MIRA
INFORM REPORT
|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADANI ENTERPRISES LIMITED (w.e.f.10.08.2006) |
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Formerly Known
As : |
ADANI EXPORTS
LIMITED |
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Registered
Office : |
Adani House,
Shrimali Society, Near Mithakhali |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.03.1993 |
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Com. Reg. No.: |
04-019067 |
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Capital
Investment / Paid-up Capital : |
Rs. 1099.800 Millions |
|
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CIN No.: [Company Identification
No.] |
L51100GJ1993PLC019067 |
|
|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA01099A |
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PAN No.: [Permanent Account No.] |
AABCA2804L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of spanning coal
trading, coal mining, oil and gas exploration, ports, multi-modal logistics,
power generation and transmission, gas distribution. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is the Flagship Company of ‘The Adani Group’. It is a well-established company having fine track record. The company has incurred a loss from its operations. However, the rating
takes into consideration the wide experience of the promoters of AEL in
global trading businesses, AEL’s leading position in imported coal trading
business in the country along along-with overseas mining assets. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term banking facilities : “A+” |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk |
|
Date |
31.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : “A1” |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk |
|
Date |
31.03.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-79-25555555)
LOCATIONS
|
Registered Office : |
Adani House,
Shrimali Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-25555555/
26565555/ 25555080 |
|
Fax No.: |
91-79-26565500/
25555500 |
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E-Mail : |
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Website : |
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Solar Power Plant : |
Located at · Kutch Distrit, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Gautam S. Adani |
|
Designation : |
Chairman |
|
Address : |
Shantivan Farm House, Behind Karnavati Club, Mohemadpura, Ahmedabad –
380057, Gujarat, India |
|
Date of Birth/Age : |
24.06.1962 |
|
Qualification : |
S Y B.COM |
|
Date of Appointment : |
03.03.1993 |
|
PAN No.: |
ABKPA0965H |
|
Voter ID No.: |
GJ1111068108989 |
|
DIN No.: |
00006273 |
|
|
|
|
Name : |
Mr. Rajesh S. Adani |
|
Designation : |
Managing director |
|
Address : |
15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow,
Vastrapur, Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
07.12.1964 |
|
Qualification : |
B.COM |
|
Date of Appointment : |
10.06.2005 |
|
PAN No.: |
ABKPA0962A |
|
DIN No.: |
00006322 |
|
|
|
|
Name : |
Mr. Ameet H. Desai |
|
Designation : |
Executive Director and CFO |
|
Date of Appointment : |
17.05.2014 |
|
|
|
|
Name : |
Mr. Vasant S Adani |
|
Designation : |
Director |
|
Address : |
14, Suryaja Bunglow, BehindSarthi Hotel, Behind T. V. Tower, Thaltej,
Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
08.09.1955 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
20.06.1994 |
|
Voter ID No.: |
GJ110680636050 |
|
DIN No.: |
00006356 |
|
|
|
|
Name : |
Mr. Anil S. Ahuja |
|
Designation : |
Director |
|
Address : |
29, Leonie Hill, #19, 04 Horizon Tower West, Singapore – 239228, India
|
|
Date of Birth/Age : |
01.12.1962 |
|
Qualification : |
B.Tech |
|
Date of Appointment : |
20.05.2009 |
|
DIN No.: |
00759440 |
|
|
|
|
Name : |
Mr. S. K. Tuteja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravindra H. Dholakia |
|
Designation : |
Director |
|
Address : |
313, Indian Institute, Of. Management, Vastrapur, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
02.04.1953 |
|
Qualification : |
M.A., Ph. D in Economics |
|
Date of Appointment : |
21.05.2012 |
|
DIN No.: |
00069396 |
|
|
|
|
Name : |
Mr. Berjis M. Desai |
|
Designation : |
Director |
|
Address : |
Yezerina – II, Road No. 5, 740/741 Dadar Parsi Colony, Dadar, Mumbai –
400014, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1956 |
|
Qualification : |
Post Graduate in Law |
|
Date of Appointment : |
03.12.2012 |
|
DIN No.: |
00153675 |
|
|
|
|
Name : |
Mr. Devang S. Desai |
|
Designation : |
Whole time director |
|
Address : |
201, Parikrama, Opposite Shetrunjay Tower, Off. 132 Ft, Ring Road, Satellite,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
01.07.1956 |
|
Qualification : |
C.A. |
|
Date of Appointment : |
27.01.2010 |
|
Date of Cessation : |
17.05.2014 |
|
PAN No.: |
AACPD8157D |
|
DIN No.: |
00005743 |
KEY EXECUTIVES
|
Name : |
Mr. Parthiv P. Parikh |
|
Designation : |
Secretary |
|
Address : |
9, Vinanti Apartments, Panchvati, 2nd Floor, Lane,
Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
25.01.1962 |
|
Date of Appointment : |
17.09.2007 |
|
PAN No.: |
AEAPP8912J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No.
