1. Summary Information
|
Country |
India |
||
|
Company Name |
ADANI ENTERPRISES LIMITED |
Principal Name 1 |
Mr. Gautam S.
Adani |
|
Status |
Good |
Principal Name 2 |
Mr. Rajesh S.
Adani |
|
Registration # |
04-019067 |
||
|
Street Address |
Adani House,
Shrimali Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
||
|
Established Date |
02.03.1993 |
SIC Code |
-- |
|
Telephone# |
91-79-25555555 |
Business Style 1 |
-- |
|
Fax # |
91-79-26565500 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Coal Mining |
|
|
# of employees |
Not Available |
Product Name 2 |
Power Generation |
|
Paid up capital |
Rs,
1099,800,000/- |
Product Name 3 |
Gas Exploration |
|
Shareholders |
Promoter and
Promoter Group-75.00% Public
Shareholding-25.00% |
Banking |
ICICI
Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
21 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
Company |
India |
Adani Developers
Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
144,187,900,000 |
Current Liabilities |
47,469,000,000 |
|
Inventories |
7,367,100,000 |
Long-term Liabilities |
49,282,700,000 |
|
Fixed Assets |
9,169,900,000 |
Other Liabilities |
2,605,600,000 |
|
Deferred Assets |
0.000 |
Total Liabilities |
99,357,300,000 |
|
Invest& other Assets |
42,301,800,000 |
Retained Earnings |
102,569,600,000 |
|
|
|
Net Worth |
103,669,400,000 |
|
Total Assets |
203,026,700,000 |
Total Liab. & Equity |
203,026,700,000 |
|
Total Assets (Previous Year) |
141,722,200,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
118,908,800,000 |
Net Profit |
5,198,400,000 |
|
Sales(Previous yr) |
52,822,000,000 |
Net Profit(Prev.yr) |
3,617,200,000 |
MIRA INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADANI ENTERPRISES LIMITED (w.e.f.10.08.2006) |
|
|
|
|
Formerly Known
As : |
ADANI EXPORTS
LIMITED |
|
|
|
|
Registered
Office : |
Adani House,
Shrimali Society, Near Mithakhali |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Year of Incorporation : |
02.03.1993 |
|
|
|
|
Com. Reg. No.: |
04-019067 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1099.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51100GJ1993PLC019067 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA01099A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA2804L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged
in the business of coal mining, oil and gas exploration, port operations,
multi-modal logistics, power generation and transmission, gas distribution. |
|
|
|
|
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 400000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is the flagship company of ‘The Adani Group’. It is a well-established company having fine track record. External borrowing seems to be increasing over previous year, However,
net worth of the company seems to be strong. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term banking facilities : “A+” |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk |
|
Date |
05.02.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : “A1+” |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk |
|
Date |
05.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative (Tel. No.: 91-79-26565555)
LOCATIONS
|
Registered Office : |
Adani House, Shrimali
Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat,
India |
|
Tel. No.: |
91-79-25555555/
26565555/ 25555080 |
|
Fax No.: |
91-79-26565500/
25555500 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 08.08.2013
|
Name : |
Mr. Gautam S. Adani |
|
Designation : |
Chairman |
|
Address : |
Shantivan Farm House, Behind Karnavati Club, Mohemadpura, Ahmedabad –
380057, Gujarat, India |
|
Date of Birth/Age : |
24.06.1962 |
|
Qualification : |
S Y B.COM |
|
Date of Appointment : |
03.03.1993 |
|
PAN No.: |
ABKPA0965H |
|
Voter ID No.: |
GJ1111068108989 |
|
DIN No.: |
00006273 |
|
|
|
|
Name : |
Mr. Rajesh S. Adani |
|
Designation : |
Managing director |
|
Address : |
15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow,
Vastrapur, Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
07.12.1964 |
|
Qualification : |
B.COM |
|
Date of Appointment : |
10.06.2005 |
|
PAN No.: |
ABKPA0962A |
|
DIN No.: |
00006322 |
|
|
|
|
Name : |
Mr. Vasant S Adani |
|
Designation : |
Director |
|
Address : |
14, Suryaja Bunglow, BehindSarthi Hotel, Behind T. V. Tower, Thaltej,
Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
08.09.1955 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
20.06.1994 |
|
Voter ID No.: |
GJ110680636050 |
|
DIN No.: |
00006356 |
|
|
|
|
Name : |
Mr. Anil S. Ahuja |
|
Designation : |
Director |
|
Address : |
29, Leonie Hill, #19, 04 Horizon Tower West, Singapore – 239228, India
|
|
Date of Birth/Age : |
01.12.1962 |
|
Qualification : |
B.Tech |
|
Date of Appointment : |
20.05.2009 |
|
DIN No.: |
00759440 |
|
|
|
|
Name : |
Mr. Devang S. Desai |
|
Designation : |
Whole time director |
|
Address : |
201, Parikrama, Opposite Shetrunjay Tower, Off. 132 Ft, Ring Road,
Satellite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
01.07.1956 |
|
Qualification : |
C.A. |
|
Date of Appointment : |
27.01.2010 |
|
PAN No.: |
AACPD8157D |
|
DIN No.: |
00005743 |
|
|
|
|
Name : |
Mr. Surender L. Tuteja |
|
Designation : |
Director |
|
Address : |
S. 307, 2nd Floor, Pan Chsheel Park, New Delhi – 110017,
India |
|
Date of Birth/Age : |
15.06.1945 |
|
Qualification : |
M. Com, FCS, IAS (Retd.) |
|
Date of Appointment : |
12.02.2011 |
|
DIN No.: |
00594076 |
|
|
|
|
Name : |
Mr. Ravindra H. Dholakia |
|
Designation : |
