MIRA INFORM REPORT
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Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED (w.e.f. 06.01.2012) |
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Formerly Known
As : |
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Registered
Office : |
“Adani House”, Near Mithakhali Six Roads, Navrangpura,
Ahmedabad – 380009, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
04-034182 |
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Capital
Investment / Paid-up Capital : |
Rs. 4168.214 Millions |
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CIN No.: [Company Identification
No.] |
L63090GJ1998PLC034182 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00515E |
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PAN No.: [Permanent Account No.] |
AAACG7917K |
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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 developing, operating and maintaining the Port and
Port based related infrastructure facilities including Multi product Special
Economic Zone. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (69) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Adani Group. It is a well-established and reputed company having fine track.
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 commitments. In view of strong holdings and experience promoters the company can be
considered normal for any 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non convertible debenture issues “AA+ Cstructured Obligation) |
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Rating Explanation |
High degree of safety and very low credit risk |
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Date |
October 14, 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 DENIED
Management Non Co-operative (91-79-26565555)
LOCATIONS
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Registered Office : |
“Adani House”, Near Mithakhali Six Roads, Navrangpura,
Ahmedabad – 380009, |
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Tel. No.: |
91-79-26565555/ 25555101/ 102 |
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Fax No.: |
91-79-26565500 |
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E-Mail : |
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Website : |
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Corporate Office : |
"Adani Corporate House", Plot No. 83,
Institutional Area, Sector 32, Gurgaon – 122001, |
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Tel. No.: |
91-124-2555000 |
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Fax No.: |
91-124-2555010 |
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Site Office : |
Post Box No. 1, |
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Tel. No.: |
91-2838-255000 |
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Fax No.: |
91-2838-255110 |
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E-Mail : |
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Branch Office 1 : |
62, Maker Chambers III, 6th Floor, Nariman Point, Mumbai –
400021, |
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Tel. No.: |
91-22-22885066/ 22022479 |
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Fax No.: |
91-22-22022323/ 22854150 |
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Branch Office 2 : |
Adani Group, 6th Floor, Hall Mark Business Plaza, Opposite
GuruNanak Hospital Bandra East, Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-66881111 |
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Fax No.: |
91-22-26561555/ 26561515 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Gautam S. Adani |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajesh S. Adani |
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Designation : |
Director |
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Name : |
Dr. Malay Mahadevia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rajeeva Ranjan Sinha |
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Designation : |
Whole Time Director (up to 16.05.2014) |
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Date of Birth/Age : |
10.11.1950 |
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Qualification : |
M.B.A., L.L.B., Master of Science in Shipping Management |
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Date of Appointment : |
12.10.2007 |
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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. |
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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 |
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Name : |
Mr. Sudipta bhattacharya |
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Designation : |
Whole Time Director (w.e.f. 15.05.2014) |
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Name : |
Mr. Arun Duggal |
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Designation : |
Director |
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Name : |
Mr. D. T. Joseph |
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Designation : |
Director (Retd.) |
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Date of Birth/Age : |
21.12.1945 |
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Qualification : |
M.A., IAS |
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Date of Appointment : |
17.09.2007 |
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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. |
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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 |
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Name : |
Prof. G. Raghuram |
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Designation : |
Director |
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Name : |
Mr. G. K. Pillai |
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Designation : |
Director (Retd.) |
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Date of Birth/Age : |
30.11.1949 |
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Qualification : |
M.Sc., IAS |
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Date of Appointment : |
19.10.2012 |
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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. |
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Other Directorship : |
· Hindustan Petroleum Corporation Limited · Zuari Agro Chemicals Limited · IvyCap Ventures Advisors Private Limited |
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Name : |
Mr. Sanjay Lalbhai |
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Designation : |
Director |
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Date of Birth/Age : |
10.04.1954 |
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Qualification : |
B.Sc., M.B.A |
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Date of Appointment : |
24.12.2012 |
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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. |
