualification : |
B.Sc., M.B.A |
|
Date of Appointment : |
24.12.2012 |
|
Brief Profile covering experience, achievements etc.: |
Mr. Sanjay Lalbhai is an Independent Director of the Company. He holds a bachelor's degree in science from Gujarat University and a master's degree in business management from Jamnalal Bajaj Institute of Management Studies. He is the chairman and managing director of Arvind Limited. He is the president of Ahmedabad Education Society and the Ahmedabad University. He is a member of the board of governors of the Indian Institute of Management, Ahmedabad. He is also chairman of Ahmedabad Textile Industries Research Association and a member of the council of management of the Physical Research Laboratory. He is also the chairman of Center for Environmental Planning and Technology. Mr. Sanjay Lalbhai is a member on the governing body of Adani Institute of Infrastructure Management. |
|
Other Directorship : |
· Arvind Limited Arvind Retail Limited Arvind Lifestyle Brands Limited Amol Dicalite Limited Torrent Pharmaceuticals Limited Arvind Brands and Retail Limited Ananya Investments Private Limited Animesh Holdings Private Limited Arvind Worldwide Inc. USA Arvind Worldwide (Mauritius) Inc. Arvind Overseas Mauritius Limited Arvind Textile Mills Limited, Bangladesh Arvind Spinning Limited, Mauritius |
KEY EXECUTIVES
|
Name : |
Ms. Dipti Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category
of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
147075 |
0.01 |
|
|
1552361640 |
74.99 |
|
|
30000 |
0.00 |
|
|
30000 |
0.00 |
|
|
1552538715 |
75.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1552538715 |
75.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
51612808 |
2.49 |
|
|
33288451 |
1.61 |
|
|
4010 |
0.00 |
|
|
21547366 |
1.04 |
|
|
312086146 |
15.08 |
|
|
418538781 |
20.22 |
|
|
|
|
|
|
20768369 |
1.00 |
|
|
|
|
|
|
43675004 |
2.11 |
|
|
20445159 |
0.99 |
|
|
14085592 |
0.68 |
|
|
2506505 |
0.12 |
|
|
2000000 |
0.10 |
|
|
980376 |
0.05 |
|
|
7128595 |
0.34 |
|
|
1464890 |
0.07 |
|
|
5226 |
0.00 |
|
|
98974124 |
4.78 |
|
Total Public shareholding
(B) |
517512905 |
25.00 |
|
Total (A)+(B) |
2070051620 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
2070051620 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of developing, operating and maintaining the Port and
Port based related infrastructure facilities including Multi product Special
Economic Zone. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited Canara Bank The Ratnakar Bank Limited DEG-Deutsche Investitions-Und Entwicklungsgesellschaft MBH DZ Bank HDFC Bank Limited HSH Nord Bank AG ICICI Bank Limited IndusInd Bank Limited ING Vysya Bank Limited Japan Bank of International Cooperation Kotak Mahindra Bank Limited Life Insurance Corporation of India Mizuho Corporate Bank, Limited Oesterreichische Entwicklungsbank AG, State Bank of India Standard Chartered Bank The Bank of Tokyo - Mitsubishi UFJ, Limited UCO Bank Yes Bank |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Holding Company
: |
Adani Enterprises Limited |
|
|
|
|
Subsidiary
Companies : |
· Mundra SEZ Textile and Apparel Park Private Limited MPSEZ Utilities Private Limited Rajasthan SEZ Private Limited (upto February 9, 2013) Adani Logistics Limited Karnavati Aviation Private Limited Adani Murmugao Port Terminal Private Limited Mundra International Airport Private Limited Adani Hazira Port Private Limited Adani Petronet (Dahej) Port Adani Vizag Coal Terminal Private Limited Adani Kandla Bulk Terminal Private Limited Mundra Port Pty Limited (upto March 30, 2013) Adani Abbot Point Terminal Holdings Pty Limited (upto
March 30, 2013) Adani Warehousing Service Private Limited [w.e.f. April
19, 2012]* |
|
|
|
|
Entity held through
Controlling Interest : |
Adinath Polyfills Private Limited |
|
|
|
|
Joint Venture : |
Adani International Container Terminal Private Limited |
|
|
|
|
Associate : |
Dholera Infrastructure Private Limited |
|
|
|
|
Step down
Subsidiary : |
· Hazira Infrastructure Private Limited Hazira Road Infrastructure Private Limited Mundra Port Holdings Trust (trust entity) (upto March 30,
2013) Mundra Port Holdings Pty Limited (upto March 30, 2013) Adani Abbot Point Terminal Pty Limited (upto March 30, 2013) |
|
|
|
|
Fellow
Subsidiary : |
· Adani Power Limited Adani Agri Logistics Limited Adani Power Dahej Limited Adani Gas Limited Chemoil Adani Private Limited Adani Global FZE, Dubai Adani Global Pte Limited Adani Infra (India) Limited Adani Power Rajasthan Limited Adani Welspun Exploration Limited Kutchh Power Generation Limited Adani Agri Fresh Limited Adani Energy Limited Mundra LNG Limited Adani Power Maharashtra Limited Adani Mundra SEZ Infrastructure Private Limited (upto June
29, 2012) Adani Agro Private Limited (upto June 29, 2012) Adani Properties Private Limited (upto June 29, 2012) |
|
|
|
|
Entities over
which Key Management Personnel, Directors and their relatives are able to
exercise Significant Influence : |
· Gujarat Adani Institute of Medical Science Adani Wilmar Limited Shanti Builders Adani Foundation Dholera Port and Special Economic Zone Limited Ezy Global Ignite Foundation Mundra Port Pty Limited (From March 30, 2013) Adani Abbot Point Terminal Pty Limited, Australia (From
March 30, 2013) Abbott Point Port Holdings Pte Limited, Singapore |
* These entities have been incorporated/formed during the year.