Director |
|
Address : |
313, Indian Institute, Of. Management, Vastrapur, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
02.04.1953 |
|
Qualification : |
M.A., Ph. D in Economics |
|
Date of Appointment : |
21.05.2012 |
|
DIN No.: |
00069396 |
|
|
|
|
Name : |
Mr. Berjis M. Desai |
|
Designation : |
Director |
|
Address : |
Yezerina – II, Road No. 5, 740/741 Dadar Parsi Colony, Dadar, Mumbai –
400014, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1956 |
|
Qualification : |
Post Graduate in Law |
|
Date of Appointment : |
03.12.2012 |
|
DIN No.: |
00153675 |
KEY EXECUTIVES
|
Name : |
Mr. Parthiv P. Parikh |
|
Designation : |
Secretary |
|
Address : |
9, Vinanti Apartments, Panchvati, 2nd Floor, Lane, Ahmedabad
– 380006, Gujarat, India |
|
Date of Birth/Age : |
25.01.1962 |
|
Date of Appointment : |
17.09.2007 |
|
PAN No.: |
AEAPP8912J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
894080 |
0.08 |
|
|
99491719 |
9.05 |
|
|
630034660 |
57.29 |
|
|
630034660 |
57.29 |
|
|
730420459 |
66.41 |
|
|
|
|
|
|
90749100 |
8.25 |
|
|
3688000 |
0.34 |
|
|
94437100 |
8.59 |
|
Total shareholding
of Promoter and Promoter Group (A) |
824857559 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
547418 |
0.05 |
|
|
7685538 |
0.70 |
|
|
228430556 |
20.77 |
|
|
236663512 |
21.52 |
|
|
|
|
|
|
2832304 |
0.26 |
|
|
|
|
|
|
13045810 |
1.19 |
|
|
2406675 |
0.22 |
|
|
20004223 |
1.82 |
|
|
5573775 |
0.51 |
|
|
10000 |
0.00 |
|
|
179515 |
0.02 |
|
|
14240933 |
1.29 |
|
|
38289012 |
3.48 |
|
Total Public
shareholding (B) |
274952524 |
25.00 |
|
Total (A)+(B) |
1099810083 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1099810083 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in the business of coal mining, oil and gas exploration, port operations,
multi-modal logistics, power generation and transmission, gas distribution. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303 /304, Milestone, Near Drive-In-Cinema, Opposite T.V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India |
|
PAN No.: |
AAGFD1279G |
|
|
|
|
Subsidiaries : |
·
Adani Infrastructure and Developers Private
Limited * ·
Adani Global Limited ·
Adani Agri Logistics Limited ·
Adani Agri Fresh Limited ·
Adani Power Limited ·
Miraj Impex Private Limited ·
Adani Mining Private Limited ·
Adani Energy Limited ·
Adani Gas Limited ·
·
Mundra LNG limited ·
Adani Shipping ( ·
Adani Infra ( ·
Natural Growers Private Limited ·
Chendipada Collieries Private Limited ·
·
Adani Renewable Energy LLP (upto 08.10.2013) ·
Parsa Kente Collieries Limited ·
Adani Welspun Exploration
Limited · Rajasthan Collieries Limited * (upto 29.06.2013 subsidiary and from 30.03.2012 Associates) |
|
|
|
|
Step-down Subsidiary Companies : |
·
Adani Estates Private Limited* ·
Adani Developers Private Limited* ·
Adani Land Developers Private Limited* ·
Adani Landscapes Private Limited* ·
Swayam Realtors and Traders Limited* ·
·
Shantigram Estate Management Private Limited* ·
Adani Mundra SEZ Infrastructure Private Limited* ·
Belvedere Golf and Country Club Private Limited* ·
Shantigram Utility Services Private Limited* ·
Lushgreen Landscapes Private Limited* ·
Jade Food and Properties Private Limited* ·
Jade Agri Land Private Limited* ·
Jade Agricultural Company Private Limited* ·
Rajendra Agri Trade Private Limited* ·
Rohit Agri Trade Private Limited* ·
Aaloka Real Estate Private Limited* ·
Panchdhara Agro Farms Private Limited* ·
·
Adani Power Maharashtra
Limited ·
Adani Power Rajasthan
Limited · Adani Power Dahej Limited ·
Adani Pench Power Limited ·
Mundra Power SEZ Limited (upto 28.03.2013) ·
Kutchh Power Generation Limited ·
Mahaguj Power Limited ·
Sarguja Rail Corridor Private Limited ·
Adani Chendipada Mining Private Limited ·
Adani Resource Private Limited ·
Mundra SEZ Textile and Apparel Park Private
Limited ·
Karnavati Aviation Private Limited ·
MPSEZ Utilities Private Limited ·
Rajasthan SEZ Private Limited (upto 20.10.2012) ·
Adani Logistics Limited ·
Mundra International Airport Private Limited ·
Adani Hazira Port Private Limited ·
Adani Petronet (Dahej) Port Private Limited ·
Hazira Infrastructure Private Limited ·
Hazira Road Infrastructure Private Limited ·
Adani Vizag Coal Terminal Private Limited ·
Adani International Container Terminal Private
Limited (upto 30.03.2013) ·
Adano Global Pte Limited, ·
Adani Shipping Pte Limited, ·
Rahi Shipping Pte. Limited, ·
Vanshi Shipping Pte. ·
Adani Power Pte. Limited, ·
Adani Global FZE, ·
Adani Power (Overseas) Limited, ·
Adani Mining Pty Limited, ·
PT Adani Global, ·
PT Kapuas Coal, ·
PT Adani Global Coal Trading, ·
PT Coal ·
PT ·
PT ·
PT Energy Resources, ·
PT Sumber Dana Usaha, ·
PT ·
PT Niaga ·
PT Niaga ·
PT Andalas Bumi Persada, ·
PT Citra Persada Luhur, ·
PT Gemilang ·
PT ·
PT Karya ·
PT Lamindo Inter ·
PT Mitra ·
PT Pahala Buana Abadi, ·
PT Sumber Bumi Lestari, ·
PT Suar ·
PT Tambang ·
PT ·
Aanya Maritime Inc. panama ·
Aashna Maritime Inc. panama ·
Adani Abbot Point Terminal Pty Limited (upto
30.03.2013) ·
Mundra Port Pty Limited, ·
Mundra Port Holdings Pty Limited, ·
Adani Abbot Point Terminal Pty Limited, ·
Adani Minerals Pty Limited, ·
Surguja Power Private Limited ·
Adani Kandla Bulk Terminal Private Limited ·
Chemoli Adani Pte Limited, ·
Adani Murmugao Port Terminal Private Limited ·
Chemoli Adani Private Limited ·
AWEL Global Limited, UAE ·
Adani Warehousing Services Private Limited (w.e.f
19.04.2012) ·
Galilee Transmission Holdings Pty Limited (w.e.f
17.01.2013) ·
Galilee Transmission Pty Limited, (w.e.f.
