MIRA
INFORM REPORT
|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR PORTS LIMITED (w.e.f. May 13,
2011) |
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Formerly Known
As : |
ESSAR SHIPPING PORTS AND LOGISTICS LIMITED (w.e.f. March 24, 2008) ESSAR SHIPPING LIMITED (w.e.f. December 5, 1984) KARNATAKA SHIPPING CORPORATION LIMITED |
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Registered
Office : |
Administration Building, Essar Refinery Complex, Okha Highway (SH-25),
Taluka Khambhalia,
District Jamnagar – 361 305, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.04.1975 |
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Com. Reg. No.: |
04-054824 |
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Capital
Investment / Paid-up Capital : |
Rs.4280.185
millions |
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CIN No.: [Company Identification
No.] |
L85110GJ1975PLC054824 |
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Legal Form : |
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 business of providing fleet operating and chartering services. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 109134000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It was the first full year of operation during FY 12 for the subject
post the demerger of shipping and logistic and oilfields services businesses. Management has reported a consecutive loss from its 2 years of
operations. The company receives better support from its group. However, trade relations are fair. Business is active. Payment terms
are usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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.: 91-22-66601100
LOCATIONS
|
Registered Office : |
Administration Building, Essar Refinery Complex, Okha Highway (SH-25),
Taluka Khambhalia,
District Jamnagar – 361 305, Gujarat, India |
|
Tel. No.: |
91-2833-661449 |
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Fax No.: |
91-2833-662929 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
Head Office : |
Essar House, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400 034,
Maharashtra, India |
|
Tel. No.: |
91-22-66601100 |
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Fax No.: |
91-22-66601809 |
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|
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Administrative
Office : |
Tower 2, Equinox Business
Park, Off. Bandra Kurla Complex, L.B.S. Marg, Kurla (West), Mumbai – 400 070,
Maharashtra, India |
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Tel. No.: |
91-22-67335000 |
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Fax No.: |
91-22-67082188 |
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Ports : |
Located at: ·
Vadinar ·
Hazira ·
Salaya ·
Paradip (I) Iron Ore ·
Paradip (II) (Coal) |
DIRECTORS
AS ON 31.07.2013
|
Name : |
Mr. Dilip J. Thakkar |
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Designation : |
Independent Director |
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Name : |
Mr. R. N. Bansal |
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Designation : |
Independent Director |
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Name : |
Mr. Deepak Kumar Varma |
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Designation : |
Independent Director |
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Name : |
Mr. T. S. Narayanasami |
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Designation : |
Independent Director |
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Name : |
Mr. N. C. Singhal (w.e.f. 18.7.2013) |
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Designation : |
Independent
Director |
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Name : |
Dr. Jose Paul (w.e.f. 18.7.2013) |
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Designation : |
Independent
Director |
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Name : |
Mr. Michael P. Pinto (w.e.f. 18.7.2013) |
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Designation : |
Independent
Director |
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Name : |
Mr. P. K. Srivastava (w.e.f. 16.12.2012) |
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Designation : |
Director |
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Name : |
Jan Adam |
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Designation : |
Director |
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Name : |
Mr. Rajiv Agarwal |
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Designation : |
Chief
Executive Officer and Managing Director |
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Name : |
K. K. Sinha |
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Designation : |
Whole-time
Director |
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Name : |
Mr. Shailesh Sawa |
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Designation : |
Director
Finance |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Contractor |
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Designation : |
Company Secretary |
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Audit Committee
: |
R.
N. Bansal Deepak
Kumar Varma T.
S. Narayanasami |
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Shareholders’
Grievance Committee : |
R.
N. Bansal Deepak
Kumar Varma Rajiv
Agarwal Shailesh
Sawa |
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Share Transfer
Committee : |
Rajiv
Agarwal K.
K. Sinha Shailesh
Sawa |
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Compensation
Committee : |
R.