of Shares |
%
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
894080 |
0.08 |
|
|
99491719 |
9.05 |
|
|
630034660 |
57.29 |
|
|
630034660 |
57.29 |
|
|
730420459 |
66.41 |
|
|
|
|
|
|
90749100 |
8.25 |
|
|
3688000 |
0.34 |
|
|
94437100 |
8.59 |
|
Total shareholding of Promoter
and Promoter Group (A) |
824857559 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
308603 |
0.03 |
|
|
7789523 |
0.71 |
|
|
225406290 |
20.50 |
|
|
233504416 |
21.23 |
|
|
|
|
|
|
3916495 |
0.36 |
|
|
|
|
|
|
14221538 |
1.29 |
|
|
2443575 |
0.22 |
|
|
20866500 |
1.90 |
|
|
5590618 |
0.51 |
|
|
10000 |
0.00 |
|
|
1024949 |
0.09 |
|
|
14240933 |
1.29 |
|
|
41448108 |
3.77 |
|
Total Public shareholding (B) |
274952524 |
25.00 |
|
Total (A)+(B) |
1099810083 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1099810083 |
100.00 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Gautam S Adani / Priti G Adani on behalf Gautam S Adani Family Trust |
88,36,750 |
0.80 |
|
2 |
Gautam S Adani / Rajesh S Adani on behalf S B Adani Family Trust |
62,11,97,910 |
56.48 |
|
3 |
Adani Properties Private Limited |
9,94,91,719 |
9.05 |
|
4 |
Vinod Shantilal Adani |
9,07,49,100 |
8.25 |
|
5 |
Ventura Power Investments Private Limited, Mauritius |
36,88,000 |
0.34 |
|
6 |
Bhavik B Shah |
37,000 |
0.00 |
|
7 |
Rakesh R Shah |
6,11,080 |
0.06 |
|
8 |
Surekha B Shah |
34,000 |
0.00 |
|
9 |
Priti R Shah |
1,96,000 |
0.02 |
|
10 |
Vinod N Sanghvi |
16,000 |
0.00 |
|
|
Total |
82,48,57,559 |
75.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Janus Overseas Fund |
18014015 |
1.64 |
|
|
2 |
Gudami International Pte Limited |
13547864 |
1.23 |
|
|
3 |
Emerging India Focus Funds |
19622071 |
1.78 |
|
|
4 |
Elara India Opportunities Fund Limited |
21867223 |
1.99 |
|
|
5 |
HSBC Bank (Mauritius) Limited |
25429340 |
2.31 |
|
|
6 |
Cresta Fund Limited |
20879365 |
1.90 |
|
|
7 |
Albula Investment Fund Limited |
17076217 |
1.55 |
|
|
|
Total |
136436095 |
12.41 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of spanning
coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics,
power generation and transmission, gas distribution. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· State Bank of India, Ahmedabd ICICI
Bank Limited, Mumbai Axis
Bank Limited, Ahmedabd Standard
Chartered Bank, Mumbai Bank of
Maharashtra, Mumbai HDFC
Bank Limited, Mumbai IDBI
Bank Limited, Ahmedabad Canara
Bank, Ahmedabad |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303 /304, Milestone, Near Drive-In-Cinema, Opposite T.V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAGFD1279G |
|
|
|
|
Subsidiaries : |
· Adani Global Limited Adani
Agri Logistics Limited Adani
Agri Fresh Limited Adani
Power Limited Adani
Mining Private Limited Adani
Energy Limited Adani
Gas Limited Maharashtra
Eastern Grid Power Transmission Company Limited Mundra
LNG limited Adani
Shipping (India) Private Limited Adani
Infra (India) Limited Natural
Growers Private Limited Chendipada
Collieries Private Limited Adani
Port and Special Economic Zone Limited Parsa
Kente Collieries Limited Adani
Welspun Exploration Limited Rajasthan
Collieries Limited Adani
Transmission Limited (w.e.f. 09.12.2013) Adani
Synenergy Limited (w.e.f. 14.02.2014) Adani
Agri Logistics (MP) Limited (21.03.2014) Adani
Power Dahej Limited (w.e.f. 28.09.2013) Adani
Pench Power Limited (w.e.f. 28.09.2013) Kutchh
Power Generation Limited (w.e.f. 28.09.2013) |
|
|
|
|
Step-down Subsidiary Entities : |
· Adani Power Maharashtra Limited Adani
Power Rajasthan Limited Adani
Transmission (India) Limited (w.e.f. 02.12.2013) Adani
Transmission (Maharashtra) Limited (w.e.f. 04.12.2013) Adani
Ennore Container Terminal Private Limited (w.e.f. 18.02.2014) Adani
Warehousing Services Private Limited Adani
Hospitals Mundra Private Limited (w.e.f. 01.11.2013) Mahaguj
Power Limited Sarguja
Rail Corridor Private Limited Adani
Chendipada Mining Private Limited Adani
Resource Private Limited Mundra
SEZ Textile and Apparel Park Private Limited Karnavati
Aviation Private Limited MPSEZ
Utilities Private Limited Adani
Logistics Limited Mundra
International Airport Private Limited Adani
Hazira Port Private Limited Adani
Petronet (Dahej) Port Private Limited Hazira
Infrastructure Private Limited Hazira
Road Infrastructure Private Limited Adani
Vizag Coal Terminal Private Limited Adano
Global Pte Limited, Singapore Adani
Shipping Pte Limited, Singapore Rahi
Shipping Pte. Limited, Singapore Vanshi
Shipping Pte. Limited., Singapore Adani
Global FZE, Dubai Adani
Mining Pty Limited, Australia PT
Adani Global, Indonesia PT
Adani Global Coal Trading, Indonesia PT Coal
Indonesia, Indonesia PT
Mundra Coal, Indonesia PT
Sumber Bara, Indonesia PT
Energy Resources, Indonesia PT
Sumber Dana Usaha, Indonesia PT
Setara Jasa, Indonesia PT
Niaga Antar Bangsa, Indonesia PT
Niaga Lintas Samudra, Indonesia PT Gemilang
Pusaka Pertiwi, Indonesia PT
Hasta Mundra, Indonesia PT
Karya Pernitis Sejati, Indonesia PT
Lamindo Inter Multikon, Indonesia PT
Mitra Naiga Mulia, Indonesia PT Suar
Harapan Bangsa, Indonesia PT
Tambang Sejahtera Bersama, Indonesia PT
Adani Sumselon, Indonesia Aanya
Maritime Inc. panama Aashna
Maritime Inc. panama Adani
Minerals Pty Limited, Australia Surguja
Power Private Limited Adani
Kandla Bulk Terminal Private Limited Chemoli
Adani Pte Limited, Singapore Adani
Murmugao Port Terminal Private Limited Chemoli
Adani Private Limited AWEL
Global Limited, UAE Galilee
Tansmission Holdings Trust Galilee
Transmission Holdings Pty Limited Galilee
Transmission Pty Limited |
|
|
|
|
Associates : |
· Adani Advisory LLP Delhi
Golf Link Properties Private Limited GSPC
LNG Limited |
|
|
|
|
Joint Control Entities : |
·
Adani Wilmar Limited ·
CSPGCL AEL Parsa Collieries Limited ·
Adani Wilmar Pte. Limited Singapore ·
Adani International Container Terminal Private
Limited ·
AWN Agro Private Limited |
|
|
|
|
Enterprises over which have significant influence : |
·
Adani Properties Private Limited ·
Adani Foundation ·
Adani Education and Research Foundation |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3208200000 |
Equity Shares |
Re. 1/- each |
Rs. 3208.200 Millions |
|
4500000 |
Preference Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 3253.200
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1099810083 |
Equity Shares |
Re. 1/- each |
Rs. 1099.800 Millions |
|
|
|
|
|
Reconciliation of the Number of Shares Outstanding
|
Particulars |
As at 31st
March, 2014 |
|
|
Nos. |
Rs. in Millions |
|
|
Equity Shares |
|
|
|
At the beginning of the year |
1099810083 |
1099.800 |
|
Movements for the year |
-- |
|
|
Outstanding at the end of the year |
1099810083 |
1099.800 |
Rights, Preference and Restrictions Attached to Each Class of Shares
The company has only one class of Equity Shares having a par value of Re. 1/- per share and each holder of the Equity Shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
For the financial year ended 31st March, 2014, the Board has proposed a final dividend of Rs. 1.40 per share. (31st March, 2013: Rs. 1.40 Per Share)
In the event of Liquidation of the company, the holders of the equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no preferential amounts exist currently. The distribution will be in proportion to the number of shares held by the shareholders.
