MIRA
INFORM REPORT
|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GANGAVARAM PORT LIMITED (w.e.f. 25.03.2003) |
|
|
|
|
Formerly Known
As : |
VISUAL INFRASTRUCTURE PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
Hansa Crest, 1st Floor, Plot No.62, Road
No.1, Jubilee Hills, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.09.2001 |
|
|
|
|
Com. Reg. No.: |
01-037861 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5170.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45209AP2001PLC037861 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
HYDV00952A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV3417E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Development of Port and Providing Port Operation Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 33587000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is an established having fine track record. Financial position
of the company seems to be good. Directors are reported to be experienced and
respectable businessmen. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
Hansa Crest, 1st Floor, Plot No.62, Road
No.1, Jubilee Hills, |
|
Tel. No.: |
91-40-44349999 |
|
Fax No.: |
91-40-44349990 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Project Site Office: |
Gangavaram (Post), Pedagantyada Mandal, |
|
Tel. No.: |
91-891-2702277 |
|
Fax No.: |
91-891-2703377 |
DIRECTORS
AS ON 31.08.2013
|
Name : |
Mr. Dandu Venkata Satyanarayana Raju |
|
Designation : |
Chairman and Managing Director |
|
Address : |
201, MLA and MPS Colony, Behind Yousufguda Police Lines, |
|
Date of Birth/Age : |
22.01.1960 |
|
Date of Appointment : |
27.09.2001 |
|
Din No.: |
00142417 |
|
|
|
|
Name : |
Mr. Dandu Gopala Raju |
|
Designation : |
Director |
|
Address : |
201, MLA and MPS Colony, Behind Yousufguda Police Lines, |
|
Date of Birth/Age : |
04.02.1938 |
|
Date of Appointment : |
27.09.2001 |
|
Din No.: |
00156818 |
|
|
|
|
Name : |
Dr. Sureddi Vinaya Kumar |
|
Designation : |
Director |
|
Address : |
Indralok Complex, Flat No.1, Banjara Hills, |
|
Date of Birth/Age : |
26.06.1945 |
|
Date of Appointment : |
26.08.2006 |
|
Din No.: |
01172569 |
|
|
|
|
Name : |
Mr. Vuppalapati Sitarama Raju |
|
Designation : |
Director |
|
Address : |
106, |
|
Date of Birth/Age : |
05.07.1941 |
|
Date of Appointment : |
30.06.2007 |
|
Din No.: |
00101405 |
|
|
|
|
Name : |
Mr. Vishal Kashyap Mahadevia |
|
Designation : |
Director |
|
Address : |
81, Landmark, |
|
Date of Birth/Age : |
19.12.1972 |
|
Date of Appointment : |
30.06.2007 |
|
Din No.: |
01035771 |
|
|
|
|
Name : |
Mr. Dandu Raj Gopala Raju |
|
Designation : |
Whole Time Director |
|
Address : |
201, MLA and MPS Colony, Behind Yousufguda Police Lines, |
|
Date of Birth/Age : |
09.12.1985 |
|
Date of Appointment : |
30.07.2007 |
|
Din No.: |
01679892 |
|
|
|
|
Name : |
Dr. Gottumukkula Venkataramaprasadaraju |
|
Designation : |
Director |
|
Address : |
Flat No. F-1, New Jntustaff Quarters, Jntuk, Kakinada, East Godavari –
533003, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.08.1963 |
|
Date of Appointment : |
15.03.2013 |
|
Din No.: |
06527070 |
|
|
|
|
Name : |
Mr. Jayesh Ranjan |
|
Designation : |
Director |
|
Address : |
PJ-14, Off Icers Colony, Punjagutta, Hyderabad-500072, Andhra Pradesh,
India |
|
Date of Birth/Age : |
25.09.1967 |
|
Date of Appointment : |
17.07.2013 |
|
Din No.: |
00003692 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kumar |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.201, Vijetha Majestic Apartments, Saleem Nagar Colony,
Malakpet, |
|
Date of Birth/Age : |
19.04.1978 |
|
Date of Appointment : |
30.12.2006 |
|
PAN No.: |
ALPPK8088A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.08.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