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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 |
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Name : |
A. K. Rakesh |
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Designation : |
Director |
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Qualification : |
IAS |
KEY EXECUTIVES
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Name : |
Ms. Dipti Shah |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total Shareholding
as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter
and Promoter Group |
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147075 |
0.01 |
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1552361640 |
74.99 |
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|
30000 |
0.00 |
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|
30000 |
0.00 |
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|
1552538715 |
75.00 |
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Total shareholding of Promoter
and Promoter Group (A) |
1552538715 |
75.00 |
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(B) Public Shareholding |
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|
28473145 |
1.38 |
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1908159 |
0.09 |
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|
4010 |
0.00 |
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|
28765179 |
1.39 |
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|
370754524 |
17.91 |
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|
530 |
0.00 |
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|
216000 |
0.01 |
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|
216000 |
0.01 |
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430121547 |
20.78 |
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26036363 |
1.26 |
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39001764 |
1.88 |
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|
14129925 |
0.68 |
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|
8223306 |
0.40 |
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|
3772847 |
0.18 |
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|
975168 |
0.05 |
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|
2000025 |
0.10 |
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|
1466440 |
0.07 |
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|
8826 |
0.00 |
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87391358 |
4.22 |
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Total Public shareholding (B) |
517512905 |
25.00 |
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Total (A)+(B) |
2070051620 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
2070051620 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Promoter and Promoter Group
|
SI.No. |
Name of
the Shareholder |
Details of
Shares held |
|
|
No. of
Shares held |
As a % of
grand total (A)+(B)+(C) |
||
|
1 |
Adani Enterprises Limited |
1,55,23,61,640 |
74.99 |
|
2 |
Surekha Bhavikbhai Shah |
1,07,000 |
0.01 |
|
3 |
Pritiben Rakeshbhai Shah |
40,075 |
0.00 |
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4 |
Rajesh S Adani ( On behalf of
RSAFT) |
30,000 |
0.00 |
|
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Total |
1,55,25,38,715 |
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 %
of Total No. of Shares |
|
|
1 |
Life Insurance Corporation of
India |
29956497 |
1.45 |
|
|
2 |
Baytree Investments (Mauritius)
Private Limited |
28701033 |
1.39 |
|
|
|
Total |
58657530 |
2.83 |
BUSINESS DETAILS
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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. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note : LONG TERM
BORROWINGS
a) Rupee term loan of Rs. 1250.000 Millions (previous year Rs. 2500.000 Millions) carry interest @11% p.a. The outstanding loan amount is repayable in 2 quarterly installments of Rs 625.000 Millions from the balance sheet date. The loan is unsecured . b) Foreign Currency Loan aggregating of Rs. 246.400 Millions (previous year Rs. 285.600 Millions) carry interest @2.12 % p.a. The outstanding loan amount is repayable in 12 Semi- annually installment of Rs. 20.500 Millions from the date of balance sheet. The loan is unsecured SHORT TERM
BORROWINGS
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Auditors : |
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Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
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Subsidiary
Companies: |
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Entity held through
Controlling Interest : |
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Step down
Subsidiary |
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Joint Venture : |
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Associate : |
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Fellow Subsidiary : |
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Entities over which
Key Management Personnel, Directors and their relatives are able to exercise
Significant Influence : |
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CAPITAL STRUCTURE
As on 31.03.2014
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 |
|
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Total |
|
Rs.10000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2070051620 |
Equity Shares |
Rs. 2/- each |
Rs. 4140.103 Millions |
|
2811037 |
Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 28.110 Millions |
|
|
Total |
|
Rs. 4168.213
Millions |
a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting year
|
Preference Shares |
31.03.2014 |
|
|
|
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 |
|
Add: Issued during the year |
66657520 |
133.300 |
|
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 2013-14 the Company proposed a final dividend of Rs. 1.00 per share. (For the previous financial year the Company proposed and paid a final dividend of Rs. 1.00 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 28,11,037 outstanding 0.01 % Non-Cumulative Redeemable Preference Shares ('NCRPS') of Rs. 10 each issued at a premium of Rs. 990 per share. Each holder of preference shares has a right to vote only on resolutions placed before the company which directly affects the right attached to 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:
|
|
31.03.2014 |
|
Adani Enterprise Limited, the holding company 1552361640
(Previous year 1552361640 equity share) equity shares of Rs.2 each fully paid
|
3104.700 |
e) Details of shareholders
holding more than 5% shares in the company
|
|
31.03.2014 |
|
|
|
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.
f) During the year Company completed its Institutional placement programme (IPP) under chapter VIIIA of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009, as amended, which opened on June 4, 2013 and closed on the same date. Pursuant this, 6,66,57,520 equity shares of Rs. 2 each at a premium of Rs. 148 per share were allotted on June 7, 2013.