CAPITAL STRUCTURE
AS ON 08.09.2013
Authorised Capital : Rs.
10000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 4168.214
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4975000000 |
Equity Shares |
Rs. 2/- each |
Rs. 9950.000 Millions |
|
5000000 |
Non Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 10000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2003394100 |
Equity Shares |
Rs. 2/- each |
Rs. 4006.800
Millions |
|
2811037 |
Non Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 28.100
Millions |
|
|
Total |
|
Rs. 4034.900 Millions |
a. Reconciliation of the shares outstanding at the beginning and at the end
of the reporting year
|
Preference Shares |
31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
At the beginning of the year |
2811037 |
28.100 |
|
Outstanding at the end of the year |
2811037 |
28.100 |
|
|
|
|
|
Equity Shares |
|
|
|
At the beginning of the year |
2003394100 |
4006.800 |
|
Outstanding at the end of the year |
2003394100 |
4006.800 |
b. 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 2012-13 the Company proposed a final dividend of Re. 1.00 per
share. (For the previous financial year 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).
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c. Terms of
Non-cumulative redeemable preference shares
The Company has
2811037 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 preference share holders.
These shares are redeemable on March 28, 2024 at an aggregate premium amount of
Rs. 2782.900 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.
d. Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
Out of equity shares issued by the company, shares held by its holding
company, are as below:
|
|
31.03.2013 |
|
Adani Enterprise
Limited, the holding company 1552361640 equity shares of Rs.2 each fully paid
(Previous year 1552361640 equity share) |
3104.700 |
e. Aggregate
number of bonus shares issued, during the period of five years immediately
preceding the reporting date:
|
|
31.03.2013 |
|
Equity shares
allotted as fully paid bonus shares by capitalization of securities premium
and balance of profit and loss carried forward in Financial Year 2007-08. |
901.100 |
f. Details of shareholders holding more than 5% shares in the company
|
|
31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
Equity shares of Rs.2 each fully paid |
|
|
|
Adani Enterprises Limited, holding company |
1552361640 |
77.49% |
|
Non-Cumulative Redeemable Preference Shares of Rs.10
each fully paid up |
|
|
|
Gujarat Ports Infrastructure and Development Company Limited |
309213 |
11.00% |
|
Priti G. Adani |
500365 |
17.80% |
|
Shilin R. Adani |
500364 |
17.80% |
|
Pushpa V. Adani |
500365 |
17.80% |
|
Ranjan V. Adani |
500455 |
17.80% |
|
Suvarna M. Adani |
500275 |
17.80% |
As per of the
company, including its register of shareholders/ members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4034.900 |
4034.900 |
4034.898 |
|
(b) Reserves & Surplus |
63004.800 |
48179.500 |
38905.801 |
|
(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) |
67039.700 |
52214.400 |
42940.699 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
74046.100 |
41328.100 |
9476.745 |
|
(b) Deferred tax liabilities (Net) |
5529.700 |
4297.500 |
3495.794 |
|
(c) Other long
term liabilities |
5699.500 |
6035.100 |
6325.787 |
|
(d) long-term
provisions |
465.800 |
0.000 |
1.785 |
|
Total Non-current
Liabilities (3) |
85741.100 |
51660.700 |
19300.111 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3947.000 |
10048.900 |
6504.126 |
|
(b)
Trade payables |
1346.200 |
1823.300 |
1277.527 |
|
(c)
Other current liabilities |
21490.500 |
13438.400 |
13930.009 |
|
(d) Short-term
provisions |
2988.400 |
2579.900 |
1139.334 |
|
Total Current
Liabilities (4) |
29772.100 |
27890.500 |
22850.996 |
|
|
|
|
|
|
TOTAL |
182552.900 |
131765.600 |
85091.806 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
77093.700 |
57428.900 |
52402.352 |
|
(ii)
Intangible Assets |
590.500 |
621.800 |
654.073 |
|
(iii)
Capital work-in-progress |
11316.900 |
21898.400 |
10767.761 |
|
(iv)
Fixed asset
held for sale |
10133.800 |
2571.300 |
0.000 |
|
(b) Non-current Investments |
12072.900 |
18375.500 |
7150.351 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20673.800 |
17707.800 |
6983.639 |
|
(e)
Trade
Receivables |
739.900 |
917.800 |
0.000 |
|
(f) Other
Non-current assets |
2862.300 |
1885.200 |
1130.873 |
|
Total Non-Current
Assets |
135483.800 |
121406.700 |