Aggregate number of
bonus shares issued, share issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
|
Particulars |
As at 31st
March, 2014 |
|
Equity shares allotted as fully paid Bonus shares by capitalization of securities premium |
248015675 |
|
Equity shares allotted as fully paid shares pursuant to the scheme of amalgamation |
464899087 |
|
Total |
712914762 |
Details of shareholders holding more than 5% shares in the company
|
Particulars |
As at 31st
March, 2014 |
|
|
Nos. |
% Holding |
|
|
Equity Shares |
|
|
|
Equity Shares of
Rs. 1 each fully paid |
|
|
|
Gautam S. Adani / Rajesh S. Adani (On behalf S.B. Adani Family Trust) |
621197910 |
56.48% |
|
Vinod Shantilal Adani |
90749100 |
8.25% |
|
Adani Agro Private Limited |
83089065 |
7.55% |
|
|
795036075 |
72.28% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1099.800 |
1099.800 |
1099.800 |
|
(b) Reserves & Surplus |
99242.900 |
102569.600 |
98920.800 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
100342.700 |
103669.400 |
100020.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
20405.800 |
14900.000 |
8577.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
726.100 |
226.800 |
|
(c) Other long term liabilities |
2500.900 |
3412.500 |
2873.200 |
|
(d) long-term provisions |
61.100 |
51.900 |
43.400 |
|
Total Non-current Liabilities (3) |
22967.800 |
19090.500 |
11720.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
39735.000 |
34382.700 |
7050.700 |
|
(b) Trade payables |
49844.000 |
37703.600 |
17682.800 |
|
(c) Other current
liabilities |
10822.500 |
6352.900 |
3818.700 |
|
(d) Short-term provisions |
1858.800 |
1827.600 |
1429.000 |
|
Total Current Liabilities (4) |
102260.300 |
80266.800 |
29981.200 |
|
|
|
|
|
|
TOTAL |
225570.800 |
203026.700 |
141722.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9066.400 |
8954.600 |
8893.800 |
|
(ii) Intangible Assets |
173.300 |
215.300 |
263.200 |
|
(iii) Capital
work-in-progress |
2548.600 |
1634.900 |
1452.400 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
65505.900 |
40461.000 |
35456.900 |
|
(c) Deferred tax assets (net) |
1111.500 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
42210.700 |
57532.100 |
37784.200 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
5.500 |
|
Total Non-Current Assets |
120616.400 |
108797.900 |
83856.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10.000 |
205.900 |
824.400 |
|
(b) Inventories |
10685.100 |
7367.100 |
6433.100 |
|
(c) Trade receivables |
31130.200 |
36983.200 |
18330.300 |
|
(d) Cash and cash
equivalents |
2608.800 |
18988.800 |
3744.600 |
|
(e) Short-term loans and
advances |
59384.300 |
30011.000 |
27148.000 |
|
(f) Other current assets |
1136.000 |
672.800 |
1385.800 |
|
Total Current Assets |
104954.400 |
94228.800 |
57866.200 |
|
|
|
|
|
|
TOTAL |
225570.800 |
203026.700 |
141722.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
117893.100 |
118908.800 |
52822.000 |
|
|
|
Other Income |
12041.500 |
6140.300 |
4616.500 |
|
|
|
TOTAL |
129934.600 |
125049.100 |
57438.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1.200 |
102.900 |
49.300 |
|
|
|
Purchase of traded goods |
104498.800 |
100911.100 |
45089.200 |
|
|
|
(Increase)/ Decreases in inventories |
(3309.500) |
(1092.500) |
(1541.700) |
|
|
|
Employee Benefits Expenses |
1481.500 |
1232.000 |
1041.500 |
|
|
|
Other Expenses |
22683.300 |
16217.500 |
6951.000 |
|
|
|
TOTAL |
125355.300 |
117371.000 |
51589.300 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4579.300 |
7678.100 |
5849.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
7611.800 |
3021.000 |
1650.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3032.500) |
4657.100 |
4198.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
590.700 |
575.500 |
299.000 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD ITEMS BEFORE TAX |
0.000 |
0.000 |
9.000 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
0.000 |
2029.900 |
-20.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(3623.200) |
6111.500 |
3870.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1836.200) |
913.100 |
253.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(1787.000) |
5198.400 |
3617.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. Basis |
0.000 |
172.900 |
0.000 |
|
|
|
Other Income |
4.200 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
4.200 |
172.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
78617.700 |
75768.200 |
32373.900 |
|
|
|
Capital Goods |
4.500 |
9.600 |
4055.200 |
|
|
TOTAL IMPORTS |
78622.200 |
75777.800 |
36429.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.62) |
4.73 |
3.29 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
4,0568.100 |
|
Total Expenditure |
|
|
4,0632.000 |
|
PBIDT (Excl OI) |
|
|
(63.900) |
|
Other Income |
|
|
2541.900 |
|
Operating Profit |
|
|
2478.000 |
|
Interest |
|
|
2190.600 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
287.400 |
|
Depreciation |
|
|
222.300 |
|
Profit Before Tax |
|
|
65.100 |
|
Tax |
|
|
54.800 |
|
Provisions and
contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
10.300 |
|
Extraordinary
Items |
|
|
0.000 |
|
Prior Period
Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
10.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(1.38) |
4.16 |
6.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.07) |
5.14 |
7.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.32) |
3.80 |
3.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.06 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60 |
0.48 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.17 |