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 |
4168.200 |
4034.900 |
4034.900 |
|
(b) Reserves &
Surplus |
89190.700 |
63004.800 |
48179.500 |
|
(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) |
93358.900 |
67039.700 |
52214.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
78612.200 |
74046.100 |
41328.100 |
|
(b) Deferred tax
liabilities (Net) |
6707.900 |
5529.700 |
4297.500 |
|
(c) Other long term
liabilities |
8863.400 |
5768.200 |
6035.100 |
|
(d) long-term provisions |
2810.300 |
465.800 |
0.000 |
|
Total Non-current
Liabilities (3) |
96993.800 |
85809.800 |
51660.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4055.500 |
3947.000 |
10048.900 |
|
(b) Trade payables |
2166.700 |
1297.500 |
1823.300 |
|
(c) Other current
liabilities |
9427.400 |
21470.500 |
13438.400 |
|
(d) Short-term provisions |
3041.500 |
2988.400 |
2579.900 |
|
Total Current Liabilities
(4) |
18691.100 |
29703.400 |
27890.500 |
|
|
|
|
|
|
TOTAL |
209043.800 |
182552.900 |
131765.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
84814.200 |
77093.700 |
57428.900 |
|
(ii) Intangible Assets |
558.200 |
590.500 |
621.800 |
|
(iii) Capital
work-in-progress |
6614.900 |
11316.900 |
21898.400 |
|
(iv) Intangible assets under
development |
0.000 |
10133.800 |
2571.300 |
|
(b) Non-current
Investments |
17862.600 |
12072.900 |
18375.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43261.400 |
20673.800 |
17707.800 |
|
(e) Trade receivables |
4406.100 |
815.800 |
917.800 |
|
(f) Other Non-current
assets |
3701.500 |
3546.600 |
1885.200 |
|
Total Non-Current Assets |
161218.900 |
136244.000 |
121406.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1200.100 |
0.000 |
|
(b) Inventories |
1430.300 |
872.900 |
625.200 |
|
(c) Trade receivables |
8294.200 |
7211.700 |
2427.300 |
|
(d) Cash and cash
equivalents |
3998.300 |
5935.900 |
5359.900 |
|
(e) Short-term loans and advances |
28406.000 |
16453.500 |
1568.900 |
|
(f) Other current assets |
5696.100 |
14634.800 |
377.600 |
|
Total Current Assets |
47824.900 |
46308.900 |
10358.900 |
|
|
|
|
|
|
TOTAL |
209043.800 |
182552.900 |
131765.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
43457.800 |
33610.500 |
24819.000 |
|
|
Other Income |
6797.500 |
2032.400 |
402.500 |
|
|
TOTAL (A) |
50255.300 |
35642.900 |
25221.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Operating Expenses |
12715.000 |
6440.000 |
5368.100 |
|
|
Employees benefits
expense |
1170.000 |
1043.800 |
894.200 |
|
|
Other expenses |
2172.100 |
1424.400 |
1440.800 |
|
|
TOTAL (B) |
16057.100 |
8908.200 |
7703.100 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
34198.200 |
26734.700 |
17518.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
7538.600 |
4419.000 |
2087.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26659.600 |
22315.700 |
15430.900 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4557.100 |
3423.800 |
2735.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
22102.500 |
18891.900 |
12695.900 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1940.800 |
1350.100 |
923.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
20161.700 |
17541.800 |
11772.600 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
35456.700 |
22705.400 |
14909.800 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend on
Equity Shares |
0.000 |
0.000 |
601.000 |
|
|
Tax on Interim Dividend
(including surcharge) |
0.000 |
0.000 |
97.500 |
|
|
Proposed Final Dividend
on Equity Shares |
2136.700 |
2003.400 |
1402.400 |
|
|
Tax on Final Dividend
(including surcharge) |
363.100 |
340.500 |
227.500 |
|
|
Transfer to Capital
Redemption Reserve |
1.400 |
1.400 |
1.400 |
|
|
Transfer to General
Reserve |
2016.200 |
1754.200 |
1177.300 |
|
|
Transfer to Debenture
Redemption Reserve |
691.000 |
691.000 |
469.900 |
|
|
Total (K) |
5208.400 |
4790.500 |
3977.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
50410.000 |
35456.700 |
22705.400 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Storage Rental |
10.500 |
49.300 |
0.000 |
|
|
TOTAL EARNINGS |
10.500 |
49.300 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Store and Spares |
293.000 |
157.900 |
339.100 |
|
|
Fuel |
1288.800 |
893.800 |
2198.100 |
|
|
Capital Goods |
221.700 |
7395.000 |
5090.200 |
|
|
TOTAL IMPORTS |
1803.500 |
8446.700 |
7627.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
9.8 |
8.76 |
5.88 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
46.39 |
52.19 |
47.43 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
78.69 |
79.54 |
70.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.27 |