79089.049 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
1200.100 |
0.000 |
0.000 |
|
(b)
Inventories |
872.900 |
625.200 |
411.569 |
|
(c)
Trade receivables |
7294.300 |
2427.300 |
2651.339 |
|
(d) Cash
and cash equivalents |
5935.900 |
5359.900 |
1150.309 |
|
(e)
Short-term loans and advances |
16453.500 |
1568.900 |
1497.996 |
|
(f)
Other current assets |
15312.400 |
377.600 |
291.544 |
|
Total
Current Assets |
47069.100 |
10358.900 |
6002.757 |
|
|
|
|
|
|
TOTAL |
182552.900 |
131765.600 |
85091.806 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (net) |
33610.500 |
24819.000 |
18850.722 |
|
|
|
Other Income |
2032.400 |
402.500 |
1202.286 |
|
|
|
TOTAL (A) |
35642.900 |
25221.500 |
20053.008 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
6487.800 |
5368.100 |
4189.665 |
|
|
|
Employee Benefits Expenses |
1043.800 |
894.200 |
666.180 |
|
|
|
Other Expenses |
1376.600 |
1440.800 |
894.950 |
|
|
|
TOTAL (B) |
8908.200 |
7703.100 |
5750.795 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26734.700 |
17518.400 |
14302.213 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4419.000 |
2087.500 |
1454.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22315.700 |
15430.900 |
12847.424 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3423.800 |
2735.000 |
2078.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18891.900 |
12695.900 |
10768.799 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1350.100 |
923.300 |
907.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
17541.800 |
11772.600 |
9861.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
22705.385 |
14909.773 |
8941.511 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim
Dividends on Equity Shares |
0.000 |
601.021 |
1803.195 |
|
|
|
Dividend
on Preference Shares |
0.000 |
0.003 |
0.003 |
|
|
|
Proposed
final dividend on Equity Shares |
2003.400 |
1402.376 |
0.152 |
|
|
|
Transfer
to Capital Redemption Reserve |
1.400 |
1.406 |
1.406 |
|
|
|
Transfer
to General Reserve |
1754.200 |
1177.260 |
986.160 |
|
|
|
Transfer
to Debenture Redemption Reserve |
691.000 |
469.920 |
1102.422 |
|
|
|
Tax on
Interim Dividend (including surcharge) |
0.000 |
97.502 |
0.000 |
|
|
|
Tax on
Final Dividend (including surcharge) |
340.500 |
227.500 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
35456.685 |
22705.385 |
14909.773 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Marine Services |
0.000 |
0.000 |
0.000 |
|
|
|
Storage Rental |
49.300 |
0.000 |
37.502 |
|
|
TOTAL EARNINGS |
49.300 |
0.000 |
37.502 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
157.900 |
339.134 |
307.338 |
|
|
|
Fuel |
893.800 |
2198.094 |
2280.152 |
|
|
|
Capital goods |
7395.000 |
5290.216 |
1087.737 |
|
|
TOTAL IMPORTS |
8446.700 |
7827.444 |
3675.227 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.76 |
5.88 |
4.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
49.22
|
46.68 |
49.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
56.21
|
51.15 |
57.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.72
|
17.83 |
17.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.24 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.16
|
0.98 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
0.37 |
0.26 |
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 |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10436449 |
15/07/2013 * |
2,402,980,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B79463022 |
|
2 |
10431969 |
18/06/2013 |
5,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,104 JYOTI COMMERCIAL COMPLX, NEAR SHYAMAL CROSS ROADS, AHMEDABAD - 380015, GUJARAT, INDIA |
B77468684 |
|
3 |
10434800 |
14/05/2013 |
4,940,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B75944827 |
|
4 |
10431478 |
14/05/2013 |
4,950,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B75943985 |
|
5 |
10430924 |
14/05/2013 |
900,000,000.00 |
THE RATNAKAR BANK LIMITED |
MAHAVEER, SHRI SHAHU MARKET YARD SHAHUPURI, KOLHAPUR - 416001, MAHARASHTRA, INDIA |
B77025567 |
|
6 |
10423138 |
22/04/2013 |
2,500,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA
ROAD, CONTONMENT, PUNE, MAHARA |
B74206376 |
|
7 |
10417099 |
05/04/2013 |
1,401,590,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B72370810 |
|
8 |
10395042 |
13/12/2012 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B63891311 |
|
9 |
10398884 |
13/12/2012 |
7,750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B64411846 |
|
10 |
10389985 |
04/12/2012 |