D.V.S. Raju |
77555250 |
15.00 |
|
Dandu Padma |
6172800 |
1.19 |
|
New Wave
Infrastructure Projects Limited, India
|
49563500 |
9.59 |
|
Danspar Limited, |
167121650 |
32.33 |
|
Lakeside
Investment Limited, |
162855000 |
31.50 |
|
The Hon’ble Governor of A.P. |
53731700 |
10.39 |
|
G. Praveen Kumar |
100 |
0.00 |
|
|
|
|
|
TOTAL
|
517000000 |
100.00 |
AS ON 31.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
63.83 |
|
Government [Central and State] |
|
10.39 |
|
Bodies
corporate |
|
9.59 |
|
Directors
or relatives of directors |
|
16.19 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Development of Port and Providing Port Operation Services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State Bank of India, Commercial Branch, Bank
Street, Koti, Hyderabad – 500 059, Andhra Pradesh, India ·
State Bank of India, Corporate Accounts Group
Branch-13039, “Ozone”, 2nd Floor, #6-3-669, Punjagutta Main Road, Hyderabad
– 500 082, Andhra Pradesh, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Reliance Humsafar, IV Floor, Road No.11, Banjara Hills, |
|
Tel. No.: |
91-40-66305000 |
|
Fax No.: |
91-40-66305299 |
|
PAN No: |
AAIFB7357B |
|
|
|
|
Subsidiaries : |
Gangavaram Port
Services (India) Private Limited [U61100AP2008PTC059865] |
|
|
|
|
Other Related Parties : |
·
Newwave Infrastructure Projects Limited ·
Dandu Energy Private Limited ·
Dandu Infratech Private Limited ·
Dandu Agro Products Private Limited ·
Unudurru Enterprises Private Limited ·
Udnad Farms Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
517000000 |
Equity Shares |
Rs.10/- each
|
Rs.5170.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5170.000 |
5170.000 |
4632.683 |
|
(b) Reserves & Surplus |
3226.965 |
2048.810 |
1130.486 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
537.317 |
|
Total
Shareholders’ Funds (1) + (2) |
8396.965 |
7218.810 |
6300.486 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
9035.401 |
9248.800 |
10304.003 |
|
(b) Deferred tax liabilities (Net) |
919.063 |
767.058 |
574.597 |
|
(c) Other long
term liabilities |
171.211 |
169.088 |
158.958 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
5.596 |
|
Total Non-current
Liabilities (3) |
10125.675 |
10184.946 |
11043.154 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
121.598 |
128.993 |
192.068 |
|
(c)
Other current liabilities |
1565.240 |
1199.977 |
762.598 |
|
(d) Short-term
provisions |
14.937 |
12.753 |
10.108 |
|
Total Current
Liabilities (4) |
1701.775 |
1341.723 |
964.774 |
|
|
|
|
|
|
TOTAL |
20224.415 |
18745.479 |
18308.414 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13941.017 |
14228.774 |
14679.236 |
|
(ii)
Intangible Assets |
0.695 |
1.640 |
1.607 |
|
(iii)
Capital work-in-progress |
2043.978 |
223.643 |
201.456 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
583.785 |
453.239 |
385.160 |
|
(e) Other
Non-current assets |
39.645 |
54.682 |
0.000 |
|
Total Non-Current
Assets |
16609.220 |
14962.078 |
15267.559 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
279.899 |
245.318 |
229.222 |
|
(c)
Trade receivables |
560.174 |
377.822 |
563.715 |
|
(d) Cash
and cash equivalents |
2547.990 |
2932.205 |
2087.044 |
|
(e)
Short-term loans and advances |
119.082 |
89.355 |
100.169 |
|
(f) Other
current assets |
108.050 |
138.701 |
60.705 |
|
Total
Current Assets |
3615.195 |
3783.401 |
3040.855 |
|
|
|
|
|
|
TOTAL |
20224.415 |
18745.479 |
18308.414 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5354.128 |
4870.524 |
4500.874 |
|
|
|
Other Income |
277.200 |
292.206 |
117.831 |
|
|
|
TOTAL (A) |
5631.328 |
5162.730 |
4618.705 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expense |
251.791 |
226.089 |
188.138 |
|
|
|
Other Expenses |
1656.313 |
1439.305 |