N. Bansal Dilip
J. Thakkar Deepak
Kumar Varma |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
59083387 |
13.81 |
|
|
59083387 |
13.81 |
|
|
|
|
|
|
261697754 |
61.16 |
|
|
261697754 |
61.16 |
|
Total
shareholding of Promoter and Promoter Group (A) |
320781141 |
74.97 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
35611 |
0.01 |
|
|
37769 |
0.01 |
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|
5753409 |
1.34 |
|
|
40018667 |
9.35 |
|
|
15115 |
0.00 |
|
|
15115 |
0.00 |
|
|
45860571 |
10.72 |
|
|
|
|
|
|
22265945 |
5.20 |
|
|
|
|
|
|
14596237 |
3.41 |
|
|
6368033 |
1.49 |
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|
18016071 |
4.21 |
|
|
583625 |
0.14 |
|
|
17432446 |
4.07 |
|
|
61246286 |
14.31 |
|
Total
Public shareholding (B) |
107106857 |
25.03 |
|
Total
(A)+(B) |
427887998 |
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) |
427887998 |
0.00 |
(1) Indian
Bodies Corporate
Foreign Bank
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Details of convertible securities |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
||||
|
No. of Shares held |
As a % of grand total |
No |
As a percentage |
As a % of |
Number of convertible securities held |
As a % total number of convertible securities of the same class |
|
||
|
1 |
Essar
Shipping and Logistics Limited |
26,16,97,688 |
61.16 |
261664301 |
99.99 |
61.15 |
2800 |
100.00 |
0.00 |
|
2 |
Essar
Projects (India) Limited |
5,63,97,000 |
13.18 |
55667666 |
98.71 |
13.01 |
0 |
0.00 |
0.06 |
|
3 |
Essar
Steel India Limited |
25,47,223 |
0.60 |
2547223 |
100.00 |
0.60 |
0 |
0.00 |
0.00 |
|
4 |
Imperial
Consultants and Securities Private Limited |
92,032 |
0.02 |
0 |
0.00 |
0.00 |
0 |
0.00 |
1.26 |
|
5 |
Essar
Investments Limited |
47,132 |
0.01 |
0 |
0.00 |
0.00 |
0 |
0.00 |
0.00 |
|
6 |
Essar
Global Limited |
66 |
0.00 |
0 |
0.00 |
0.00 |
0 |
0.00 |
5.84 |
|
|
Total |
32,07,81,141 |
74.97 |
319879190 |
99.72 |
74.76 |
2800 |
100.00 |
7.16 |
(*) The term encumbrance has the same meaning as assigned to it in
regulation 28(3) of the SAST Regulations, 2011.
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 |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Port
of Antwerp International UK Limited |
17432446 |
4.07 |
0.39 |
|
|
2 |
India
Max Investment Fund Limited |
17260867 |
4.03 |
0.38 |
|
|
3 |
Royal
Bank of Soctland Asia Merchant Bank (Singapore) Limited |
6200000 |
1.45 |
0.14 |
|
|
4 |
Life
Insurance Corporation of India |
5753376 |
1.34 |
0.13 |
|
|
5 |
Arum
Investment Private Limited |
5660000 |
1.32 |
0.13 |
|
|
6 |
Leena
Investments Consultancy LLP |
5578621 |
1.30 |
0.12 |
|
|
7 |
EM
Resurgent Fund |
4400000 |
1.03 |
0.10 |
|
|
|
Total |
62285310 |
14.56 |
1.39 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in business of providing fleet operating and chartering services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
Export-Import
Bank of India, Centre One Building, Floor No.21, World Trade Centre Complex,
Cuffe Parade, Mumbai – 400 005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
·
SREI Infrastructure Finance Limited, Vishwakarma, 86C, Topsia Road
(South), Kolkata – 700 046, West Bengal, India ·
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17,
R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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|
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Holding Companies : |
·
Essar Global Fund Limited (Formerly known as Essar Global Limited),
Cayman Island, ultimate holding company ·
Essar Shipping and
Logistics Limited, Cyprus, immediate holding company |
|
|
|
|
Subsidiaries : |
·
Essar Bulk Terminal Limited ·
Vadinar Oil Terminal Limited ·
Vadinar Ports and Terminals Limited ·
Essar Bulk Terminal (Salaya) Limited ·
Essar Bulk Terminal Paradip Limited ·
Essar Paradip Terminals Limited ·
Essar Dredging Limited ( w.e.f. 1st October, 2012) |
|
|
|
|
Fellow
subsidiaries / other related parties / affiliate where there have been
transactions: |
·
Aegis Limited ·
Essar Africa Holdings Limited ·
Essar Logistics Limited ·
Essar Shipping Limited ·
Essar Steel India Limited ·
Futura Travels Limited * ·
Equinox Business Parks Private Limited |
* ceased to be related
parties w.e.f. 1st April, 2012 in terms of AS 18 in view of current
set of relationship of directors / key managerial personnel.
CAPITAL STRUCTURE
AS ON 26.09.2013
Authorised Capital : Rs.15105.000 millions
Paid-up Capital : Rs.4278.880 millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 millions |
|
1050000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.105.000 millions |
|
|
Total
|
|
Rs.10105.000
millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
428134646 |
Equity Shares |
Rs.10/- each |
Rs.4281.346
millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
427887998 |
Equity Shares |
Rs.10/- each |
Rs.4278.880
millions |
|
246648 |
Forfeited Equity Shares |
|
Rs.1.305
millions |
|
|
Total |
|
Rs.4280.185 millions |
|
|
|
|
|
(i) Of above 171887182
equity shares were allotted as fully paid up equity shares for consideration
other than cash pursuant to the scheme of amalgamation during the financial
year 2008-09.