12.75 |
14.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.28 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89 |
1.16 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56 |
1.56 |
0.37 |
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 |
4034.900 |
4034.900 |
4168.200 |
|
Reserves & Surplus |
48179.500 |
63004.800 |
89190.700 |
|
Net worth |
52214.400 |
67039.700 |
93358.900 |
|
|
|
|
|
|
long-term borrowings |
41328.100 |
74046.100 |
78612.200 |
|
Short term borrowings |
10048.900 |
3947.000 |
4055.500 |
|
Total borrowings |
51377.000 |
77993.100 |
82667.700 |
|
Debt/Equity ratio |
0.984 |
1.163 |
0.885 |
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 |
24819.000 |
33610.500 |
43457.800 |
|
|
|
35.422 |
29.298 |
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 |
24819.000 |
33610.500 |
43457.800 |
|
Profit |
11772.600 |
17541.800 |
20161.700 |
|
|
47.43% |
52.19% |
46.39% |
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 borrowings |
6391.800 |
5359.400 |
9185.800 |
|
Current maturities of long-term borrowings (unsecured) |
0.000 |
0.000 |
1164.100 |
|
Total |
6391.800
|
5359.400 |
10349.900 |
|
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 |
No |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
Operational
Highlights:
The company has created a milestone in Indian commercial ports history by handling more than 100 mtpa of cargo. This achievement is indeed a fulfilling one. This is notwithstanding the general economic climate and slowdown experienced by various industrial sectors. The year has witnessed robust growth and impressive performance of The company.
Mundra Port continues to rank 1st in terms of cargo handling and 2 in terms of container cargo during the year. Dahej and Hazira, other operational ports developed by The company continue to demonstrate strong growth with promising future.
AWARDS, CERTIFICATIONS
AND ACCREDITATIONS:
During the year, The Company had won the following awards:
- Health, Safety and Environment Award at Gujarat Junction 2014.
- Non Major Port of the Year at Maritime and Logistics Awards 2013 (MALA 2013).
- IT Excellence CIO Award for implementation of ACTOS (Terminal Operating System) at CT2 Live Terminal within 22 days without disturbing the operation.
- Won a total of 27 awards at the 24 State Level Annual Convention on Quality Circle held in Vadodara
(Vadodara Chapter Convention on Quality Circle 2013).
- Successfully completed external surveillance audit#1 (by IRQS) for ISO 28000:2007 in April, 2013.
- Successfully completed external surveillance audit#2 (by IRQS) for ISO 9001, ISO 14001 & OHSAS 18001 in October, 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OUTLOOK:
The global economy continues to face the aftermath of a challenging financial crisis with a subdued economic growth of 2.1% in 2013 though there was some turnaround in 2013-14 and recorded a marginal improvement in growth. The euro area appears to have come out of a protracted recession, with gross domestic product (GDP) for the region as a whole starting to grow again; the economy of the United States of America continues to recover with its supportive monetary condition and fiscal consolidation; and a few large emerging economies, including China, seem to have stopped a further slowdown. IMF estimates that the global economy is poised to grow at 3.6% and 3.9% in 2014-15 and 2015-16 respectively. Indian economy passed through a difficult phase in 2013-14 with slowing growth amidst high inflation. In addition, high fiscal deficit and tighter monetary stance have put additional pressure on investment growth. 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 advanced estimate of Asian Development Bank, Indian GDP is expected to grow at 5.5% in FY 2014-15. Improved agricultural output driven by good monsoon, pre-election higher spending the government on the welfare projects and softening of interest rates are expected to accelerate growth in the Indian economy.
Multilateral development institutions estimate that the growth in GDP is expected to recover to around 6.0 to 6.4% by 2015-16 on the assumption that over the next one year the recovery in advance economies will start driving demand and the Government will take stringent actions to overcome the critical issues that have hampered growth in India.
Investment demand in India is likely to pick in FY 2014-15. Fast clearances and tracking of the project will boost the construction sector, thereby creating more employment opportunities as well as creating demand and growth in cement, steel and machinery sector.