1,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B63316178 |
|
11 |
10383942 |
17/10/2012 |
42,255,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B61094199 |
|
12 |
10352718 |
05/05/2012 |
2,107,252,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B38599262 |
|
13 |
10353056 |
05/05/2012 |
2,107,252,000.00 |
DEG - DEUTSCHE INVESTITIONS-
UND ENTWICKLUNGSGESEL |
KAMMERGASSE 22, 50676 COLOGNE, FEDERAL REPUBLIC OF GERMANY, - 50676, GERMANY |
B38728416 |
|
14 |
10351416 |
13/08/2012 * |
17,985,500,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B56121031 |
|
15 |
10351414 |
27/04/2012 |
9,199,225,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B38085742 |
|
16 |
10347017 |
12/04/2012 |
2,577,350,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B36781409 |
|
17 |
10339818 |
07/03/2012 |
1,957,632,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B33970492 |
|
18 |
10342211 |
29/02/2012 |
5,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B35033216 |
|
19 |
10347229 |
28/02/2012 |
7,341,120,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA |
B36837128 |
|
20 |
10315637 |
05/11/2012 * |
1,975,200,000.00 |
STATE BANK OF INDIA |
15TH FLOOR, CENTRAL TOWER, 28 QUEEN'S ROAD, CENTRAL HONG KONG, - 10125, HONG KONG |
B62560370 |
|
21 |
10313864 |
05/10/2011 |
2,459,590,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B23799364 |
|
22 |
10310780 |
27/09/2011 |
1,457,852,268.28 |
HSH NORDBANK AG |
KIEL AND HAMBURG, KIEL AND HAMBURG, - 20095, GERMANY |
B22794432 |
|
23 |
10304351 |
05/09/2011 |
2,871,859,965.00 |
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTBANK |
PLATZ DER REPUBLIK, FRANKFURT AM MAIN, FRANKFURT, - 60265, GERMANY |
B19682772 |
|
24 |
10307034 |
25/08/2011 |
1,500,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B20903845 |
|
25 |
10277644 |
08/03/2011 |
4,503,130,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B09360355 |
|
26 |
10269303 |
05/02/2011 |
1,500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA |
B05991047 |
|
27 |
10261249 |
24/12/2010 |
5,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE FINANCE BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA |
B03554896 |
|
28 |
10252109 |
20/11/2010 |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA |
A99955676 |
|
29 |
10219313 |
05/12/2012 * |
1,500,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B64464258 |
|
30 |
10194650 |
19/03/2010 * |
1,616,375,520.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A81838609 |
|
31 |
10166686 |
15/07/2009 |
1,302,863,629.50 |
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTBANK |
PLATZ DER REPUBLIK, FRANKFURT AM MAIN, FRANKFURT, - 60265, GERMANY |
A65703159 |
|
32 |
10162595 |
14/05/2013 * |
2,250,000,000.00 |
ING VYSYA BANK LIMITED |
P.B.NO.4038,CHANAKYA BUILDING, NEAR DINESH HALL, OFF ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA |
B77011245 |
|
33 |
10126023 |
10/09/2008 |
792,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
A48670467 |
|
34 |
10101657 |
23/09/2011 * |
792,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B23477367 |
|
35 |
10086392 |
24/05/2008 * |
1,480,000,000.00 |
STATE BANK OF INDIA |
CORPORATE FINANCE
BRANCH, NAVRANGPURA, AHMEDABAD - 380009, |
A39074943 |
|
36 |
80002205 |
05/04/2013 * |
19,285,924,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B72370455 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Foreign currency loans: From banks |
285.600 |
309.100 |
|
Rupee loans: From banks |
1250.000 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Suppliers bills accepted under foreign currency letters of credit
issued by Banks |
0.000 |
43.300 |
|
Short Term Loan from Banks |
0.000 |
2500.000 |
|
Commercial Paper |
2500.000 |
2000.000 |
|
|
|
|
|
Total |
4035.600 |
4852.400 |
CORPORATE INFORMATION
The company
(formerly known as Mundra Port and Special Economic Zone Limited) is in the
business of development, operations and maintenance of port infrastructure and linked
multi product SEZ and related infrastructure contiguous to Mundra port. The
initial port infrastructure facilities at Mundra including expansion thereof
through development of additional terminals and south port infrastructure
facilities are developed pursuant to the concession agreement with the
Government of Gujarat (GoG) and Gujarat Maritime Board (GMB) for 30 years
effective from February 17, 2001. The Company has expanded 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 recognised as commercially operational w.e.f. February 1, 2011.