Reconciliation
of the number of shares and amount outstanding at the beginning and at the end
of the reporting period
|
Particulars |
As at 31st March, 2013 |
|
|
No.
of Shares |
Amount
(Rs.
in millions) |
|
|
Equity
Shares of Rs.10/- each |
|
|
|
At the beginning of the year Period |
410455552 |
4104.556 |
|
Add: Issue of shares
during the year (52666 Global Depositary Securities (GDS)* represented by
17432446 equity shares) |
17432446 |
174.324 |
|
At
the end of the year |
427887998 |
4278.880 |
*
Each GDS represents 331 equity shares
Terms of / rights attached
to equity shares / Global depository securities (GDS)
The Company has only one
class of equity shares having a par value of Rs.10/- per share. Each holder of equity
share is entitled to one vote per share held. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing annual general meeting. In the event of liquidation, the holder of
equity share is entitled to receive the remaining assets of the Company, after
distribution of all preferential amounts, in proportion to their shareholding.
Holders of GDS will be
entitled to receive dividends, subject to the terms of the Deposit Agreement,
to the same extent as the holders of equity shares, less the fees and expenses
payable under such Deposit Agreement and any Indian tax applicable to such
dividends. In the event of liquidation, the holder of GDS is entitled to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion to their shareholding. Each holder of GDS
is entitled to 331 votes per GDS held.
Shares
held by holding company, the ultimate holding company, their subsidiaries and
associates
|
Particulars |
As at 31st March, 2013 |
|
|
No.
of Shares |
% |
|
|
Equity
Shares of Rs.10/- each |
|
|
|
Essar Shipping and
Logistics Limited, Cyprus the holding company |
284503711 |
66.49 |
|
Essar Global Fund
Limited, the ultimate holding company |
66 |
0.00 |
|
Essar Projects (India)
Limited, subsidiary of the ultimate holding company |
56396995 |
13.18 |
|
Essar Steel India
Limited, subsidiary of the ultimate holding company |
2547223 |
0.60 |
|
|
343447995 |
80.27 |
There are no other shareholders
holding more than 5% shares in the Company.
(i) Stock options:
In the annual general
meeting held on 9 September 2011, the shareholders approved the grant of 740334
options (convertible into equivalent number of equity shares of Rs.10/- each of
the Company, in three equal installments i.e. at the end of 3rd / 4th / 5th
years from the grant date) to the eligible employees and executive directors of
the Company pursuant to Essar Ports Employee Stock Option Scheme 2011. The
exercise period for the options is 7 years from the date of vesting.
These stock options have
been granted at an option value of Rs.71.10 per equity share of face value of
Rs.10/- each (i.e. the closing price of the equity shares of the Company on 1st
December 2011 at the National Stock Exchange of India Ltd, being the exchange
having the higher quantity of trading of Company’s shares).
Out of above, 740334
options were outstanding as on 31st March 2013.
(ii) 5 % Foreign Currency
Convertible Bonds are convertible into 20475463 equity shares of Rs.10/- each
at Rs.91.70 per share.