Inflation is likely to be lower and remain in control which will drive the growth of manufacturing activity. The mining sector, industrial sector is expected to return to growth. Due to El Nino effect, monsoon is going to be weak in FY 2014-15, which will impact the growth of agricultural sector.
To summarize, the global economy is on path to modest and gradual recovery in 2014. Indian economy is expected to be accelerating on its fast track growth as the new government will take its seat at the Centre.
PERFORMANCE OVERVIEW:
During the year the performance of The Company is encouraging. The company has been leading across all the fronts and Mundra Port has now become the largest commercial port in India. Indeed, Mundra Port has becomes the first ever commercial port in India to cross 100+ MMT cargo handling. The company maintained excellent growth record and registered a 23% growth in cargo volumes in FY 2013- 14 as compared to FY 2012-13. The company would continue to lead innovative practices, adoption of technology and setting examples of efficient port operations.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
Foreign currency
loans: |
|
|
|
From banks |
205.300 |
285.600 |
|
Rupee loans: |
|
|
|
From banks |
0.000 |
1250.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Paper |
2250.000 |
2500.000 |
|
Total |
2455.300 |
4035.600 |
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10522599 |
30/09/2014 |
30,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower 'E', Cuffee Parade, Colaba, Mumbai, Maharashtra - 400005, INDIA |
C23154479 |
|
2 |
10523968 |
19/09/2014 |
1,500,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA |
C25615535 |
|
3 |
10519865 |
16/08/2014 |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C17540618 |
|
4 |
10519866 |
16/08/2014 |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA |
C17542382 |
|
5 |
10471149 |
15/01/2014 |
3,097,900,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B93871507 |
|
6 |
10436449 |
15/07/2013 * |
2,402,980,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B79463022 |
|
7 |
10431969 |
18/06/2013 |
5,000,000,000.00 |
Canara Bank |
Prime Corporate Branch,104 Jyoti Commercial Complx, Nr. Shyamal Cross Roads, Ahmedabad, Gujarat - 380015, INDIA |
B77468684 |
|
8 |
10434800 |
14/05/2013 |
4,940,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B75944827 |
|
9 |
10431478 |
14/05/2013 |
4,950,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B75943985 |
|
10 |
10430924 |
14/05/2013 |
900,000,000.00 |
The Ratnakar Bank Ltd |
Mahaveer, Shri Shahu Market Yard Shahupuri, Kolhapur, Maharashtra - 416001, INDIA |
B77025567 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014
|
Particulars |
Quarter Ended |
Half Year ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
8495.000 |
8540.100 |
17035.100 |
|
|
(b) Other Operating Income |
2607.700 |
247.200 |
2854.900 |
|
|
Total income from operations (net) |
11102.700 |
8787.300 |
19890.000 |
|
2 |
Expenses |
|
|
|
|
|
(a) Operating expense |
2560.600 |
1978.900 |
4539.500 |
|
|
(d) Employee benefits expense |
401.500 |
290.500 |
692.000 |
|
|
(c) Depreciation and Anmortisation Expenses |
1229.900 |
196.500 |
2426.400 |
|
|
(d) Foreign Exchange (Gain) /Loss (Net) |
224.100 |
93.400 |
317.500 |
|
|
(e) Other Expenses |
499.500 |
396.800 |
896.300 |
|
|
Total expenses |
4915.600 |
3956.100 |
8871.700 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
6187.100 |
4831.200 |
11018.300 |
|
4 |
Other Income |
1690.600 |
1640.600 |
3331.200 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
7877.700 |
6471.800 |
14349.500 |
|
6 |
Finance Costs |
2092.900 |
1488.900 |
3581.800 |
|
|
Derivative (Gain) /Loss |
181.900 |
(390.100) |
(208.200) |
|
7 |
Profit before Tax (5-6) |
5602.900 |
5373.000 |
10975.900 |
|
8 |
Tax expenses |
309.200 |
322.000 |
631.200 |
|
9 |
Profit after tax (7-8) |
5293.700 |
5051.000 |
10344.700 |
|
10 |
Paid up equity share capital (Face Value of Rs. 2/- each) |
4140.100 |
4140.100 |
4140.100 |
|
11 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
12 |
Debenture Redemption Reserve |
-- |
-- |
3821.600 |
|
13 |
Earnings per share – Basic and Diluted (in Rs.) (not annualised): |
2.56 |
2.44 |
5.00 |
|
14 |
Debt Equity Ratio |
-- |
-- |
1.16 |
|
15 |
Debt Service Coverage ratio |
-- |
-- |
2.43 |
|
16 |
Interest Service Coverage Ratio |
-- |
-- |
4.86 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
517512905 |
517512905 |
517512905 |
|