1250.322 |
|
|
|
TOTAL (B) |
1908.104 |
1665.394 |
1438.460 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3723.224 |
3497.336 |
3180.245 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1165.662 |
1350.227 |
1206.948 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2557.562 |
2147.109 |
1973.297 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
812.567 |
804.432 |
794.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1744.995 |
1342.677 |
1178.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
566.841 |
424.353 |
396.648 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1178.154 |
918.324 |
782.172 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
17.393 |
8.057 |
NA |
|
|
|
Capital Goods |
234.334 |
1.329 |
NA |
|
|
TOTAL IMPORTS |
251.727 |
9.386 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
2.28 |
1.84 |
1.69 |
|
|
|
-
Diluted |
2.28 |
1.78 |
1.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
20.92
|
17.79 |
16.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
32.59
|
27.57 |
26.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.60
|
7.25 |
6.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.19 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.07
|
1.28 |
1.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.82 |
3.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
4632.683 |
5170.000 |
5170.000 |
|
Reserves & Surplus |
1130.486 |
2048.810 |
3226.965 |
|
Net
worth |
5,763.169 |
7,218.810 |
8,396.965 |
|
|
|
|
|
|
long-term borrowings |
10304.003 |
9248.800 |
9035.401 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
10,304.003 |
9,248.800 |
9,035.401 |
|
Debt/Equity
ratio |
1.788 |
1.281 |
1.076 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
4500.874 |
4870.524 |
5354.128 |
|
|
|
8.213 |
9.929 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
4500.874 |
4870.524 |
5354.128 |
|
Profit |
782.172 |
918.324 |
1178.154 |
|
|
17.38% |
18.85% |
22.00% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10350557 |
27/04/2012 * |
10,510,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B38028494 |
|
2 |
10349987 |
20/04/2012 |
9,890,500,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B37676863 |
|
* Date of charge modification |
||||||
|
CASE DETAILS CASE STATUS
INFORMATION SYSTEM CCCA27/2013
CCASR 5269/2013 CASE
IS: PENDING
|
||||||||||||||||||||||||
MACRO ENVIRONMENT/
PORT OPERATIONS:
Indian economy has
been going through turbulent times post 2008 financial crisis with Gross
Domestic Product (GDP) growth touching a decade-low of 5% for 2012-13 compared
to 6.2% in 2011-12. The slowdown in the Indian economy persisted, with growth
hobbled by structural bottlenecks and adverse global conditions. During April-
March 2012-13, Index of Industrial Production (IIP) growth was 1.1 per cent as
compared to 2.9 per cent in April- March 2011-12 with mining and capital goods
sector recording negative growth for FY 2011-12 and 2012-13. India’s exports
declined by around 2% to 300,274 Million US$ whereas imports increased by
around 1% to 491,945 Million US$ for FY 2012-13 as compared to previous year
resulting in increase of negative trade balance by around 5% to 191,671 Million
US$ as on March 31, 2013. Widening of trade deficit and moderation in net
investible surplus were responsible for increase in CAD (current account
deficit). CAD had touched a record high of 6.7 per cent of GDP in the December
quarter of last fiscal year. On an annualized basis, the CAD rose to 4.8% in
2012-13 from 4.2% in 2011-12. The total cargo handled at the 12 major ports
declined by 2.58 % during the FY 2012- 2013 as compared to previous year.
Further during the same period, Cargo handled by Visakhapatnam Port Trust also
fell by 12.55%.