17.01.2013) *(upto 29.06.2012 subsidiaries and from 30.06.2012 Associates) |
|
|
|
|
Associates : |
·
Ezy Global ·
Adani Advisory LLP ·
M/s. Adani Textile Induastries |
|
|
|
|
Joint Control Entities : |
·
Adani Wilmar Limited ·
CSPGCL AEL Parsa Collieries Limited ·
Adani Wilmar Pte. Limited |
|
|
|
|
Enterprises over which have significant influence : |
·
Adani Agro Private Limited ·
Adani Properties Private Limited ·
Adani Foundation ·
Adani Education and Research Foundation |
CAPITAL STRUCTURE
As on: 08.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3208200000 |
Equity Shares |
Re. 1/- each |
Rs. 3208.200 Millions |
|
4500000 |
Preference Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
|
|
Total |
|
Rs. 3253.200
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1099810083 |
Equity Shares |
Re. 1/- each |
Rs. 1099.800 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1099.800 |
|
(b) Reserves & Surplus |
|
|
102569.600 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
103669.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
14900.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
726.100 |
|
(c) Other long term liabilities |
|
|
3412.500 |
|
(d) long-term provisions |
|
|
51.900 |
|
Total Non-current
Liabilities (3) |
|
|
19090.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
34382.700 |
|
(b) Trade payables |
|
|
37703.600 |
|
(c) Other current liabilities |
|
|
6352.900 |
|
(d) Short-term provisions |
|
|
1827.600 |
|
Total Current
Liabilities (4) |
|
|
80266.800 |
|
|
|
|
|
|
TOTAL |
|
|
203026.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
8954.600 |
|
(ii) Intangible Assets |
|
|
215.300 |
|
(iii) Capital work-in-progress |
|
|
1634.900 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
40461.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
57532.100 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
108797.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
205.900 |
|
(b) Inventories |
|
|
7367.100 |
|
(c) Trade receivables |
|
|
36983.200 |
|
(d) Cash and cash equivalents |
|
|
18988.800 |
|
(e) Short-term loans and advances |
|
|
30011.000 |
|
(f) Other current assets |
|
|
672.800 |
|
Total Current Assets |
|
|
94228.800 |
|
|
|
|
|
|
TOTAL |
|
|
203026.700 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1099.800 |
1099.800 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
98920.800 |
96581.800 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
100020.600 |
97681.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
7050.700 |
1733.100 |
|
|
2] Unsecured Loans |
|
8577.000 |
6235.000 |
|
|
TOTAL BORROWING |
|
15627.700 |
7968.100 |
|
|
DEFERRED TAX LIABILITIES |
|
226.800 |
9.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
115875.100 |
105659.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
9157.000 |
2381.400 |
|
|
Capital work-in-progress |
|
1452.400 |
1228.200 |
|
|
Capital Advance |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
36281.300 |
34727.700 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
6433.100
|
4709.100
|
|
|
Sundry Debtors |
|
17951.300
|
9251.500
|
|
|
Cash & Bank Balances |
|
3744.600
|
2910.800
|
|
|
Other Current Assets |
|
1391.300
|
78.300
|
|
|
Loans & Advances |
|
65311.200
|
60851.200
|
|
Total
Current Assets |
|
94831.500
|
77800.900
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
16704.100
|
7323.900
|
|
|
Other Current Liabilities |
|
7670.600
|
1550.800
|
|
|
Provisions |
|
1472.400
|
1604.300
|
|
Total
Current Liabilities |
|
25847.100
|
10479.000
|
|
|
Net Current Assets |
|
68984.400
|
67321.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
115875.100 |
105659.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
118908.800 |
52822.000 |
29268.500 |
|
|
|
Other Income |
6134.000 |
4616.500 |
5276.500 |
|
|
|
TOTAL |
125042.800 |
57438.500 |
34545.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
102.900 |
49.300 |
1662.300 |
|
|
|
Purchase of traded goods |
100911.100 |
45089.200 |
25067.400 |
|
|
|
Changes in Inventories of Finished Goods, Work in progress and
Stock-in-trade |
(1092.500) |
(1541.700) |
(2222.600) |
|
|
|
Employee Benefit Expense |
1232.000 |
1041.500 |
959.800 |
|
|
|
Other Expenses |
16205.000 |
6960.000 |
5068.700 |
|
|
|
TOTAL |
117358.500 |
51598.300 |
30535.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7684.300 |
5840.200 |
4009.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3025.700 |
1650.300 |
746.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4658.600 |
4189.700 |
3263.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
575.500 |
299.000 |
132.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL
ITEM AND TAX |
4083.100 |
3890.700 |
3130.500 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD ITEMS
BEFORE TAX |
1.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEM |
2029.900 |
20.100 |
492.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6111.500 |
3870.600 |
2638.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
913.100 |
253.400 |
52.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
5198.400 |
3617.200 |
2691.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
10732.000 |
9902.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend on Equity Shares |
|
|
1099.800 |
|
|
|
Dividend
for Earlier Year |
|
|
113.900 |
|
|
|
Tax on
Dividend (including surcharge) |
|
|
203.900 |
|
|
|
Dividend Cancelled Due to Cancellation of Cross Holding in Amalgamated