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 |
4280.185 |
4105.861 |
4105.861 |
|
(b) Reserves & Surplus |
23003.310 |
22116.078 |
23251.573 |
|
(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) |
27283.495 |
26221.939 |
27357.434 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
2300.572 |
4046.260 |
6661.800 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
3141.003 |
1295.594 |
211.988 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
10.706 |
|
Total Non-current
Liabilities (3) |
5441.575 |
5341.854 |
6884.494 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
350.000 |
350.000 |
350.000 |
|
(b)
Trade payables |
154.711 |
155.658
|
0.000 |
|
(c)
Other current liabilities |
4767.874 |
5712.970
|
685.327 |
|
(d) Short-term
provisions |
241.889 |
231.160
|
16.969 |
|
Total Current
Liabilities (4) |
5514.474 |
6449.788 |
1052.296 |
|
|
|
|
|
|
TOTAL |
38239.544 |
38013.581 |
35294.224 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
811.772 |
889.070 |
463.970 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
35439.200 |
36594.200 |
33129.660 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1482.055 |
131.792 |
58.567 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
37733.027 |
37615.062 |
33652.197 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000
|
0.000 |
|
(c)
Trade receivables |
99.398 |
73.097
|
0.000 |
|
(d) Cash
and cash equivalents |
43.344 |
21.286
|
386.708 |
|
(e)
Short-term loans and advances |
191.297 |
204.307 |
1245.419 |
|
(f)
Other current assets |
172.478 |
99.829 |
9.900 |
|
Total
Current Assets |
506.517 |
398.519 |
1642.027 |
|
|
|
|
|
|
TOTAL |
38239.544 |
38013.581 |
35294.224 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
353.951 |
362.200 |
4868.669 |
|
|
|
Other Income |
354.326 |
163.436 |
1724.935 |
|
|
|
TOTAL (A) |
708.277 |
525.636 |
6593.604 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
77.428 |
98.687 |
3127.589 |
|
|
|
Employees Benefits Expense |
79.347 |
66.707 |
478.035 |
|
|
|
Other Expenses |
133.830 |
69.839 |
179.739 |
|
|
|
TOTAL (B) |
290.605 |
235.233 |
3785.363 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
417.672 |
290.403 |
2808.241 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
724.659 |
923.993 |
1840.752 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(306.987) |
(633.590) |
967.489 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
76.182 |
74.033 |
598.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(383.169) |
(707.623) |
368.748 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.500 |
2.345 |
160.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(383.669) |
(709.968) |
208.748 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
60.335 |
79.800 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.90) |
(1.73) |
0.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(54.17) |
(135.07)
|
3.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(108.25) |
(195.37)
|
7.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.68) |
(49.85)
|
17.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.03)
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.10 |
0.17
|
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.09 |
0.06
|
1.56 |
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 |
4105.861 |
4105.861 |
4280.185 |
|
Reserves & Surplus |
23251.573 |
22116.078 |
23003.310 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
27357.434 |
26221.939 |
27283.495 |
|
|
|
|
|
|
Long-term borrowings |
6661.800 |
4046.260 |
2300.572 |
|
Short term borrowings |
350.000 |
350.000 |
350.000 |
|
Total borrowings |
7011.800 |
4396.260 |
2650.572 |
|
Debt/Equity ratio |
0.256 |
0.168 |
0.097 |
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) |
|
Revenue from operations |
4868.669 |
362.200 |
353.951 |
|
|
|
(92.561) |
(2.277) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
4868.669 |
362.200 |
353.951 |
|
Profit |
208.748 |
(709.968) |
(383.669) |
|
|
4.29% |
(196.02%) |
(108.40%) |
LOCAL AGENCY FURTHER INFORMATION
Details of current maturities of long-term
borrowings:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Current
maturities of long-term borrowings |
3625.000 |
3000.000 |
375.000 |
|
|
|
|
|
Notes:
i) Secured rupee term loan from
financial institutions carries variable interest rate of SREI Benchmark rate
minus 3.75% per annum (as at 31st March, 2013 - 13.75% p.a.) and is
repayable in 12 monthly instalments starting from 31st July, 2013.
The loan is secured against movable fixed assets and all the cash flows
including dividend and receivables of the Company.
ii) FCCB of US$ 1,85,71,428
(Series - B) due on 24th August, 2017 and US$ 2,14,28,572 (Series - A)
due on 24 August 2015 carry interest @ 5% per annum payable semi-annually. The
bonds are convertible into 2,04,75,463 fully paid equity shares of Rs.10 each
of the Company, any time upto the date of maturity, at the option of the bond
holders at conversion price of Rs.91.70 per share at a predetermined exchange
rate of Rs.46.94 per USD. The bonds, if not converted, till the maturity date
will be redeemed at par.
iii) Unsecured rupee term
loan from others carries interest rate of 12.75% per annum, repayable in two
instalments of Rs.1000.000 millions on 1st July, 2013 and
Rs.2000.000 millions on 1st October, 2013. Essar Shipping and
Logistics Limited, the holding company, has given a corporate guarantee of
Rs.3000.000 millions.