In this difficult
macro-economic situation, the Company was successful in handling 13.10 MMT of
cargo as against 13.94 MMT of cargo handled during the previous year. The
previous year cargo comprised of iron ore of around 2.13 MMT whereas the iron
ore handled during the year because of ban on mining and export of iron ore was
only 0.27 MMT. If they do not factor iron ore in both the years 2011-12 and
2012-13, during the year, the Company was successful in handling additional
cargo of 1.02 MMT of commodities like coking coal, fertilizers, agri products
etc. compared to previous year. Incidentally during the first quarter of this
fiscal, Gangavaram port handled 4.17 MMT of cargo as against 3.05 MMT in the
corresponding period last fiscal, posting a growth of around 37 per cent.
Gangavaram Port is
the deepest port in the country equipped with the best cargo loading and
unloading facilities and the only port in India to handle a fully laden
Capesize Vessel. The following are the performance highlights of the Gangavaram
Port for the financial year 2012-13: Handled around 13.10 MMT of cargo
comprising of Coking coal, Steam coal, Iron ore, Limestone, Bauxite, Steel
Cargo, Raw Sugar, Project Cargo, Fertilizers, Slag, Scrap, MOP, Alumina,
Oliflux, Agri Products etc. Handled 213 nos. of Merchant Vessels including 28
(twenty eight) Capesize Vessels and Handled 79 and 2159 nos. of incoming and
outgoing railway rakes of cargo respectively from and to various destinations
in Odisha, Maharashtra, Karnataka, West Bengal, Jharkhand, Chhattisgarh, Andhra
Pradesh etc.
EXPANSION OF
COMPANY’S PORT PROJECT:
During the year,
significant progress has been made on expansion of the Company’s port project. Total
cost of expansion is estimated at Rs.13187.300 Millions to be funded by
Internal Accruals of Rs. 3296.800 Millions and Debt of Rs.9890.500 Millions.
The brief progress in implementation is as under: Achieved financial closure by
executing loan documents with a consortium of Indian banks/financial
Institutions with State Bank of India acting as the Lead Banker on January 27,
2012. Security created in favour of lenders. Received Environmental clearance
from Ministry of Environment and Forest. Received Consent for Establishment
from Andhra Pradesh Pollution Control Board. Awarded EPC contracts for civil
works/equipments to contractors of International repute on a fixed price/fixed
time basis and works are progressing at fast pace. Equipments like 4nos of Bagging
Machines, Mobile Harbour Crane, Locomotive and Sweeping Machine have already
been commissioned. New Cargo Storage sheds for storing agri products/
fertilizers constructed. Further the said facilities have been connected with
additional railway lines. The Company looks forward to commissioning the
expansion project without any time and cost over runs.
LNG TERMINAL:
The Company has
signed “Term Sheet” on May 2, 2012 with Petronet LNG Ltd (PLL) to set up and
operate a 5.0 Million Metric Tonnes Per Annum (MMTPA) Liquefied Natural Gas
(LNG) Terminal at Gangavaram Port. The LNG Terminal at Gangavaram Port will
comprise of facilities for receiving, storage and regasification of LNG and
will be developed with an approximate investment of Rs 4500 Crores. This will
be the third LNG terminal of PLL, the other two being – an operational 10.0
MMTPA terminal at Dahej, Gujarat and 5.0 MMTPA terminal at Kochi, Kerela which
is likely to become operational in next few months. The terminal at Gangavaram
Port will have the provision for further expansion like the flag-ship Dahej LNG
Terminal of PLL. During the year, Petronet LNG Ltd has completed Detailed
Feasibility Report (DFR), first draft of Front End Engineering Design (FEED),
obtained Terms of Reference and successfully completed Public Hearing, invited
bids for FSRU and RFQ’s for EPC Construction of its LNG terminal at Gangavaram
Port.
FIXED ASSETS:
·
Freehold Land and Land Development
·
Lease Hold Land
·
Leasehold Improvements
·
Railway Sidings
·
Buildings (including marine and other structures)
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers and Accessories
·
Vehicles
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.62.27 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.