Entity |
|
|
(55.600) |
|
|
|
Transfer
to General Reserve |
|
|
500.000 |
|
|
|
Transfer
to Debenture Redemption Reserve |
|
|
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
N.A. |
10732.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
NA |
0.000 |
487.600 |
|
|
|
Interest Income |
NA |
0.000 |
0.700 |
|
|
|
Other Income |
NA |
0.000 |
15.100 |
|
|
TOTAL EARNINGS |
NA |
0.000 |
503.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trade Goods |
NA |
32373.900 |
20224.400 |
|
|
|
Capital Goods |
NA |
4055.200 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
36429.100 |
20224.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.73 |
3.29 |
2.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.16
|
6.30
|
7.79
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.14
|
7.33
|
9.01
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
3.72
|
3.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04
|
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total debt /Networth) |
|
0.48
|
0.16
|
0.08
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
3.67
|
7.42
|
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
29,268.500 |
52,822.000 |
118,908.800 |
|
|
|
80.474 |
125.112 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
29,268.500 |
52,822.000 |
118,908.800 |
|
Profit |
2,691.100 |
3,617.200 |
5,198.400 |
|
|
9.19% |
6.85% |
4.37% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Intercorporate borrowings |
1000.000 |
1500.000 |
|
Loans and advances from related parties |
0.000 |
7077.000 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Rupee term loans from banks |
3500.000 |
0.000 |
|
Deposits |
2250.000 |
0.000 |
|
Loans and advances from others |
2788.700 |
0.000 |
|
Total |
9538.700 |
8577.000 |
CORPORATE
INFORMATION:
Subject is a public company domiciled in
PERFORMANCE OF THE
COMPANY:
During the year, the company continues its focus on consolidation and
transformation, reducing overall leverage and posted yet another year of
encouraging overall performance reflecting the inherent strength of the
company’s low cost business model, operational excellence and a balanced
be-risked portfolio.
FINANCIAL RESULTS:
The company registered gross revenue of Rs. 125042.800 Millions as
compared to Rs. 57438.500 Millions in the previous year. The net profit after
tax stood at Rs. 5198.400 Millions as against Rs. 3617.200 Millions in the
previous Year.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW:
During the fiscal year 2013, the economic environment remained
challenging with growth slowing down globally. Global Gross Domestic Product
(GDP) is expected to expand about 2.2% in 2013 and to grow at 3.0% and 3.3% in
2014 and 2015 respectively as per the World Bank report. Risks from advanced
economics have eased and growth is firing up, despite ongoing contraction in
the euro area. However, global economic growth is expected to be muted in
current year, led by developing world.
On domestic front, the Indian economy slowed down considerably during
the year with GDP growth at 5% for FY 13- lowest in decade, as per the latest
estimate of Central Statistical Organization (CSO). This is mainly on account
of poor performance of manufacturing, agriculture and services sector.
Among other, several policy measures were announced by the government
during the year including the New Companies Bill, Land Acquisition Bill and power
tariff revision. These coupled with seamless execution and resilience in
overcoming all challenges, the company delivering in its focus areas of Resources Logistics and Energy.
OPERATIONAL
PERFORMANCE
The Company continues to strengthen its competitiveness in the global market and posted an encouraging performance for the year.
RESOURCES
Natural Resources are essential for rapid growth and development of a nation. Presently, India faces an acute thermal coal deficit to cater to the demand of the power stations and resorted to imported coal to meet the internal deficit scenario. The Company is focused on this sector of national importance and strategically placed to help overcome those challenges through developing and operating mines in India, Indonesia and Australia as well as importing coal and providing end to end solution to the customer.
COAL MINING
Their coal mining business involves mining, processing, acquisition, exploration and development of mining assets, Coal Mining in Indonesia.
Their wholly owned step down Indonesian subsidiaries have been awarded coal mining concessions in Bunyu island, Indonesia. The Bunyu Mines has a Joint Ore Reserves Committee (JORC) compliant resource of 269 Million Metric Tonnes (MMT) of coal. Production during the year FY13 has been 4 MMT
COAL MINING IN
AUSTRALIA
Their wholly owned step down subsidiaries in Australia have 100% interest in the Carmichael Coal Mine in the Galilee Basin in Queensland, Australia. During the year, the Company has undertaken an extensive exploration program. The Carmichael Coal Mine has a Joint Ore Reserves Committee (JORC) compliant resource of 10.15 billion tonnes of coal. The mine is being developed for producing 100 MMTPA of coal at peak capacity.
DOMESTIC COAL MINING
OPERATIONS
In India, as part of the public private partnership model, Government sector companies, which are allotted coal blocks, appoint a Mine Developer and Operator ("MDO") to undertake all activities relating to the development and operations of a coal block allotted.