The Container
terminal facilities (CT-1) initially developed by the Company was transferred
under subconcession 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. For the
new container facilities developed as South Port (CT-3) has been agreed to be
transferred to Adani International Container Terminal Private Limited (AICTPL).
The Multi Product
Special Economic Zone at Mundra and surrounding areas is developed by the
Company as per approval of the Government of India vide their letter no.
F-2/11/2003/EPZ dated April 12, 2006 as amended from time to time till date.
The Company has also taken approval of Ministry of Commerce and Industry to set
up Free Trade and Warehousing Zone vide letter no. F.1/16/2011-SEZ dated March
26, 2012.
OPERATIONAL HIGHLIGHTS:
Notwithstanding the general economic climate and slowdown experienced by
various industrial sectors, the company continued to maintain its growth
momentum.
The year has witnessed robust growth and impressive performance of the
company. The Company has successfully steered a steady course and consolidated
its position as India's largest Non Major and Port. As compared to major as
well as non major commercial ports in India, Mundra Port ranks 2 in terms of
handling of total cargo and container cargo during the year.
DISINVESTMENT OF SIGNIFICANT STAKE IN ABBOT POINT COAL TERMINAL IN
QUEENSLAND, AUSTRALIA
To focus on the high growth Indian Ports and Logistics Sector, maintain
its leadership position in India and for the benefit of stakeholders the
company has divested the beneficial ownership in entities controlling the Abbot
Point Coal Terminal in Queensland, Australia at a valuation determined by an
independent valuer. The legal transfer of the shares would happen in the
current year.
MANAGEMENT DISCUSSION AND ANALYSIS
The discussion hereunder covers the financial results and its
subsidiaries developments of Adani Ports and Special Economic Zone Limited
(APSEZL) for the financial year 2012-13 and its business outlook for the
future. This outlook is based on assessment of the current business environment
and Government policies. The change in future economic and other developments
are likely to cause variation in this outlook. The Company assumes no
responsibility to publicly amend, modify or revise any such statement on the
basis of subsequent developments, information or events.
ECONOMIC OUTLOOK:
Continued grim scenario of global economic outlook put a stress on
Indian economy in 2012-13. As a result, economic growth slowed down to 6.2% in
2011-12 and 5.0% in 2012-13, far lower growth rates compared to preceding
years. The service sector continues to be the largest contributor to GDP growth
with 8.2% and 6.6% growth in 2011-12 and 2012-13 respectively.
Factoring in the inflationary tendencies, policy rates began rising
March 2010 onwards. These high rates as well as policy constraints adversely
impacted investment and hence the growth of economy.
Taking cues from weakening investments, there have been reforms which
should revive the stalled projects as well as induce new projects. Policy rates
have also started coming down, which is likely to propel economic activities.
Global financial conditions improved towards end of 2012 and the global economy
is expected to see recovery in 2013. Indian economy, with recovery in global
economy, is likely to move back to high pace of growth. Overall, India remains
amongst relatively higher-growth economies in the World.
INDUSTRY STRUCTURE:
PORTS:
INDIAN SCENARIO:
India has an extensive coastline of 7,517 kilometers (excluding the Andaman
and Nicobar Islands), with a port industry that has grown dramatically, from
five ports with cargo traffic tonnage handled of between 19 and 20 mmt at the
time of independence, to 13 Major Ports and 187 Non-major Ports with total
cargo traffic tonnage handled of 934.88 mmt for the fiscal year 2013.
Ports handle approximately 95% of India's total trade in terms of volume
and 70% in terms of value. Total volumes are expected to increase further as
India continues its economic expansion, with real GDP growth in India expected
to average 7.3% and 8.0% per year for the 5 and 10 years from the fiscal year
2014, respectively, making India one of the fastest growing economies in the
world.
APSEZL at its port of Mundra handled 82.13 million tonnes of cargo in
financial year 2013, a growth of 28% year and to year. Compared with the major
as well as non major ports of India, it ranks 2 in terms of total cargo and
container cargo handled during the year amongst all government owned 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 company's Multiproduct SEZ
of 6473 Ha. area at Mundra is the largest notified SEZ in the country. Exports
from Mundra SEZ upto March, 2013 comes to about 7,357 Millions (cumulative).
Mundra 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.
Further, based on approval from Government of India (GoI), the company
has set up a Free Trade Warehousing Zone (FTWZ) in an area of 168.41 Ha. at
Mundra. The development activities in the FTWZ SEZ have been initiated.
PERFORMANCE OVERVIEW:
During the year the performance of the Company is encouraging. The
company has been and leading across all the fronts and has now become 2 largest
commercial port in India. The company maintained excellent growth record and
registered 28% growth in cargo volume over financial year 2011-12. The company
would continue to lead innovative practices, adoption of technology and setting
examples of efficient port operations.