1.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1099.800 |
1099.800 |
1099.800 |
|
Reserves & Surplus |
98920.800 |
102569.600 |
99242.900 |
|
Net
worth |
100020.600 |
103669.400 |
100342.700 |
|
|
|
|
|
|
long-term borrowings |
8577.000 |
14900.000 |
20405.800 |
|
Short term borrowings |
7050.700 |
34382.700 |
39735.000 |
|
Total
borrowings |
15627.700 |
49282.700 |
60140.800 |
|
Debt/Equity
ratio |
0.156 |
0.475 |
0.599 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
52822.000 |
118908.800 |
117893.100 |
|
|
|
125.112 |
(0.854) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
52822.000 |
118908.800 |
117893.100 |
|
Profit |
3617.200 |
5198.400 |
(1787.000) |
|
|
6.85% |
4.37% |
(1.52%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current
Maturities of Long Term Debts |
|
|
|
|
Term Loan from Banks |
4625.400 |
1100.000 |
0.000 |
|
Inter Corporate Loans |
1000.000 |
500.000 |
0.000 |
|
Total |
5625.400
|
1600.000 |
0.000 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
10510390 |
02/07/2014 |
2,150,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVERY OF INDIA, DR. |
C12317822 |
|
2 |
10510392 |
02/07/2014 |
2,850,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVERY OF INDIA, DR. |
C12319570 |
|
3 |
10507214 |
28/06/2014 |
4,200,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C09991837 |
|
4 |
10490674 |
12/05/2014 |
9,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C03150315 |
|
5 |
10474590 |
24/01/2014 |
3,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B95080479 |
|
6 |
10466580 |
18/12/2013 * |
1,250,000,000.00 |
ICICI BANK LIMITED |
REGIONAL OFFICE,
ICICI TOWER, NBCC PALACE, BHISM |
B92263102 |
|
7 |
10400183 |
22/01/2013 |
5,000,000,000.00 |
BANK OF MAHARASHTRA |
L.J. ROAD, MAHIM (WEST), MUMBAI, MAHARASHTRA - 400016, INDIA |
B66965443 |
|
8 |
10308697 |
19/12/2012 * |
4,750,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, AXIS HOUSE, BOMBAY DYING MILLS COMPOUND, PANDURANG BUDHAKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B65779068 |
|
9 |
10310361 |
25/09/2012 * |
10,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B59193110 |
|
10 |
10303432 |
28/01/2013 * |
7,949,550,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND
FLOOR, NEAR MITHAKHALI SIX RO |
B68164490 |
|
11 |
10284322 |
15/04/2011 |
2,750,000,000.00 |
ICICI BANK LIMITED |
1ST FLOOR, JMC HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA |
B11642642 |
|
12 |
10285629 |
09/04/2014 * |
1,250,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA |
C04694634 |
|
13 |
10252059 |
24/11/2010 |
5,000,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B00140228 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances
from Related Parties |
|
|
|
Loans from Subsidiary Company |
6680.800 |
0.000 |
|
Inter – Corporate Loans |
500.000 |
1000.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from related parties repayable on demand |
16618.300 |
2788.700 |
|
From Banks |
|
|
|
Term Loan |
4500.000 |
3500.000 |
|
Total |
28299.100 |
7288.700 |
CORPORATE
INFORMATION
The Company is a public Company domiciled in India and incorporated under
the provisions of Companies Act, 1956. The Company along with its subsidiaries
('Adani Group') is a global integrated infrastructure player with businesses
spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal
logistics, power generation and transmission, gas distribution.
PERFORMANCE OF THE
COMPANY
On standalone basis, the Company registered gross revenue of Rs. 129934.600 Millions as compared to Rs. 125049.100 Millions in the previous year. During the year, the company incurred a loss of Rs. 1787.000 Millions primarily due to foreign exchange impact on account of depreciation of the Rupee against major currencies.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OUTLOOK
Global economic growth began to recover in FY 2013-14 with much of the impetus coming from advanced economies and is expected to improve further in FY 2014-15. The strengthening in activity was mirrored in global trade and industrial production. After witnessing a decline in GDP growth in two consecutive years, a modest recovery in Indian economy was seen in FY 2013-14. As per the latest estimate of Asian Development Bank, Indian GDP is expected to grow at 5.5% in FY 2014-15. Indian economic growth is likely to accelerate as the reform process continues and begins to bear fruit. The pick-up will be aided by implementation of stalled projects, debottlenecking of the mining sector and a recovery in industry on higher external demand.
Investment demand in India is likely to pick in FY 2014-15. Inflation is likely to be lower and remain in control which will drive the growth of manufacturing activity. The mining sector, industrial sectors are expected to return to growth. Due to El Nino effect, monsoon is going to be moderate in FY 2014-15, which will impact the growth of agricultural sector. Some revival in services growth led by higher exports as well as a positive rub off from higher industrial growth is expected.
India offers a huge opportunity for investment. There is tremendous scope for the growth of infrastructure segment. The Central and the State Governments are focusing on development and inclusive growth. With several policy measures announced by the Government coupled with seamless execution, focus on process improvement, providing end to end solutions to customer and quality of operation, the Company continues delivery in its focus areas of Resources, Logistics and Energy.