PARSA EAST AND KANTA
BASAN COAL BLOCK
Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL') has been allocated the Parsa East and Kanta Basan coal blocks at Chhattisgarh. To undertake the MDO operations, the Company entered into a joint venture agreement with RRVUNL to form Parsa Kente Collieries Limited ("PKCL'), wherein the Company owns 74%equity interest.
The project has started Mining Operations and dispatches of coal to Thermal Power stations of RRVUNL in FY13,
Machhakata Coal Block
The Company entered into coal mining services agreement with Mahaguj Collieries Limited for the development and operation of Machhakata coal block in Orissa. This entails the development of the coal block, mining of coal from the coal block and supplying coal to the designated thermal power plants of Maharashtra State Power Generation Company Limited and the Gujarat State Electricity Corporation Limited. Preliminary project activities including work on Land Acquisition have commenced and area tan advanced stage.
PARSA COAL BLOCK
Chhattisgarh State Power Generation Company Ltd. (CSPGCL) has been allocated the Parsa Captive Coal Block in Chhattisgarh. The Company has entered into a joint venture agreement with CSPGCL and formed joint venture Company, CSPGCL AEL Parsa Collieries Limited, ("JVC") in the state of Chhattisgarh wherein they own 49% equity interest. This entails development and operation of the Parsa Captive Coal Block and transportation of coal upto End-use Thermal Power Station located at Marwa, Chhattisgarh.
CHENDIPADA COAL BLOCK
The Company has been selected as Mine Developer and Operator (MDO), by UCM Coal Company Limited, a Joint Venture of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Chhattisgarh Mineral Development Corporation Limited (CMDC) and Maharashtra State Power Generation Company Limited (MAHAGENCO) for development and operation of the Chendipada and Chendipada II coal block in the District Angul, State of Orissa. The Company will undertake development and operation of the Chendipada coal block, which includes mining, beneficiation of coal, arranging transportation and delivery of washed coal to end power projects of UPRVUNL, CMDC and MAHAGENCO. The environment and other approvals are expected in due course.
COAL TRADING
The Company remains the largest procurer of thermal coal in India. As India's primary power generating capacity is still coal based, the country is expected to remain increasingly dependent on imported thermal coal to bridge the demand-supply gap in future.
The Company provides multiple services of procurement and logistics for its customers. The major coal sourcing is from suppliers in Indonesia and South Africa, and supply it to various state utilities in India, The Company, through its subsidiaries, has entered into long-term arrangement for uninterrupted supply of imported coal with some of the biggest suppliers in Indonesia.
Coal demand is expected to increase substantially in the coming years, which will strengthen the Company's presence in this segment. The Company also continues to improve coal trading business by cost effective shipping and logistics management and expanding its sourcing network.
EDIBLE OIL AND AGRO-COMMODITIES
TRADING
The Company entered the edible oil refining business through a 50: 50 joint venture Company, Adani Wilmar Limited ("Adani Wilmar") with Singapore's Wilmar Group. Adani Willmar's flagship brand 'Fortune' has successfully retained its top position in edible oil segment and has been voted the No. 1 cooking oil brand in India for the tenth consecutive year as per Nielsen RSA Report for the year 2012-13. Adani Wilmar is scaling new heights each year, and is today the 12th largest FAACG Company in India, as per the Nielsen Company.
In 2012-13, Adani Wilmar continued sustained efforts on development of new plant infrastructure, brand-building and distribution. One of the key thrust areas during the year was retail coverage expansion which has grown by over 9% YoY as per the Nielsen Company. Adani Wilmar has wholly owned 85 stock points and 5,000 distributors catering to about 1 million outlets across the country. Adani Wilmar has become the 6th largest food Company in India, growing at 27% YoY as per the Nielsen Company.
During the year, Fortune has registered volume growth of about 10%. 'Kings" and 'Raag Gold' for edible oil and 'Pilaf and 'Pilaf Gold' brands of Basmati rice have been widely accepted and gained significant popularity across the country. This year, Adani Wilmar achieved landmark sales of 1 Lac AAT of packed oil sales in a single month.
Keeping a keen eye on the changing needs of consumers, Fortune Rice bran health -100% refined rice bran oil, was launched targeting the health conscious consumer.
Adani Wilmar aims to have Pan-India coverage and plans to leverage on its sourcing and supply chain expertise by adding branded edible commodities to its existing portfolio of cooking medium in consumer space.
AGRI FRESH BUSINESS
Adani Agri Fresh Limited ("Adani Agri Fresh"), their wholly owned subsidiary, has been developing integrated storage, handling and transportation infrastructure for horticulture produce. Adani Agri Fresh has set up modern controlled atmosphere storage facilities at three locations, Rewali, Sainj, and Rohru in Shimla District of Himachal Pradesh with a combined capacity of approximately 18,000 metric tonnes of Apple per annum, Adani Agri Fresh has also set up a marketing network in major towns across India to cater to the needs of wholesale, cash and carry and organized retail customers. Adani Agri Fresh, marketing Indian fruits under the brand name 'Farm-pik', has expanded its footprints in the branded fruit segment and is giving a comparable competition to Imported Apples. Adani Agri Fresh imports Apple, Pear, Kiwi, Orange etc. from various countries for sale in India.
AGRO-STORAGE BUSINESS
Adani Agri Logistics Limited ("AALL'), their wholly owned subsidiary, had entered into a service agreement with the Food Corporation of India (FCI) for bulk food grains handling, storage and transportation network on a commercial Build, Own and Operate Basis for a period of 20 years. The project was started in 2007 and it is now in the 6th year of successful operations. At present, AALL has seven storage facilities in India, including AAoga, Kaithal, Hooghly, Navi Mumbai, Chennai, Coimbatore and Bangalore. The total storage capacity of 5.5 Lac AAT food grain is spread across these seven locations. The Company is eligible for revenues based on Annual Guaranteed Tonnage of 8 Lac AAT irrespective of actual usage by FCI. It also has 5 special purpose bulk food grain rakes.