|
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
10486088 |
19/03/2014 |
700,000,000.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C, TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
C00910000 |
|
2 |
10292697 |
27/06/2011 |
2,000,000,000.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C, TOPSIA ROAD
(SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
B15171416 |
|
3 |
10268800 |
24/02/2011 * |
700,000,000.00 |
EXPORT-IMNPORT BANK OF
INDIA |
CENTRE ONE BUILDING,
FLOOR NO.21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B08312860 |
|
4 |
10259453 |
15/11/2010 |
12,964,000,000.00 |
AXIS BANK LIMITED |
MAKER TOWERS,
"F" WING, 6TH FLOOR,, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA -
400005, INDIA |
B03031200 |
|
5 |
10242505 |
25/08/2010 |
1,000,000,000.00 |
IL&FS FINANCIAL SERVICES
LIMITED |
II & FS FINANCIAL
CENTRE, PLOT NO.C-22, G BLOCK, BANDRA KURLA COMPLEX BANDRA E, MUMBAI,
MAHARASHTRA - |
A95023149 |
|
6 |
10233478 |
13/08/2010 * |
813,800,000.00 |
SYNDICATE BANK |
2A, EASTCHEAP, LONDON - EC3M1LH,
UNITED KINGDOM |
B00040568 |
|
7 |
10218335 |
26/09/2012 * |
2,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B62354998 |
|
8 |
10175457 |
26/09/2012 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B62354543 |
|
9 |
80042964 |
20/03/2006 |
4,401,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCG, WORLD
TRADE CENTRE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
10 |
80015432 |
11/11/2006 * |
1,600,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, WORLD TRADE
CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
11 |
90296329 |
23/01/1996 |
100,000,000.00 |
THE ICICI BANKING
CORPORATION LTD. |
1; CENOTAPH ROAD,
TEYNAMPET, MADRAS, TAMILNADU - 600018, INDIA |
- |
|
12 |
90296217 |
15/10/1993 |
4,800,000.00 |
BANK OF INDIA |
MADRAS MAIN BRANCH,
MADRAS, TAMILNADU - 600001, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG
TERM BORROWINGS |
|
|
|
(a) 5 % Foreign currency
convertible bonds (FCCB) (FCCB of US$ 1,85,71,428
(Series - B) due on 24 August 2017 and US$ 2,14,28,572 (Series - A) due on 24
August 2015 carry interest @ 5% per annum payable semi-annually. The bonds
are convertible into 2,04,75,463 fully paid equity shares of Rs.10 each of
the Company, any time upto the date of maturity, at the option of the bond
holders at conversion price of Rs.91.70 per share at a predetermined exchange
rate of Rs.46.94 per USD. The bonds, if not converted, till the maturity date
will be redeemed at par.) |
2175.572 |
2046.260 |
|
SHORT
TERM BORROWING |
|
|
|
12.5%
Loans repayable on demand-from a related party |
350.000 |
350.000 |
|
Total
|
2525.572 |
2396.260 |
CORPORATE INFORMATION:
The Company is a public
limited company domiciled in India and incorporated under the Companies Act,
1956. The Company is engaged in business of providing fleet operating and
chartering services.
The Company is listed on BSE
limited and the National Stock Exchange of India Limited (NSE).
The Company through its
subsidiaries develops and operates ports and terminals for handling liquid, dry
bulk, break bulk and general cargo, with an existing aggregate capacity of 104
MTPA across facilities located at Vadinar and Hazira in the State of Gujarat on
the west coast of India and Paradip in the State of Odisha on the east coast of
India.
The facilities at Vadinar,
Hazira and Paradip are used primarily by affiliated customers for the receipt
of raw materials such as crude oil, iron ore / pellets, limestone, dolomite and
coal, and for the dispatch of finished goods such as petroleum products and
steel products.
The Company is in the
process of increasing its aggregate ports capacity to 158 MTPA with expansion
projects at Hazira, a new port at Salaya in Gujarat, and one terminal at
Paradip. The ports expansion projects have been undertaken, in part, to
accommodate the increase in traffic expected to arise from plant expansions planned
to be carried out by the Company’s affiliated customers, and in part to support
the increase in business from non-affiliated customers being targeted by the
Company.
MANAGEMENT DISCUSSION AND
ANALYSIS
Indian Economy and
Infrastructure Sector
The Indian Economy’s growth
is estimated to have moderated to a decadal low of 5% in FY13 from 6.5% in
FY12. The revival of private investment is a key to raise India’s GDP growth in
the coming years. In order to improve the investment climate, the government during
budget for FY14 has announced an investment allowance of upto 15% of the total
investments over Rs.1000.000 millions in plant and machinery during the two
years ending March 2015. But a substantial and sustainable boost to investment
sentiment will come only when major issues such as mining rights, land
acquisition, environmental clearances, are satisfactorily resolved.
In spite of this slowdown,
India has the potential to continue to be one of the fastest growing economies
in the world. Fundamentals of the economy remain strong, backed by promising
growth in external trade. Government expects the GDP growth to revive during
FY14 to about 6% for which there seems to be promise on continued efforts to
improve investment climate.
Indian Economy witnessed moderation
in inflation during FY13 and the budget for FY14 expects inflation to further
moderate to average 6.5% which will also give enough control to Reserve Bank of
India (RBI) to lower repo rate. If this happens as per plan, it will further
fuel the investment and contribute towards growth of the economy.