OPERATIONAL
PERFORMANCE
The Company continues to strengthen its competitiveness in the global market and postedan encouraging performance for the year under review.
• RESOURCES
India's state enterprises still depends upon coal to fulfill its energy requirement and have struggled to meet the rising energy demand and faced challenges in obtaining the natural resources necessary for growth. This means that more investment in coal mining and infrastructure capacities will be needed in the countries that can fill the emerging coal gap on the Asian continent. It offers security of supply for coal while mitigating price and political risks.
The Company is focused on this sector of national importance and strategically placed to help overcome those challenges through developing and operating mines in India, Indonesia and Australia as well as importing coal and providing end to end solution to the customer.
• COAL MINING
Their coal mining business involves mining, processing, acquisition, exploration anddevelopment of mining assets.
• COAL MINING IN
INDONESIA
PT Adani Global, Indonesia a wholly-owned subsidiary of the Company, has been awarded coal mining concessions in PT Lamindo Inter Multikon and PT Mitra Niaga Mulia (step down subsidiaries) in Bunyu island, Indonesia from which coal is used for the captive consumption in power projects. The Bunyu Mines has Joint Ore Reserves Committee (JORC)compliant resource of 269 Million Metric Tonnes (MMT) for both the mines (i.e. combined).Production during the year 2013-14 has been at 3.12 Million Metric Tonnes (MMT).
• COAL MINING IN
AUSTRALIA
Their wholly owned step down subsidiaries in Australia have 100% interest in the Carmichael Coal Mine in the Galilee Basin in Queensland, Australia. During the year \, the Company has undertaken various mine optimisation studies and is currently undertaking bankable feasibility study for the project. The Carmichael Coal Mine has JORCcompliant resource of 11.04 billion tonnes of coal. The mine is being developed for producing 100 MMTPA of coal at peak capacity.
• DOMESTIC COAL
MINING OPERATIONS
In India, Government has allotted coal blocks to Central and State Government Companies as part of public private partnership model. They appoint a Mine Developer and Operator("MDO") to undertake all activities relating to the development and operations of the coal block. The Company has pioneered MDO business in India and has five such Coal Blocks under this business model.
• PARSA EAST AND
KENTE BASAN COAL BLOCK
Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL") has been allocated the Parsa East and Kente Basan coal blocks in Chhattisgarh. To undertake the MDOoperations, the Company entered into a joint venture agreement with RRVUNL to form Parsa Kente Collieries Limited ("PKCL"). This entails development, mining, beneficiation of coal, arranging transportation and delivery of washed coal to end power projects of RRVUNL at Rajasthan.
The project had started Mining Operations and dispatches of coal to Thermal Powerstations of RRVUNL in FY 2013-14. For FY 2013-14, Raw Coal Production was 1.19 MMT, Washed Coal Production was 0.97 MMT and Washed Coal Dispatch to Thermal Power Plants of RRVUNL was 0.95 MMT.
• MACHHAKATA COAL
BLOCK
The Company has been selected as Mine Developer and Operator (MDO), by Mahaguj Collieries Limited, a Joint Venture of Maharashtra State Power Generation Company Limited(MAHAGENCO) and the Gujarat State Electricity Corporation Limited (GSECL) for development and operation of the Machhakata coal block in Odisha. This entails the development of the coal block, mining of coal from the coal block and supplying coal to the designated thermal power plants of MAHAGENCO and GSECL. Preliminary project activities including workon Land Acquisition are at advanced stage.
• PARSA COAL BLOCK
Chhattisgarh State Power Generation Company Ltd. (CSPGCL) has been allocated the Parsa Captive Coal Block in Chhattisgarh. The Company has entered into a joint venture agreement with CSPGCL and formed joint venture Company, CSPGCL AEL Parsa Collieries Ltd.,("JVC") in the State of Chhattisgarh. This entails development and operation ofthe Parsa Captive Coal Block and transportation of coal up to End-use Thermal PowerStation located at Marwa, Chhattisgarh. Public Hearing for Environment Clearance has been conducted successfully in the Project area. Application for Land Acquisition submitted and other preliminary project activities are under process.
• CHENDIPADA COAL
BLOCK
The Company has been selected as Mine Developer and Operator (MDO), by UCM Coal Company Limited, a Joint Venture of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Chhattisgarh Mineral Development Corporation Limited (CMDC) and Maharashtra State Power Generation Company Limited (MAHAGENCO) for development and operation of the Chendipada and Chendipada II coal block in the District Angul, State of Orissa. The Company will undertake development and operation of the Chendipada coal block, which includes mining, beneficiation of coal, arranging transportation and delivery of washed coal to end power projects of UPRVUNL, CMDC and MAHAGENCO. Administrative approval from the Government of Orissa has been received, and preliminary project activities including works related to Land acquisition are under process. The environment and other approvals and clearances are expected in due course.
• KENTE EXTENSION
COAL BLOCK
Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL") has been allocated the Kente Extension coal block at Chhattisgarh. To undertake the MDO operations, the Company entered into a joint venture agreement with RRVUNL to form Rajasthan Collieries Limited. This entails development, mining, beneficiation of coal, arranging transportation and delivery of washed coal up to end use Power Plants of RRVUNL at Rajasthan.
• COAL TRADING
The Company remains the largest procurer of thermal coal in India with consistently high volume. As India's power demand soars and the primary source of fuel for power generation still remains coal combined with domestic coal supply scenario, India will be dependent on imported coal for coal fired power generation capacity in future. The Company provides multiple services of procurement and logistics for its customers. The major coal sourcing is from suppliers in Indonesia, South Africa and other locations and supply it to various customers in India.
The Company, through its subsidiaries, has entered into long-term arrangement for uninterrupted supply of imported coal with some of the biggest suppliers in Indonesia. The Company has strong customer base of central and state utilities and private power producers. Coal demand in the country is increasing significantly year on year, which will strengthen the Company's presence in this segment. The Company also continues to improve coal trading business by expanding sourcing network, cost effective shipping and timely delivery at power stations.