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
121292400 |
83292400 |
121292400 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
7.81% |
5.36% |
7.81% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
5.89% |
40.02% |
5.86% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
1431246315 |
1469246315 |
1431246315 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
92.19% |
94.64% |
91.19% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
69.14% |
70.98% |
69.14% |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending as at 01.07.2014 |
0 |
|
|
Received during the quarter |
8 |
|
|
Resolve during the quarter |
8 |
|
|
Pending as at 30.09.2014 |
0 |
|
SOURCES OF FUNDS |
30.09.2014 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
4168.200 |
|
(b) Reserves & Surplus |
99022.500 |
|
|
|
|
Total Shareholders’ Funds
(1) + (2) |
103190.700 |
|
|
|
|
Minority Interest |
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
97107.400 |
|
(b) Deferred tax
liabilities (Net) |
6826.100 |
|
(c) Other long term
liabilities |
8579.200 |
|
(d) long-term provisions |
2522.700 |
|
Total Non-current
Liabilities (3) |
115035.400 |
|
|
|
|
(4)
Current Liabilities |
|
|
(a) Short term borrowings |
13439.200 |
|
(b) Trade payables |
1826.200 |
|
(c) Other current
liabilities |
14251.500 |
|
(d) Short-term provisions |
1806.800 |
|
Total Current Liabilities
(4) |
31323.700 |
|
|
|
|
TOTAL |
249549.800 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
91470.700 |
|
(b) Goodwill on
consolidation |
0.000 |
|
(c) Non-current
Investments |
42212.900 |
|
(d) Deferred tax assets
(net) |
0.000 |
|
(e) Long-term Loan and Advances |
|
|
--Loans |
27136.800 |
|
--Share Application money
pending allotment |
0.000 |
|
--Capital Advance |
1260.400 |
|
--MAT Credit Entitlement |
11848.600 |
|
--Deposit and Other |
3614.000 |
|
Trade Receivable |
3309.000 |
|
(f) Other Non-current
assets |
3072.500 |
|
Total Non-Current Assets |
183924.900 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
1145.500 |
|
(c) Trade receivables |
11775.700 |
|
(d) Cash and cash
equivalents |
13434.500 |
|
(e) Short-term loans and
advances |
30767.100 |
|
(f) Other current assets |
8502.100 |
|
Total Current Assets |
65624.900 |
|
|
|
|
TOTAL |
249459.800 |
Note:
The aforesaid results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 10, 2014.
The Statutory Auditors have carried out limited review of Standalone Financial
Results of the Company for the quarter ended on September 30, 2014.
The Company is primarily engaged in one business segment, namely developing,
operating and maintaining the Port and port based related infrastructure
facilities including Multi-Product Special Economic Zone, in accordance with
Accounting Standard 17 'Segment Reporting" as notified accounting
standards by Companies Accounting Standards Rules, 2006 (as amended).
Tax provision in the Standalone Financial Statement have been made as per
Minimum Alternative Tax (MAT) as per provisions of section 115JB of the Income
Tax Act, 1961, after considering Company's eligibility to avail benefit under
section 80IAB of the Income Tax Act. 1961. The Company has also recognised MAT
credit of Rs. 977.500 Millions, Rs. 91.98 crore, Rs. 687.100 Millions. Rs.
1897.300 Millions, Rs. 2066.200 Millions and Rs. 3873.700 Millions during the
current quarter, previous quarter ended June 30, 2014, corresponding quarter
ended September 30, 2013, half year ended September 30, 2014, corresponding
half year ended September 30, 2013 and year ended March 31, 2014 respectively.
Tax Expense includes Deferred Tax charge.
The estimated useful life and residual value of the fixed assets have been
revised in accordance with Schedule II of the Companies Act, 2013 and other
considerations, as applicable effective April 01, 2014. Due to this change in
estimated useful life and residual value of assets, the deprecation charge of
Rs. 209.700 Millions (net of deferred tax) at standalone level and Rs. 214.300
Millions (net of deferred tax) at consolidated level has been recognised in the
opening balance of retained earnings for the assets where estimated remaining
useful life was nil as at April 01, 2014, and the depreciation charge is higher
by Rs. 76.200 Millions and Rs. 141.800 Millions for the quarter and half year
ended September 30, 2014 respectively at standalone level and Rs. 53.200
Millions and Rs. 68.200 Millions for the quarter and half year ended September
30, 2014 respectively at consolidated level.