LOGISTICS
Ports handle approximately 95% of India's total trade in terms of volume and 70% in terms of value, Total volumes are expected to increase further as India continues its economic expansion, making India one of the fastest growing economies in the world.
The Company's subsidiary, Adani Ports and Special Economic Zone Limited (Adani Ports) has shown impressive performance during the year.
PORTS OPERATION AND
GROWTH
Adani Ports have developed and operate the port at Mundra, Gujarat, the largest Non-major Port in India by volume, which handled 82.13 million tonnes of cargo in FY 13, a growth of 21% year on year. It ranks 2nd in terms of total cargo and container cargo handled during the year compared with the major as well as non-major ports of India. It has a dry bulk terminal at the port at Dahej, Gujarat; and a multi-purpose terminal and a container terminal at the port at Hazira, Gujarat. Adani Ports handled 90.71 MMT of consolidated cargo in FY13, a growth of 29% over a year ago.
Adani Ports would continue to lead innovative practices, adoption of technology and setting examples of efficient port operations.
CAPACITY
The capacities at Adani ports have increased significantly in recent years as they have commissioned new terminals and expanded the capacity at their operational facilities. They have developed and operate six bulk terminals, four container terminals, automobile handling and coal handling facilities and two single-point mooring facilities across the Mundra Port, the Dahej Port and the Hazira Port, that together allow us to provide port services for dry and liquid bulk (including coal), container, crude oil and other cargo. They benefit from, and their capacities are higher because of, the deep drafts at their facilities, which allow us to accommodate larger ships that can handle larger volumes of cargo. They have recently expanded their facilities at the Mundra Port to accommodate larger ships, including the recent commissioning of Container Terminal 3, fourth berth at the Coal Bulk Terminal and Multi-purpose Terminal-Ill, at the Mundra Port.
CARGO AND SERVICE MIX
The three broad categories of cargo handled are bulk (consisting primarily of coal cargo), container and crude oil cargo. Their cargo volume handled has increased in recent years as they have developed new terminals, berths and other infrastructure at the Mundra Port and commenced commercial operations at the Dahej Port and the Hazira Port. Their cargo volume handled continues to increase as they expand the capacities and utilizations at the Mundra Port, the Dahej Port and the Hazira Port, and as they commence operations at their terminals at the Mormugao Port, the Vizag Portand the Kandla Port.
The port services include marine, intra-port transport, storage and handling, other value-added and evacuation services for a diverse range of customers, primarily terminal operators, shipping lines and agents, exporters, importers and other port users. In addition to port services, they provide value-added, evacuation and other logistics services to their customers. Their ability to maintain a diverse mix of cargo handled and other services performed allows us to diversify their income sources, reduce financial risk and compete more effectively.
EXPANSION PLANS
The Company has commenced operations at Container Terminal 3, fourth berth at the Coal Terminal and Bulk Terminal-Ill at Mundra Port. During the year, the company has started operations at Hazira port The Company is also in the process of developing facilities at the Murmugao Port, the Vizag Port and the Kandla Port (Tuna), The majority of the capital expenditure at their operational facilities and the Murmugao Port has been completed.
SPECIAL ECONOMIC ZONE
During the year, Adani Port has been focusing on development of robust infrastructure for supporting the industrial development within the Special Economic Zone (SEZ) at Mundra, which is one of the largest operating port-based multi-product special economic zones in India. Construction of road over bridge within the Zone has been completed enabling seamless connectivity to the Port and SEZ development, Elaborate arterial road network has been completed for SEZ users. Execution of utility infrastructures like Common Effluent Treatment Plant (CETP), water desalination plant has also been completed. Work for doubling of Mundra-Adipur rail line is completed. These multi-modal connectivities are expected to attract more investments in the coming years.
The Co-developers of the SEZ have provided various social infrastructure facilities such as Housing, Hospital and School in the SEZ. MPSEZ Utilities Private Limited (MUPL), a 100% subsidiary of Adani Port and approved Co-developer, had developed electricity distribution network and is distributing electricity at competitive rate in the SEZ. AAUPL has also been approved as co-developer of the Free Trade Warehousing Zone (FTWZ) SEZ to provide infrastructure facilities/utilities. The company has set up a FTWZ in an area of 168.41 Ha. in Taluka: Mundra. Some of the approved Units have already started export activities in the Zone.
ENERGY
Efficient infrastructure is a pre-requisite for sustainable and inclusive economic growth and it holds the key to global competitiveness of the Indian economy. India needs to substantially bridge the gap between demand and supply of electricity for sustained economic growth and to kindle hope in the lives of its people and to accomplish that the Country needs all sources of power it can get access to.
The Indian power sector has historically been characterized by demand-supply gap which has been increasing over the years. During the Eleventh Plan period (FY08-12) the Government of India (Gol) has targeted capacity addition of 78,700 AAW. Against which, actual capacity addition in 11th Plan period was 54,964 AAW. Moving forward, Gol has targeted 88,537 MW of power generation capacity during twelfth plan period, creating massive opportunity in the sector.
POWER GENERATION AND
TRANSMISSION
The Company's listed subsidiary Adani Power Limited, is developing various power projects with a combined installed capacity of 9,240 MW, out of which 5,940 MW is operational and 3,300 MW is under implementation, Adani Power Ltd. intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis. With fully operationalized capacity, the Company will become one of the largest private power producers in the country and best placed to gain from business opportunity in the power sector.