• EDIBLE OIL AND
AGRO-COMMODITIES TRADING
The Company entered the edible oil refining business through a 50:50 joint venture Company, Adani Wilmar Ltd. (“Adani Wilmar”) with Singapore's Wilmar Group. Adani Wilmar has performed remarkably well and has retained its market leadership position inthe Indian cooking oil consumer pack segment with market share of more than 19%.
Each year Adani Wilmar is scaling new heights with tremendous growth in terms of sales volume. With the help of a clutter-breaking brand building campaign and an acute focus on retail level market penetration, in the last year, Adani Wilmar has witnessed a good volume growth in sales of Fortune oil.
With its new offering, Fortune Rice Bran Health oil, Adani Wilmar has successfully created a special niche in the cooking oil market in India. The urban health-conscious Indians are now making an informed shift from other categories of oil that they have been currently using to rice bran oil. Fortune Rice Bran Health oil continues to be the unanimous leader in the rice bran oil market barely 17 months after its launch with a volume share of 30%, while the closest competition caters to only 15% of the rice bran oil market (Source: Nielsen ROCP Report -March 2014).
During the year, Adani Wilmar has launched Fortune Besan in selected markets and this year plan is to expand perimeter of those markets while at the same time drilling deeperin terms of further retail penetration. As of now Fortune Besan is doing quite good in the market. There have been good consumer reviews about this product.
Market for Soya products is emerging in India because of growing health consciousness among the urban Indian households. To cater to this need, this year Adani Wilmar isbringing out new offerings, Soya Nuggets. These Soya chunks will soon be available inmajor markets in the country. Adani Wilmar also aims to launch other value added Soyaproducts to its product basket. Adani Wilmar's long term plan would be to extend its lineof offerings to various pulses and other ready-to-eat food products.
Fortune Cooking Oil has been selected as the Most Valuable Brand for the year 2013-14by World Consulting and Research Corporation (WCRC) which was advised and evaluated byKPMG India.
Fortune Brand has been awarded The Gold award in The Readers' Digest Trusted Brand Survey in 2013-14.
• AGRI FRESH BUSINESS
Adani Agri Fresh Limited (AAFL) our wholly owned subsidiary has been developing integrated storage, handling and transportation infrastructure for horticulture produce.AAFL has set up modern controlled atmosphere storage facilities at three locations, Rewali, Sainj, and Rohru in Shimla District of Himachal Pradesh with a combined capacity of approximately 18,000 metric tonnes of Apple per annum. AAFL has also set up a marketing network in major towns across India to cater to the needs of wholesale, cash and carry and organized retail customers. AAFL which is marketing Indian fruits under the brand name 'Farm-Pik', has expanded its footprints in the branded fruit segment and is giving a competition to Imported Apples. The Company also imports Apple, Pear, Kiwi, Orange, Grapes etc. from various countries for sale in India.
• AGRO-STORAGE BUSINESS
Adani Agri Logistics Limited (AALL), their wholly owned subsidiary, had entered into a service agreement with the Food Corporation of India (FCI) for bulk food grains handling,storage and transportation network on a commercial Build, Own and Operate Basis for a period of 20 years. The project was started in 2007 and it is now in the 7th year of successful operations. At present, AALL has seven storage facilities in India, including Moga, Kaithal, Hooghly, Navi Mumbai, Chennai, Coimbatore and Bangalore. The total storage capacity of 5.5 Lac MT food grain is spread across these seven locations. The Company is eligible for revenues based on Annual Guaranteed Tonnage of 4 Lac MT irrespective of actual usage by FCI. It also has 7 special purpose bulk food grain rakes. The Company has recently won tenders for seven locations at Vidisha, Dewas, Harda, Hoshangabad, Satna, Ujjain and Raisen in the State of Madhya Pradesh for setting up grain storage silos for Madhya Pradesh Warehousing and Logistics Corporation (MPWLC) under VGF grant from Central Government on Design, Build, Finance, Operate and Transfer (DBFOT) model.
• LOGISTICS
India has around 7,517 K.M. of natural coastline with 13 Major Ports and 187 Non-Major and intermediates ports operating in eastern and western coasts of the country. Indian seaports have played a pivotal role in the development of maritime trade and economy, Indian seaports act as gateways to the International trades and accounts for over 95% of India’s total cargo volumes and 70% in terms of value.
The Company's subsidiary, Adani Ports and Special Economic Zone Limited (Adani Ports) hasshown robust performance during the year under review.
• PORTS OPERATION AND
GROWTH
Adani Ports has developed and operate the port at Mundra in Gujarat. Mundra Port become the first commercial port in India to achieve the milestone of handling 100 MMT of cargo, thereby joining the elite club of global ports who have reached this milestone. Mundra port ranks 1st in terms of total cargo handled in FY 2013-14 in India, amongst Commercial Port. It has a dry bulk terminal at the port at Dahej and a multi-purpose terminal and a container terminal at the port at Hazira in Gujarat. Adani Ports handled 112.75 MMT of consolidated cargo in FY 14, a growth of 24% over a year ago.
Adani Ports would continue to raise the benchmark in Indian Port sector with best inclass infrastructure and very high operational parameters and service standards.
• Capacity
Adani Ports has developed and operates 10 terminals having 28 berths to handle bulk and container cargo and 2 single point mooring facilities at the ports of Mundra, Dahej and Hazira. The port of Mundra has 4 bulk terminals having 15 berths to handle dry as well as liquid bulk cargo, 3 container terminals having 6 berths and 2 offshore single point mooring facilities for handling crude cargo. At the port of Dahej, Adani Ports has developed and operates a dry bulk cargo terminal having 2 berths. It has also developed and operates 1 bulk terminal having 3 berths to handle dry as well as liquid bulk cargo and 1 container terminal having 2 berths to handle container cargo at the port of Hazira.
Adani Ports' three operational facilities on the west coast of India are capable of handling cape size bulk cargo vessels and more than 14,000 TEUs container vessels. The Company also provides other services, including infrastructure, leasing and logistics services at the Mundra Port 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 their ports are bulk, container and crude oil cargo. Port services include marine, handling intra-port transport, storage, 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. This helps Adani Ports 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.