BUSINESS TRANSFORMATION PROJECT – IGNITE
The port embarked upon a major exercise of transformation for
streamlining of processes, enhanced adherence and improved synergies. The
transformation project has been aptly titled as Ignite with following key
objectives:
1. Make business more customer focused and flexible to meet dynamic
customer requirements
2. Improve competitiveness – become one of the most efficient port
operators in the industry
3. Leverage technology for benefits wherever possible within projects,
operations, decision support
4. Build a learning organization that continuously improves and
continues to optimize operations
Project Ignite has been received very well by all the stakeholders with
overwhelming support from each function and business unit. The project has
already started making difference towards these objectives and is expected to
take organization to greater scales.
PERFORMANCE HIGHLIGHTS:
The Company has developed and operates six bulk terminals, four
container terminals, automobile handling and coal handling facilities and two
single-point mooring facilities across the Mundra Port, the Dahej Port and the
Hazira Port on the western coast of India.
The company’s three operational facilities on the west coast of India
are capable of handling capesize bulk cargo vessels and more than 8500 TEUs
container vessels. The Company also provides other services, including
infrastructure, leasing and logistics services at the Mundra Port and through
its surrounding infrastructure, including the Mundra SEZ, which the Company has
developed and operates. Mundra SEZ is one of the largest operating port-based
multi-product special economic zones in India.
Three broad categories of cargo handled at our ports are bulk container
and crude oil cargo. The Company’s port services include marine, intra-port
transport, storage and handling, other value-added and evacuation services for
a diverse range of customers, primarily terminal operators, shipping lines and
agents, exporters, importers and other port users. In addition to port services,
the company provides value-added, evacuation and other logistics services to
its customers. The ability to maintain a diverse mix of cargo handled and other
services performed allows the company to diversify its income sources, reduce
financial risk and compete more effectively. Consequently, the company’s cargo
and service mix has a significant effect on its results of operations.
Our key performance highlights for the year are as under:
Bulk Cargo - Dry:
· Dry Cargo handled during 2012-13 was 37.38 million tonnes as against 29.25 million tonnes during 2011-12, a growth of 28% year on year.
Coal
Cargo handled during the 2012-13 was 26.76 million tonnes as against 18.75
million tonnes during 2011-12, a growth of 43% year on year.
Sorghum
cargo handled for the first time.
Bulk Cargo - Liquid:
· Highest no. of import vessel movement 22 in a Month of October, 2012.
Highest
number of Import-Export vessels (26 nos.) during the month of October, 2012
Highest
number of Export vessels (7 nos.) in a single month.
Container Cargo:
· Mundra Port handled 1.74 million TEUs against 1.52 million TEUs in 2011-12 marking 14.4% growth over last year. This also makes Mundra Port second largest in the country in terms of container throughput
Adani
Mundra Container Terminal (AMCT) (including South Basin) registered a 46%
growth in Inland Container Depot (ICD) throughput over the previous financial
year.
Marine:
· On 13th August 2012, with the berthing of M.V. MSC Ukraine at berth SB-6, commercial operation was commenced for South Basin Terminal.
Highest
SPM Throughput: Mundra Port handled the highest ever Crude Oil throughput of
1.45 MMT for February, 2013 at the SPMs.
Railway:
· Total number of rakes handled in 2012-13 are 9505.
In
FY 2012-13 more than 400 double stack trains have been handled from Mundra.
Commercial
train operation at West Port has commissioned during the year.
Our Expansion Plans:
The Company has recently completed and is in the process of
implementing, expansion plans. It has commenced operations at the Hazira Port
and at Container Terminal 3 and a fourth berth at the Coal and Bulk Terminal at
the Mundra Port. The Company is also in the process of developing facilities at
the Murmugao Port, the Vizag Port and the Kandla Port (Tuna). Although the
company believes that the majority of our capital expenditure at our
operational facilities and the Murmugao Port have been completed. Our future
expansion plans may require a significant amount of expenditure and once
operational, are expected to provide us with additional capacity to handle
cargo in new and existing geographies and in turn, revenue from cargo handled
and related services. With various capital expenditure programmes in the past,
the company has emerged as only port on western cost of India, handled
capsize/super capsize vessels for bulk and container vessel with more than 8500
TEU capacity.
SPECIAL ECONOMIC ZONE:
The Company has been focusing on development of robust infrastructure
for supporting the industrial development within the Special Economic Zone
(SEZ). Construction of road over bridge within the Zone has been completed
enabling seamless connectivity to the Port and SEZ development. Elaborate
arterial road network has been completed for SEZ users. Execution of utility
infrastructures like common effluent treatment plant (CETP), water desalination
plant has also been completed. Work for doubling of Mundra-Adipur rail line is
completed.