For the half year ended as on September 30, 2013 and year ended March 31, 2014,
operating income included Rs. 7248.700 Millions on development and transfer of
Container Terminal Infrastructure Assets. The relevant expenditure thereof is
included in operating expenses.
The Company has entered into preliminary agreement with one of the party for
development and maintenance of Liquefied Natural Gas (LNG) infrastructure
facilities at Mundra (Mundra LNG Project) vide agreement dated September 30,
2014. The Company and the party are in the process of concluding a definitive
agreement for Mundra LNG Project relating to development and lease of
infrastructure facilities (including lease of land).Pending conclusion of
definitive agreement, the Company has recognised construction service revenue
of Rs. 2000.000 Millions towards land reclamation based on the activities
completed till date and land being made available to the party for setting up
the project facilities. The possible adjustments, if any. on execution of
definitive agreement will be accounted later although the management does not
expect any further adjustment.
Adani CM A Mundra Terminal Private Limited, a 50:50 Joint Venture company with
CMA Terminal, France was incorporated on July 30, 2014.
The previous year's / periods figures are regrouped / rearranged wherever
necessary to facilitate comparison.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Corporate Guarantees given to banks and financial institutions against credit facilities availed by the subsidiaries – Amount outstanding there against Rs. 7270.900 Millions (previous year Rs. 1951.900 Million) |
7877.700 |
5780.400 |
|
Corporate Guarantee given to Bank for credit facility availed by erstwhile subsidiary company, Mundra Port Pty Limited, Australia. (Amount outstanding there against Rs. 4,7932.000 Millions (previous year Rsa. 4,3428.000 Million) |
|
43428.000 |
|
Bank Guarantees and Letter of Credit outstanding against credit facilities availed by the subsidiaries |
5389.900 |
6453.500 |
|
Bank Guarantees given to government authorities and bank (also includes DSRA bank guarantees given to Bank on behalf of subsidiaries and erstwhile subsidiaries. |
1216.800 |
770.200 |
|
Civil suits filed by the Customers for recovery of damages caused to machinery in earthquake Rs. 3.700 Million (previous year Rs. 3.700 Million), to cargo stored in Company's godown Rs. 9.400 Million (previous year Rs. 9.400 Million), loss due to mis-handling of wheat cargo Rs. 62.000 Million (previous year Rs. 62.000 Million) and loss due to non-performance of dredging contract Rs. 229.800 Million (previous year Rs. 229.800 Million). 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 |
304.900 |
|
The Company received show cause notices from the Custom Authorities for import of various Cargos at Port Rs. 4.600 Million (previous year Rs. 4.600 Million). The Customs cases are currently pending with, Assistant Commissioner of Customs, Mundra (Rs. 1.400 Million), Customs, Excise and Service Tax Appellate Tribunal, Mumbai (Rs. 2.700 Million) and Addl. Director General, DRI (Rs. 0.500 Million) respectively. The Company has given deposit of Rs. 0.500 Million (previous year Rs. 0.500 Million) against the demand. 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. |
4.600 |
4.600 |
|
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 Million (previous year Rs. 2.500 Million). 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 |
2.500 |
|
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 during financial year 2006-07 to 2013-14. The Excise department has demanded recovery of the duty along with penalty and interest thereon. The Company has given deposit of Rs. 45.000 Million (previous year: Rs. 45.000 Million) 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. |
732.000 |
691.900 |
|
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 during financial year 2009-10 to 2011-12. The matter is currently pending at High Court of Gujarat Rs. 67.200 Million (previous year Rs. 67.200 Million); and Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad Rs. 1.500 Million (previous year Rs. 1.500 Million) and Commissioner of Service Tax Ahmedabad Rs. 0.200 Million (previous year Rs. 0.200 Million). 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 |
2.000 |
|
Company has imported Tamping Machine and Spare parts system - Plasser Theurer duty free under the EPCG Scheme for which an export obligation of Rs. 177.300 Million that is equivalent to 6 times of duty saved of Rs. 29.500 Million. The export obligation has to be completed by F.Y. 2019-20. |
29.500 |
-- |
|
During the year the Company has received order from Addl. Commissioner of Income Tax and Dy. Commissioner of Income tax for recovery of income tax of Rs. 332.700 Million and interest of Rs. 187.400 Million for assessment years 2009-10, 2010-11 and 2011-12.The management is reasonably confident that no liability will be devolve on the Company. |
520.100 |
-- |
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 RELEASE
Adani Ports gains after
ICRA upgrades debt rating of unit
Capital
Market November 20, 2013 Last Updated at 12:14 IST
Adani Ports and Special Economic Zone rose 2.59% to Rs 158.50 at 12:12 IST on BSE after ratings agency ICRA upgraded its long term debt rating on the company's unit, Adani Petronet (Dahej) Port.