The focus of the Government
has to be on growth of the infrastructure sector to ensure that earlier growth
targets
set in the ports, roads,
steel and power sectors are achieved and the economy gets back to 8% plus
growth rate trajectory.
Ports Sector
Indian ports have handled a
total of 898 million metric tonnes (MMT) of cargo during FY12 registering a
moderate growth of 5% compared to 884 MMT of cargo handled during FY11. The
ports sector in India has grown at a CAGR of 10% in the last 10 years.
However, in the last 2
years, growth in the ports sector has been below its potential due to
imposition of higher export duty on iron ore and higher railway charges for
transportation of iron ore. Growth of the port sector has also been affected by
rise in prices of imported coal. However, these issues are expected to be
temporary in nature and the port sector growth story is expected to remain
intact in the long run.
A sharp fall in iron ore exports
has reduced the cargo at most of the major ports, even while the so-called non
major ports, mainly in Gujarat, have bucked the trend.
The fiscal year ending
March 2013 saw cargo handled by the 12 major ports shrunk by 2.5 per cent, to
545 million tonnes (mt), from 561 mt in 2011-12. This makes it the lowest in
last four years.
As per Maritime Agenda
2010-20 published by the Ministry of Shipping, port traffic is expected to
reach to 2,495 MMT by 2020 from 850 MMT in 2010. As the economy grows, port
traffic will increase and more investment opportunities will be created in this
sector. Considering high capacity utilisation of existing port assets and
expected higher traffic growth in future, new capacity addition in ports will
have good utilisation and the port sector will remain an attractive investment
destination.
In contrast, the total
traffic at Gujarat Maritime Board ports reached 293 MMT (million metric tonne)
for year ending March 31, 2013, from 259 MMT in 2011-12, registering a growth
of 13% over the previous year. The privately operated ports in Gujarat alone
handled over 53 per cent cargo handled by all ports.
Out of the 42 projects
targeted for award in 2012-13, 27 port projects involving an investment of
Rs.63031.900 millions were bid out to private firms by March 31, 2013. Some of
the bidders have backed out subsequently, which will see those particular
projects being further delayed. An interesting development in the ports sector
is the draft tariff guidelines for ports. Recently, the Shipping Ministry has
released a draft guideline linking tariff to market forces, which would be
applicable to all future projects. The new guidelines will not strictly ensure
market related rates but the Tariff Authority for Major Ports (TAMP) will still
continue to play a major role in determining the rates. As per the new draft
tariff guidelines, upcoming terminals will be exempted from getting their
prices regulated by TAMP and pass over the price setting function to market
dynamics.
The Government has announced
that it would work towards removing bottlenecks to kick start over 215
infrastructure projects worth Rs.7 lakh crore. It is a very positive
announcement and this initiative should help the infrastructure sector overall.
Projects like the Dedicated
Freight Corridor are eagerly awaited and would help greatly in speedier
connectivity of the ports to the north Indian hinterland. To sum up the macro
view, they can expect some positive moves and improvement in the overall
sentiment.
Challenges faced by the
port sector
Several port projects have
been affected due to procedural delays linked to approvals and clearances
required for the projects. Connectivity of ports is another major challenge as
it is critical for the ports to operate at their optimum capacity. Government
initiatives for development of port connectivity as linkages to the hinterland
would provide necessary boost to the sector.
Essar Ports – performance
The Company is one of the
largest private sector port and terminal companies in India and the year has
been a good year for the Company.
Performance Highlights:
• Essar Ports Board
recommends a dividend of 5% of face value of the share (Rs.0.50 per share) for
FY2013, amounting to Rs.213.944 millions.
• Highest ever cargo
handled in a year for Essar Ports at 54.52 MMT, up from 43.23 MMT in FY2012, an
increase of 26%. For Q4FY13, cargo handled increased by 20% to 14.82 MMT as
against 12.36 MMT in Q4FY12.
• Net Profit for FY13
increased 5 times to Rs.3319.000 millions from Rs.640.000 millions in FY12. For
Q4FY13, the Net Profit was Rs.925.000 millions up from a loss of Rs.615.000
millions during Q4FY12.
• Earnings Per Share for
FY13 were at Rs.7.76 as against Rs.1.56 for FY12.
• Revenue for FY13 increased
by 27% to Rs.14379.000 millions from Rs.11311.000 millions in FY12. For Q4FY13,
the Revenue increased by 32% to Rs.3903.000 millions from Rs.2966.000 millions
in Q4FY12.