The Co-developers of the SEZ have provided various social infrastructure
facilities such as Housing, Hospital and School in the SEZ. MPSEZ Utilities
Private Limited (MUPL), a 100% subsidiary of the Company and approved
Codeveloper, had developed electricity distribution network and is distributing
electricity at competitive rate in the SEZ. MUPL has also been approved as
co-developer of the FTWZ SEZ to provide infrastructure facilities/utilities.
Total investment by these units is expected to be more than Rs.38550.000
Millions of which they have already invested over Rs.14790.000 Millions. Some
of the approved Units have already started export activities in the Zone.
PORT RELATED DEVELOPMENTS:
· APSEZL has developed Green Zones at Mundra area aggregating to 235.83 ha land. A total of more than 4.45 Lacs trees have been planted besides development of shrubs and lawns.
A
very successful project execution and start of CT3 operations. South basin has
been developed with a capacity of 1.5 Mn TEUs annually. The terminal has
sufficient draft to handle direct berthing of largest size container vessel
(about 14000 TEUs). The terminal has 6 RMQC and 14 RTGs.
In
order to facilitate the container terminals, an EXIM yard has been developed at
Mundra. The total area of EXIM yard is around 69,000 sq. meters. The EXIM yard
consists of 5000 sq. Meter of warehouse, paved area for loaded container
stacking and GSB surface area for empty container storage.
OTHER GROUP DEVELOPMENTS:
· During the financial year 2012-13, Adani Logistics Limited (ALL) showed remarkable performance on the development of strategic infrastructure and opening up of rail route between Mundra and NCR region for double stack trains. Further, Kishangarh in Rajasthan commissioned its train examination facility (TXR) providing a new thrust to trains.
Adani
Petronet (Dahej) Port Private Limited (APPPL) a JV company with Petronet LNG
Limited, is the developer of Solid Cargo Port Terminal at Dahej in Gujarat.
APPPL's Dahej port is one of best in class port for handling dry cargo with
ample storage facilities. The cargo handling operations at the port is highly
mechanized. The port is well connected with road and railway.
Adani
Hazira Port Private Limited, (AHPPL) is being developed in Hazira, Dist. Surat,
Gujarat under subconcession route with Shell, Hazira for non-LNG facilities. The
construction for total 5 berths with back up area has been completed and port
has commenced commercial operations on May 21, 2012. The port has 2 container
berths and 3 multipurpose berths for liquid, dry and breaks bulk cargo. The
master plan provides for 13 berths to be developed in a phased manner.
Adani
Murmugao Port Terminal Private Limited, (AMPTPL), has signed concession
agreement with Mormugao Port Trust (MPT) to develop and operate a coal import
terminal in Mormugao Port, Goa on Design, Build, Finance, Operate and Transfer
(DBFOT) basis. The construction of coal handling terminal is under progress.
Adani
Vizag Coal Terminal Private Limited (AVCTPL) signed the Concession Agreement
with the Board of Trustee for Visakhapatnam Port Trust giving AVCTPL the right
to develop coal berth on DBFOT basis and operate the same for a period of 30
years. The construction of the coal berth is in full swing.
Adani
Kandla Bulk Terminal Private Limited (AKBTPL) has entered into Concession
Agreement with Kandla Port Trust on 27.06.2012 for development of dry bulk
terminal on build, operate and transfer basis at Tekra off Tuna, outside Kandla
Creek under Public Private Partnership (PPP) mode. The scheduled date of
completion of this project is 19.12.2014, wherein the work is in full progress
and it is expected to complete on schedule. This terminal will have a capacity
of 14.112 MMT with 4 berths length admeasuring 600 mtrs x 60 mtrs on both sides
and a backup area of 80 hectares allotted by Kandla Port Trust.
MPSEZ
Utilities Private Limited (MUPL) has commenced power supply to units in SEZ,
Gujarat Electricity Regulatory Commission (GERC) has issued 'Multi-Year Tariff
Order' to the Company.
STANDALONE FINANCIAL PERFORMANCE WITH
RESPECT TO OPERATION PERFORMANCE:
The Company has
recorded total income to the tune of Rs.35642.900 Millions during the financial
year 2012-13 compared to Rs.25221.500 Millions in the corresponding previous
financial year, an increase of 41%. Net Block of fixed assets of the Company as
on March 31, 2013 is Rs.77684.200 Millions as compared to Rs.58050.700 Millions
as on March 31, 2012 an increase of 34% in the corresponding period in the
previous year.
During the year,
the Company generated earnings before interest, depreciation and tax (EBIDTA)
of Rs.26734.700 Millions as compared to Rs. 17518.400 Millions in the previous
year, showing growth of 53%. Net profit after tax is Rs.17541.800 Millions in
the financial year 2012-13 as compared to Rs.11772.600 Millions in the previous
financial year, an increase of 49%.