Meanwhile, the BSE Sensex was down 78.42 points, or 0.38%, to 20,812.40.
On BSE, 2.11 lakh shares were traded in the counter compared with average volume of 2.44 lakh shares in the past one quarter.
The stock hit a high of Rs 160.80 and a low of Rs 154.60 so far during the day. The stock hit a 52-week high of Rs 175 on 20 May 2013. The stock hit a 52-week low of Rs 118 on 5 August 2013.
The stock had outperformed the market over the past one month till 19 November 2013, rising 1.25% compared with the Sensex's marginal rise of 0.04%. The scrip had also outperformed the market in past one quarter, rising 17.31% as against Sensex's 14.11% rise.
The large-cap company has an equity capital of Rs 414.01 crore. Face value per share is Rs 2.
ICRA has upgraded the long-term rating of [ICRA] BBB (pronounced ICRA triple B) to [ICRA] BBB+ (pronounced ICRA triple B plus) for the Rs 800 crore long term bank facility of Adani Petronet (Dahej) Port (APPPL). The rating carries positive outlook.
APPPL is a special purpose joint venture company between the Adani Ports and Special Economic Zone (APSEZL) and Petronet LNG (PLL). It was incorporated on 28 January 2003 for the purpose of financing, development, operation and maintenance of Solid Cargo Port Terminal (SCPT) at Dahej. APSEZL and PLL hold 74% and 26% equity respectively in APPPL as of 31 December 2010.
ICRA said that the rating upgrade takes into account the strong ramp-up of cargo for fiscal year (FY) 2013, with the port handling around 7.5 million tonnes of cargo, significantly higher than the full year cargo of FY 2012 of 2.14 million tonnes. The growth in volume has resulted in a sharp growth in top line, along with healthy profitability levels.
The positive outlook factors in ICRA's expectation that the company's cargo volumes would continue to show healthy growth in the near term notwithstanding weak macroeconomic environment, because of its competitive position. The port continues to benefit from mechanization, leading to high discharge rates in the range of over 40,000 tpd, along with adequate back-up facility.
The rating continues to factor in the favorable characteristics of the port location, which provides proximity to cargo consumption centres in Northern and North-Western India (primarily Gujarat, Madhya Pradesh, Maharashtra & Rajasthan); the deep draft enabling handling of large vessels; and the all-weather conditions. The rating also factors in the strength of the principal promoter APSEZL as well as the presence of a strong entity like PLL (rated [ICRA]AA+(Stable) /A1+ by ICRA) as a 26% equity partner, with adequate board representation, thereby strengthening the governance structure for the company, ICRA said.
Adani Ports and Special Economic Zone's consolidated net profit rose 24.5% to Rs 343.03 crore on 47.1% growth in net sales to Rs 1045.87 crore in Q2 September 2013 over Q2 September 2012.
Adani Ports and Special Economic Zone is engaged in business of developing, operating and maintaining the port and port related infrastructure facilities including multi-product special economic zone. The company plans to handle 200 million tonnes of cargo by 2020.
Adani Ports & SEZ completes Vizag terminal 8 months
ahead of schedule
Adani Ports and Special Economic Zone Ltd has informed BSE regarding a Press
Release dated December 18, 2013 titled "Adani Ports & SEZ completes
Vizag terminal 8 months ahead of schedule". Adani Ports & Special
Economic Zone today said it had completed the Rs 4000.000 Millions steam coal
import terminal at Visakhapatnam port, eight months ahead of schedule marking
an entry on the east coast of India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.06 |
|
|
1 |
Rs. 98.73 |
|
Euro |
1 |
Rs. 77.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.