• EXPANSION PLANS
Significant expansion plans of Adani Ports have been completed and it is in process of implementing certain other expansion projects. Adani Ports has completed construction of Coal Handing Terminal at Murmugao and Vizag Ports. It is in process of developing Bulk Terminal at Kandla Port and has recently been awarded a concession to develop Container Handing Terminal at Ennore Port, Tamil Nadu over 6 years of time.
• SPECIAL ECONOMIC
ZONE
Adani Ports has been focusing on development of robust infrastructure for supporting the industrial development within the Special Economic Zone (SEZ). This SEZ, one of the largest port based multi-product SEZ in the Country, has almost all infrastructure facilities i.e. multimodal connectivity (Rail/Road/Sea/Air), Utilities (power generation, distribution network, water supply, sewage and effluent treatment facilities etc.),warehousing/storage/logistic facilities, Port facilities for handling all types of cargo and social infrastructure (housing, hospital, school etc.) required for setting up businesses.
Till 31st March, 2014, 27 Units were approved by the office of Development Commissioner. Some of them have already started operations and export activities. Some are still under construction. These units have already invested over Rs. 1,670 Crores.
• ENERGY
India is the 5th largest producer of electricity in the world. At an electricity-GDP elasticity ratio of 0.8, electricity will continue to remain a key input for India’s economic growth. Electricity demand is likely to reach 1,354 BU by FY 2016-17 and 1,904 BUby FY 2021-22 whereas peak demand will reach 202 GW and 295 GW over the same period respectively.
For the 12th plan period (FY 13-17), the Government of India has targeted capacity addition of 88,537 MW against which capacity addition of 38,448 MW has been achieved uptoFY 2013-14. During FY 2013-14, a capacity addition of 17,428 MW has been achieved which is97% of the target of 18,432 MW. Private sector contribution accounts for 67% in the total capacity addition during FY 2013-14.
• POWER GENERATION
OPERATIONS
The Company's listed subsidiary Adani Power Limited (Adani Power) is developing various power projects with a combined installed capacity of 9,240 MW, out of which 8,580 MWgeneration capacity is operational, comprising of 4,620 MW at Mundra, Gujarat, 2,640 MW at Tiroda, Maharashtra and 1,320 MW at Kawai, Rajasthan.
It is matter of great pride that with the commissioning of the fourth unit of the Tiroda plant in March, 2014, Adani Power has become the largest private power producer in the country. The Company has accounted for 15% of the 17,000 MW of capacity added by developers in India in FY 2013-14.
Adani Power was the first to implement and commission the 660 MW supercritical technology units in India and is currently operating the largest supercritical technology capacity in the country.
The fifth unit of 660 MW at Tiroda is in advanced stages and is expected to be commissioned within the first quarter of FY 2014-15, taking their aggregate generation capacity to 9,240 MW 12 supercritical technology units of 660 MW each and 4 subcritical technology units of 330 MW each. During the year the Company sold on a consolidated basis40 Billion units.
Adani Power has strategically sold almost 90% of its net capacity under Long Term PPAs. Envisaging the short term market trends, it has contracted around half of its available merchant capacity under Medium Term PPAs of 3-5 years. This has gone a long way in mitigating the risk of unsold capacity and falling realizations in short term markets.
• NEW DEVELOPMENT
In June 2013, the Cabinet Committee on Economic Affairs acknowledged the hardships faced by power plants which are forced to meet their requirements through costlier imported coal supplies due to the shortage of domestic coal supplies. Accordingly, they approved coal supplies to a capacity of 76,501 MW projects having linkages and a capacity of 4,660 MW projects not having linkages. Vide their decision, higher cost of imported coal is to be considered for pass through as decided by appropriate regulatory commissions. This also prompted amendments to the National Coal Distribution Policy(NCDP).
Despite facing huge financial losses, the Mundra power plant has been supplying power to the States of Gujarat and Haryana fulfilling its PPA commitments in good faith in interest of the consumers. The Central Electricity Regulatory Commission (CERC) order is awelcome step forward in helping them sustain the operations at Mundra and in maintaining their unflinching commitment to honour PPAs. The order shall mitigate hardships to some extenton account of energy charges.
• TRANSMISSION
Adani Power and its subsidiary i.e. Adani Power Maharashtra Limited have established following transmission lines:
1) +/- 500 kv HVDC transmission line of about 990 kms from Mundra, Gujarat toMohindergarh, Haryana with associated 400 kv lines.
2) 400kv D/C transmission line of about 434 kms from Mundra, Gujarat to Dehgam, Gujarat.
3) 400 kv D/C transmission line of about 218 kms from Tiroda, Maharashtra to Warora, Maharashtra.
For better regulatory compliance and efficient and focused management of transmission line business, the Board of Directors of Adani Power approved demerger of transmission line business into a wholly owned subsidiary company. Accordingly, the Board of Directors of Adani Power in its meeting held on 28th December, 2013 approved scheme of arrangement for demerger of its transmission line business and of Adani Power Maharashtra Ltd. into its wholly owned subsidiary namely, Adani Transmission (India) Limited (earlier Adani Transmission (Gujarat) Limited). Adani Power has also received approval of Stock Exchanges to the said Scheme and process of further approval to the scheme is being carried out.
• SOLAR
During the year under review, the Company efficiently operated the 40 Megawatt (MW)solar power plants at Bitta-Naliya, Kutchh, Gujarat. The plant was certified for Occupational Health and Safety Management System in accordance with ISO 18001:2007 by Bureau of Indian Standards. The plant was also certified for Management System ISO14001:2004 for protection of environment and its continual improvement and ISO 9001:2008for Quality Management System by TUVNORD, a technical inspection association based at Germany.