• EBITDA for FY13 increased
by 27% to Rs.11590.000 millions from Rs.9132.000 millions in FY12. For Q4FY13,
the
EBITDA increased by 26% to
Rs.3058.000 millions from Rs.2432.000 millions in Q4FY12.
• Continued focus on
Quality, Health, Safety and Environment resulted in ISO 9001 certification for
quality; ISO 14001 certification for Environment and OHSAS 18001 certificates
for occupational health safety for the Company’s Vadinar and Hazira facilities.
Performance Update
Operational Highlights:
Projects
Completed:
• The Company commissioned
the state of the art 16 MMTPA Dry Bulk Terminal at Paradip, with a fully
mechanised ship loading system with a capacity of 5,000 tons per
hour. It is one of the most modern terminals of its type in India,
connected to the stockyard by a 9 km long covered conveyor system.
• The Company also completed
the construction of 3 HSD tanks of capacity 180,000 KL during the year at
Vadinar.
Operations
on track:
• Essar Oil completed
expansion of 20 MMTPA refinery in June 2012 and accordingly, the Vadinar
terminal is now operating at an enhanced run-rate of 10.5 MMT per quarter
(42MMTPA).
• During FY13, the company’s
terminals handled a record 683 ships, as against 514 ships handled for the
corresponding previous year.
• The Company’s commitment towards
Quality, Health, Safety and Environment was highlighted with the Company
winning the following awards during the year:
o
Vadinar terminal continued to be an award winning asset for its world class HSE
practices. Awards won during the year include India Shipping Summit, Gujarat
Star Awards and ROSPA.
o
Hazira terminal won the HSE award from Greentech foundation and Best coal port
performer award in the Indian Coal Markets conference.
Progress
of the project under implementation:
• Progress of the construction
of a 20 MMTPA coal berth at Salaya is as per plan. The project is 59% complete.
Piling and Decking works of the Jetty and Approach trestle to Jetty have been
completed. Bund Work has started. Ship loader erection is completed and
Unloaders erection is under progress. Stackyard is operational with two stacker
cum reclaimers and Conveyor fabrication is under progress.
• Construction of a deep
draft coal terminal at Paradip is expected to commence during FY14. Environment
clearance and forest clearance have been received and the project is expected
to start once the land for construction is handed over by Paradip Port Trust.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
|
Corporate guarantees on behalf of subsidiaries against borrowings |
15446.000 |
20116.000 |
|
|
|
|
STATEMENT OF STANDLONE
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2014
(Rs. in millions)
|
Particulars |
Quarter ended |
Year ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
1. Income from operations |
77.400 |
66.600 |
401.300 |
|
|
|
|
|
|
2. Expenditure |
|
|
|
|
a) Operating Expenses |
27.700 |
58.600 |
151.300 |
|
b) Employees
Benefits Expense |
26.100 |
29.400 |
95.500 |
|
c) Depreciation
& Amortization Expense |
18.700 |
19.200 |
75.900 |
|
d) Other
Expenses |
28.300 |
27.800 |
116.300 |
|
e)
Amortisation of foreign currency monetary item translation difference
account |
49.100 |
54.300 |
158.900 |
|
Total Expenses |
149.900 |
189.300 |
597.900 |
|
3. Profit/(Loss) from Operations before Other Income, Financial Costs
and Exceptional Items (1-2) |
(72.500) |
(122.700) |
(196.600) |
|
4. Other Income |
43.200 |
54.000 |
441.300 |
|
5. Profit/(Loss) from Ordinary activities after Financial Costs but before and Exceptional
Items (3+4) |
(29.300) |
(68.700) |
244.700 |
|
6. Finance Costs |
67.200 |
106.000 |
517.000 |
|
7. Loss from ordinary activities after Financial Costs but before and Exceptional
Items (5-6) |
(96.500) |
(174.700) |
(272.300) |
|
8. Exceptional Item |
7.600 |
7.300 |
14.900 |
|
9. Loss from ordinary activities Before Tax (7+8) |
(88.900) |
(167.400) |
(257.400) |
|
10. Tax Expenses |
0.100 |
-- |
0.100 |
|
11. Loss for the Period/ Year
(9-10) |
(89.000) |
(167.400) |
(257.500) |
|
12. Paid-up Equity Share Capital (Face Value
Rs.10/- each) |
4278.900 |
4278.900 |
4278.900 |
|
13. Reserves excluding Revaluation Reserves |
-- |
-- |
22454.100 |
|