AAUNDRA POWER PLANT
The Mundra power project with total capacity of 4,620 MW is located at Mundra, Gujarat and fully operational, It has four units of 330 MW and five units of 660 MW. Therefore, Mundra Power Project has become India's largest single location thermal plant. The power project continues to operate at high PLF and operational efficiency. The Company is selling the power generated through long term PPAs and on merchant basis.
Additionally, Fuel Supply Agreement (FSA) for supply of indigenous coal equivalent to 70% of the capacity of Unit-7, 8 8-9 has been executed with Coal India (CIL). To ensure continued efficient operations at the plant, the Company has installed world class Operations and Maintenance (O&M) systems. A training simulator which is a replica of unit control system has been set up at Mundra power plant for training operation staff at regular frequency.
TIRODA POTHEYR PLANT
The Tiroda power project with total capacity of 3,300 MW is being developed at Tiroda, Maharashtra by step-down subsidiary Company, Adani Power Maharashtra Limited (APML). It has five super critical units of 660 MW. Two units of 660 MW each -1320 MW were commissioned during FY 13. The Company intends to sell the power generated from this project under long-term PPAs and on merchant basis till the obligation under PPAs commences. Entire 3,300 MW capacity is expected to be commissioned by FY 14.
Coal requirement for 1,980 MW projects has been planned from domestic sources and FSA for supply of indigenous coal equivalent to 1180 MW has been executed with Coal India and an application for coal linkage to meet the balance coal requirement has been made.
KAWAI POWER PLANT
The Kawai power project with total capacity of 1,320 MW is being developed at Kawai, Rajasthan by step-down subsidiary Company Adani Power Rajasthan Limited (APRL). It has two super critical units of 660 MW. They intend to sell the power generated from this project under a combination of long-term PPA and on merchant basis.
An application for coal linkage to meet the coal requirements of the Kawai power project has been made, Entire capacity of 1320 MW is expected to be commissioned by FY 14.
TRANSMISSION
Adani Power has about 1,633 kilometre of operational transmission network in India, comprising of 1,000 kilometre of 500kV of High Voltage Direct Current (HVDC), 633 kilometre of 400kV double circuit line and in process of developing 1,290 kilometre of 765 kV single circuit transmission line connecting Tiroda to Aurangabad.
The 433 km long double circuit 400 kV transmission line with a capacity to transmit up to 1,000 MW of power, connecting to the Central Transmission Utility (CTU) grid at 400 kV Power Grid Corporation of India Limited (PGCIL) Sub-station at Dehgam, Gandhinagar is operational.
During the year, the Company commissioned a 400 kV double circuit, 200 Km long Transmission line for Power evacuation with a capacity to transmit about 2,000 MW of power, from Tiroda to Warora in Maharashtra, Further, they have also implemented transmission line with the configuration of 500 kV High Voltage Direct Current (HVDC) with a capacity to transmit up to 2,500 MW of power, from Mundra to Mohindergarh, Haryana.
SOLAR
During the year, the Company efficiently operated the 40 Megawatt (MW) solar power plants at Bitta-Naliya, Kutch, Gujarat. The plant was certified for Occupational Health and Safety Management System in accordance with IS 18001:2007 by Bureau of Indian Standards as well as certified for ISO 9001:2008 for Quality Management System by TUV NORD, a technical inspection association based at Germany.
CITY GAS DISTRIBUTION
The city gas distribution business is undertaken through the Company's Wholly Owned Subsidiary, Adani Gas Limited ("Adani Gas"). Adani Gas has set up a gas distribution network of approximately 410 km of steel pipeline network and approximately 4,100 km of polyethylene pipelines spread across Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana, Noida, Khurja and Lucknow in Uttar Pradesh and Jaipur and Udaipur in Rajasthan. It has set up 63 CNG stations in Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana, Adani Gas is also serving approx. 850 industrial units, 178000 households and 1300 commercial units in these cities through its infrastructure network.
UNAUDITED FINANCIAL RESULT FOR QUARTER AND NINE MONTHS ENDING 31ST
DECEMBER 2013
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine months |
|
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
Income from
Operations |
|
|
|
|
|
Net Sales / Income from Operations |
30415.500 |
31896.300 |
90073.500 |
|
|
Other Operating Income |
773.000 |
25.900 |
826.800 |
|
|
Net Sales/Income
from Operations (Net) |
31188.500 |
31922.200 |
90900.300 |
|
|
|
|
|
|
|
|
Expenditure |
|
|
|
|
|
Cost of materials consumed |
0.000 |
1.100 |
1.200 |
|
|
Purchase of stock in trade |
26430.300 |
25983.100 |
77740.400 |
|
|
Changes in inventories of finished goods, work-in-progress
and stock in trade |
706.500 |
1544.200 |
28.600 |
|
|
Employees benefit expenses |
385.200 |
386.400 |
112.700 |
|
|
Depreciation and amortization expenses |
149.100 |
152.000 |
444.400 |
|
|
Other Expenditure |
3134.000 |
5073.500 |
12640.200 |
|
|
Foreign exchange (gain)/ loss |
957.500 |
2124.200 |
5113.800 |
|
|
Total Expenditure |
31762.600 |
35264.500 |
97081.300 |
|
|
Profit
From Operations before other income, finance cost and exceptional item |
(574.100) |
(3342.300) |
(6181.000) |
|
|
Other income |
2210.500 |
3722.700 |
8466.000 |
|
|
Profit
From Operations before finance cost and exceptional item |
1636.400 |
380.400 |
2285.000 |
|
|
Finance Cost |
2062.900 |
2179.600 |
5818.700 |
|
|
Profit
from Ordinary Activities after finance costs but before exceptional
items |
(426.500) |
(1799.200) |
(3533.700) |
|
|
Exceptional items |
-- |
-- |
-- |
|
|
Profit
from Ordinary Activities before tax |
(426.500) |
(1799.200) |
(3533.700) |
|
|
Tax Expense |
0.900 |
(1022.500) |
(724.700) |
|
|
Net
profit from Ordinary Activities after tax |
(427.400) |
1099.800 |
(2809.000) |
|
|
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
1099.800 |
1099.800 |
1099.800 |
|
|
Reserves Excluding Revaluation Reserve as per balance sheet of previous accounting year |
|
|
|
|
|
Earning per share (EPS) on (face value of Rs. 10/-) Basic and Diluted Earning Per Share (Rs.) |
(0.39) |
(0.93) |
(2.55) |
|
|
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
274952524 |
274952524 |
274952524 |
|
|
- Percentage of Shareholding |
25.00 |
25.00 |
25.00 |
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
118440941 |
118440941 |
118440941 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
14.36 |
14.36 |
14.36 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
10.77 |
10.77 |
10.77 |
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
706416618 |
706416618 |
706416618 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
85.64 |
85.64 |
85.64 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
64.23 |
64.23 |
64.23 |
|
Particulars
|
Quarter ended 31.12.2013 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
21 |
|
Disposed of during the quarter |
21 |
|
Remaining unresolved at the end of the quarter |
0 |
Note:
The aforesaid Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on January 31, 2014.