• CITY GAS
DISTRIBUTION
Their city gas distribution business is undertaken through their Wholly Owned Subsidiary, Adani Gas Limited (“Adani Gas”) with an objective to provide Piped Natural Gas(“PNG”) to household and industrial consumers and Compressed Natural Gas(“CNG”) for use in automobiles. Adani Gas has set up a gas distribution network of approximately 410 km of steel pipeline network and approximately 4,100 km of polyethylene pipelines spread across Ahmedabad and Vadodara in Gujarat and Faridabad inHaryana, Noida, Khurja and Lucknow in Uttar Pradesh and Jaipur and Udaipur in Rajasthan, and 63 CNG stations in Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana. AdaniGas is also serving approx. 850 industrial units, 1,78,000 households and 1,300 commercial units in these cities through its infrastructure network.
Adani Gas has received “No Objection Certificates” from respective State Governments to develop, construct, own, operate and maintain city gas distribution projects in Gujarat, Lucknow, Noida, and Khurja in Uttar Pradesh, and Udaipur, Jaipur in Rajasthan. It has already initiated the infrastructure development in these cities to meet the fuel needs of industrial and domestic consumers. Pursuant to the enactment of the Petroleum and Natural Gas Regulatory Board Act, 2006, Adani Gas has applied to Petroleum and Natural Gas Regulatory Board for authorization of its operations in Gujarat, Lucknow, Noida, Udaipur and Jaipur. Adani Gas has already received authorization for Khurja in Uttar Pradesh.
Adani Gas has also signed an MOU with IOCL (JV) for distribution of gas in Allahabad(U.P) and Chandigadh (Haryana and Punjab).
• KEY STRATEGIC
INITIATIVES
Along the group's core integrated infrastructure businesses, Adani has interests in Ships fueling.
• SHIP FUELING
The Company through its subsidiary, Chemoil Adani Private Limited (CAPL), trades in ship bunker (Fuel oil and Marine Gas Oil) in India. Currently, the Company has its operationsat Mundra, Goa and Chennai and is planning for expansion at Vizag and Haldia during the FY 15.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE,
2014
PART I
(Rs. in millions)
|
Sr. No. |
Particulars |
Standalone Quarter Ended |
|
30.06.2014 (Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
Net Sales / Income from Operations |
40539.400 |
|
|
Other Operating Income |
28.700 |
|
|
Net Sales/Income
from Operations (Net) |
40568.100 |
|
|
|
|
|
2 |
Expenses |
|
|
|
Cost of materials consumed |
-- |
|
|
Purchase of stock in trade |
33561.000 |
|
|
Changes in inventories of finished goods, work-in-progress
and stock in trade |
646.500 |
|
|
Employees benefit expenses |
425.300 |
|
|
Depreciation and amortization expenses |
222.300 |
|
|
Other Expenses |
4913.700 |
|
|
Foreign exchange (gain)/ loss |
1085.500 |
|
|
Total Expenses |
40854.300 |
|
3 |
Profit
From Operations before other income, finance cost and exceptional item |
|
|
4 |
Other income |
2541.900 |
|
5 |
Profit
From Operations before finance cost and exceptional item |
2255.700 |
|
6 |
Finance Cost |
2190.600 |
|
7 |
Profit
from Ordinary Activities after finance costs but before exceptional
items |
65.100 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit
from Ordinary Activities before tax |
65.100 |
|
10 |
Tax Expense |
54.800 |
|
11 |
Net
profit from Ordinary Activities after tax |
10.300 |
|
12 |
Paid-up Equity Share Capital (Face Value of Re.1/- Each) |
1099.800 |
|
13 |
Reserves Excluding Revaluation Reserve as per balance sheet of previous accounting year |
-- |
|
14 |
Earning per share (EPS) on (face value of Re. 1/- each) (Not Annualised) Basic and Diluted |
0.01 |
|
|
|
|
|
|
PART
II |
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
|
|
|
Public
Shareholding |
|
|
|
-Number of Shares |
274952524 |
|
|
- Percentage of Shareholding |
25.00 |
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
993871.00 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
12.05 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
9.04 |
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
725470459 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
87.95 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
65.96 |
|
Particulars
|
Quarter ended 30.06.2014 |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
Remaining unresolved at the end of the quarter |
0 |
NOTE
1. The aforesaid Financial Results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on August 09, 2014.
2. The Statutory Auditors have carried out limited review of Standalone
Financial Results of the company for the quarter ended on June 30, 2014.
3. Tax expenses includes current tax, deferred tax and adjustment of taxes for
the previous year.
4. Effective from April 01, 2014, the Company has charged depreciation based on
the revised remaining useful life of assets as per the requirement of schedule
II of the Companies Act, 2013. Due to above, depreciation charged for the
quarter ended June 30, 2014 is higher by Rs. 48.500 Millions at standalone
level and by Rs. 136.400 Millions at Consolidated level. Further, based on
transitional provision provided in note 7 (b) of schedule II, an amount of Rs.
39.100 Millions (Net of deferred tax) at the standalone level and Rs. 292.500
Millions at Consolidated level has been adjusted with retained earnings.
5. During the quarter, the Company has incorporated six Wholly Owned
Subsidiaries namely, Adani Agri Logistics (MP) Limited, Adani Agri Logistics
(Harda) Limited, Adani Agri Logistics (Hoshangabad) Limited, Adani Agri
Logistics (Satna) Limited, Adani Agri Logistics (Ujjain) Limited and Adani Agri
Logistics (Dewas) Limited
6. Exceptional items represent the liquidated damages amounting to Rs. 1263.900
Millions payable on account of delay in Commercial Operations Date (COD) at
Tiroda Plant operated by Adani Power Maharashtra Limited, a subsidiary company.
7. The figures for the quarter ended March 31, 2014 represent the difference
between the audited figures in respect of full financial year concerned and the
published year-to-date figures up to the third quarter of that financial year.
8. Previous Period's/ year's figures have been regrouped / rearranged wherever
necessary, to confirm to the current quarter's / year's classification.
FIXED ASSETS
Tangible Assets
·
Land
·
Leasehold Improvements
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Electrical Fittings
·
Office Equipment
·
Computer Equipments
·
Vehicles
·
Air Craft
·
Ship
Intangible Assets
·
Software
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.61.25 |
|
|
1 |
Rs.103.02 |
|
Euro |
1 |
Rs.81.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.