Earnings per share
increased by 49% to Rs. 8.76 on face value of Rs. 2 each.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
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.46088.900 Millions (Previous Year Rs.41489.900 Millions) |
56041.800 |
47332.400 |
|
Bank Guarantees given to Government Authorities |
390.200 |
0.000 |
|
Civil suits have been filed by the Customers for recovery of damages caused to machinery in earthquake Rs.3.700 Millions (Previous Year Rs.3.700 Millions), to cargo stored in Company's godown Rs.9.400 Millions (Previous Year Rs.9.400 Millions), loss due to mis-handling of wheat cargo Rs.62.000 Millions (Previous Year Rs.62.000 Millions) and loss due to non-performance of dredging contract Rs.229.800 Millions (Previous Year Rs. Nil). 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. |
304.900 |
75.200 |
|
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. Nil (Previous Year Rs.20.700 Millions), import of various Cargos at Port Rs.4.100 Millions (Previous Year Rs.5.000 Millions). The Customs cases are currently pending with, Assistant Commissioner of Customs, Mundra (Rs.1.400 Millions), Customs, Excise and Service Tax Appellate Tribunal, Mumbai (Rs.2.700 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. |
4.100 |
25.800 |
|
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.2.500 Millions (Previous Year Rs.2.600 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. |
2.500 |
2.600 |
|
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.45.000 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. |
691.900 |
672.300 |
|
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.67.200 Millions (Previous Year Rs.67.200 Millions); and Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad Rs.1.500 Millions (Previous Year Rs.1.500 Millions) and Commissioner of Service Tax Ahmedabad Rs.0.200 Millions (Previous Year Rs.0.200 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. |
69.000 |
69.000 |
|
Commissioner of Customs, Ahmedabad has demanded vide letter no.4/Comm./SIIB/2009 dated 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 account. |
20.000 |
20.000 |
|
|
|
|
|
Total |
57524.400 |
48197.300 |
FIXED ASSETS:
Tangible Assets
· Land
Freehold
Land
Land
Development cost on Leasehold Land
Buildings,
Roads and Civil Infrastructure
Plant
and Machinery
Furniture
and Fixtures
Office
Equipments
Computer
Hardware
Vehicles
Tugs
and Boats
Railway
Tracks
Marine
Structures
Dredged
Channels
Project
Assets
Intangible Assets
· Goodwill
Software
Rights
of use in Leased Land
PRESS RELEASES
BIOCON PARTNERS WITH
CYTOSORBENTS TO MARKET CYTOSORB
SEPTEMBER 13, 2013
Biocon and CytoSorbents Corporation, based in the US, announced today, World
Sepsis Day, that they have entered into a strategic partnership with an initial
distribution agreement for India and select emerging markets, under which
Biocon will have the exclusive commercialization rights for CytoSorb, a novel
therapy for the management of sepsis.
Biocon Limited has informed BSE regarding a Press Release dated September 13,
2013 titled "Biocon Partners with CytoSorbents to Market CytoSorb®-A
'First-in-Class' Therapy for Sepsis Management". Biocon and CytoSorbents
Corporation, based in the US, announced today, World Sepsis Day, that they have
entered into a strategic partnership with an initial distribution agreement for
India and select emerging markets, under which Biocon will have the exclusive
commercialization rights for CytoSorb, a novel therapy for the management of
sepsis.
HEDGED AGAINST HIGH
FOREIGN CURRENCY DEBT: ADANI PORTS
AUGUST 02, 2013
High foreign currency
debt is not a major concern for Adani Ports as it has a natural hedge due to
marine and container income.
A combination of the ports business and the SEZ business has led to a
significant increase both in the top-line as well as in the bottom-line
Adani Ports and SEZ reported decent set of numbers during June quarter on
improved cargo volumes. It reported 51 percent year-on-year jump in profit to
Rs 4180.000 Millions, total income also increased around 78 percent to Rs
15680.000 Millions.
In an interview to CNBC-TV18, B Ravi, CFO at Adani Ports said that cargo
volumes grew by 35 percent year-on-year. The firm handled 2667 MMT cargo on
consolidated level. The cargo handled by Dahej port rose 24 percent to 2.22
MMT. Hazira port stood at 0.87 MMT, beginning its journey to be a large
diversified port, adding to the overall Adani Ports' synergy. The progress at
all other ports in Goa, Vizag, Tuna Tekra are on schedule, the firm said in a
statement. On forex loss that the company incurred during the quarter gone by,
Ravi said high foreign currency debt is not a major concern. “We have natural
hedge due to marine and container income,” he said.
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 tones 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 12000.000 Millions 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 multimodal 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.
CMT REPORT (Corruption, Money Laundering and 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 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. 63.38 |
|
|
1 |
Rs. 100.86 |
|
Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE and 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 |
|
DEFAULTERS |
|
|
|
--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 and 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.