The Statutory Auditors have carried out limited review of the Standalone
Financial Results of the company for the quarter ended on December 31, 2013.
The Consolidated Financial Results have been prepared in accordance with
Accounting Standard-21 "Consolidated Financial Statements",
Accounting Standard-23 " Accounting for Investments in Associates in Consolidated
Financial Statements" and Accounting Standard-27 "Financial Reporting
of Interest in Joint Ventures".
Tax expenses includes current income, deferred tax and adjustment of taxes for
the previous year. In absence of the profit during the quarter no current tax
provision has been made.
During the quarter, the Board of Directors of Adani Power Limited (APL), a
subsidiary of the Company has approved a Scheme of Arrangement
("Scheme") in nature of demerger under section 391 to 394 of the
Companies Act 1956. The Scheme with an appointed date of March 31, 2014,
entails transfer of transmission line business of the APL and Adani Power
Maharashtra Limited (Wholly owned Subsidiary of APL.) into Adani Transmission
(Gujarat) Limited (Wholly owned Subsidiary of APL).
Previous Period's / year's figures have been regrouped / rearranged wherever
necessary, to confirm to the current quarter's presentation.
Fixed Assets
·
Land
·
Leasehold Improvements
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Electrical Fittings
·
Office Equipment
·
Computer Equipments
·
Vehicles
·
Air Craft
·
Ship
·
Software
PRESS RELEASE
ADANI FOUNDATION BAGS
3RD ANNUAL GREENTECH CSR 2013 AWARD
Chandigarh; 29 January, 2014: Adani Foundation, the CSR arm of Adani group, India’s leading infrastructure player, announced that it has bagged the 3rd Annual Greentech CSR 2013 Award. The foundation was awarded for its exemplary activities in the education sector under its CSR program, showcased through the Adani Vidya Mandir School at Ahmedabad.
The prestigious award presented by Chief Guest Dr. Bhaskar Chatterjee, IAS (Retd.), DG and CEO, Indian Institute of Corporate Affairs, Ministry of Corporate Affairs, Govt. Of India was received by Dr. Bhadrayu Vachhrajani, Director-Education, Adani Foundation in the presence of distinguished gathering of business leaders, jurists, academics, environmentalists, economists, legislators and policy makers. The eminent jurists followed stringent procedures at all levels of screenings of applications, presentations and discussions, before declaring the award.
Commenting on the occasion, Dr. Priti G Adani, Managing Trustee, Adani Foundation said: “We are delighted to receive this award recognizing the efforts of the Adani Group and the Foundation as a responsible corporate citizen. We adopt a holistic approach while addressing key issues and ensure that the most marginalized sections of the society in rural and urban areas are covered under the ambit of our social initiatives. At Adani Foundation, we have a mission to accomplish through passionate commitment towards fostering sustainable and integrated development of communities, thus improving quality of human life in and around the neighboring communities of our sites in the seven states where we operate. We believe in tackling challenges of poverty alleviation through achieving growth for society at large against traditional giving.”
The Adani Group is an organization with a conscience and believes that companies do not function in isolation from the society around them and modern businesses depends more on employee time and talent. The Group spends more than three percent of its annual profits on CSR on a voluntary basis. Through Adani Foundation, the group encourages social, environmental and financial successes – the triple bottom line, with an ultimate goal of bringing about a positive impact in the overall society, and at the same climbing higher echelons in its core businesses.
Education is at the forefront of the foundation’s activities as it can be true catalyst to usher in a change not just in an individual but the entire community as a whole. Dr. Vachhrajani, while receiving the award, emphasized on the role & importance of education-related activities in the community development program of the foundation. He said: “Education is the key to sustainable development of any society as it not only elevates the present generation to better standards of living but also reflects the subsequent generations. Under the various initiatives of the Adani Foundation, more than 1.5 lakh students have been covered for improving quality of education through various activities/programmes with guidance and assistance from the UNICEF.”
The showcase infrastructure of the education-related activities of the foundation is Adani Vidya Mandir – a progressive initiative, acknowledged across the world for its unique set-up laid by providing the cost-free learning to bring out the best in the students whose family income is less than Rs. One lakh per annum. The best-in-class education provided by the school works towards bringing out the best in the meritorious students, coming from challenging economic background.
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. 62.12 |
|
|
1 |
Rs. 103.93 |
|
Euro |
1 |
Rs. 85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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.