Earnings Per Share (In Rs.) (*not annualized) |
|
|
|
|
a) Basic |
(0.21)* |
(0.39)* |
(0.60) |
|
b) Diluted |
(0.21)* |
(0.39)* |
(0.60) |
|
|
|||
|
PART II |
|||
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of Equity Shares |
107106857 |
107106857 |
107106857 |
|
- Percentage of Shareholding |
25.03 |
25.03 |
25.03 |
|
Promoter and Promoter Group’s shareholding pledged |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
-
Number of Shares |
319879190 |
319879190 |
319879190 |
|
-
Percentage of pledged
shares on shareholding of Promoter / Promoter Group |
99.72 |
99.72 |
99.72 |
|
-
Percentage of pledged
on Total Share Capital of the Company |
74.76 |
74.76 |
74.76 |
|
b) Non - Encumbered |
|
|
|
|
-
Number of Shares |
901951 |
901951 |
901951 |
|
-
Percentage of shares
(as a % of the total shareholding of
Promoter / Promoter Group) |
0.28 |
0.28 |
0.28 |
|
-
Percentage of shares
(as a % of the total Share Capital of the Company) |
0.21 |
0.21 |
0.21 |
|
Particulars |
Quarter ended 31.03.2014 |
|
B. INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
18 |
|
Disposed of during the quarter |
18 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
1. Statement of
Assets and Liabilities
(Rs. in millions)
|
Particulars |
As at 31st
March, 2014 |
|
|
(Audited) |
|
I EQUITY AND LIABILITIES |
|
|
|
|
|
1 Shareholder’s
Funds |
|
|
a) Share Capital |
4280.200 |
|
b) Reserves &
Surplus |
22461.300 |
|
|
26741.500 |
|
|
|
|
2 Non - Current Liabilities |
|
|
a) Long Term Borrowings |
2404.000 |
|
b) Other Long Term Liabilities |
3073.200 |
|
|
5477.200 |
|
|
|
|
3 Current Liabilities |
|
|
a) Short Term Borrowings |
0.000 |
|
b) Trade Payable |
184.500 |
|
c) Other Current Liabilities |
499.100 |
|
d) Short Term Provision |
243.400 |
|
|
927.000 |
|
|
|
|
TOTAL
|
33145.700 |
|
|
|
|
II ASSETS |
|
|
|
|
|
1 Non-Current Assets |
|
|
a) Fixed Assets |
|
|
(i) Tangible Assets |
734.800 |
|
b) Non-Current Investments |
31440.700 |
|
c) Loans and Advances |
566.200 |
|
|
32741.700 |
|
|
|
|
2 Current Assets |
|
|
a) Trade Receivables |
58.900 |
|
b) Cash and Bank Balance |
21.000 |
|
c) Loans and Advances |
85.500 |
|
d) Other Current Assets |
238.600 |
|
|
404.000 |
|
|
|
|
TOTAL |
33145.700 |
2. The Company is in the
business of owning and operating liquid and dry bulk ports and terminals mainly
through its subsidiaries viz. Vadinar Oil Terminal Limited, Essar Bulk Terminal
Limited, Essar Bulk Terminal (Salaya) Limited, Vadinar Ports and Terminals
Limited, Essar Bulk Terminal Paradip Limited, Essar Paradip Terminals Limited,
Essar Vizag Terminals Limited and Essar Dredging Limited. Upto 31st
March, 2014, the Company has invested Rs.31440.700 millions in the above
subsidiaries. The consolidated financial results reflect the financial results
of these subsidiaries.
3. The Company has
exercised the option available as per para 46/46A of Accounting Standard (AS)
11, "The effect of changes in foreign exchange rates", vide
notification no. GSR 914(E) dated 29th December, 2011. Consequently,
the exchange loss of Rs.228.400 millions incurred during the year ended 31st
March, 2014 has been transferred to Foreign Currency Monetary Item Translation
Difference Account to be amortised over the balance period of such long term
liability.
4.
The Company has only one reportable segment of fleet operating and chartering.
5.
Tax expenses includes income tax and tonnage tax.
6.
Exceptional item represent gain on sale of investments in subsidiaries to
another subsidiary.
7. The Board of Directors
have recommended, subject to approval of shareholders, a dividend of Rs.0.50
per share aggregating to Rs.213.900 millions including Dividend Distribution
Tax.
8. Figures for the
corresponding previous periods have been restated / regrouped wherever
necessary. The figures for the quarter ended 31st March, 2014 are
the balancing figures between the audited figures in respect of full financial
year and the published year to date figures upto third quarter of the current
financial year.
9.
The above financial results were reviewed by the Audit Committee and approved
by the Board of Directors at the meeting held on 15th May, 2014.
FIXED ASSETS:
·
Fleet
·
Plant and Equipment
WEBSITE DETAILS:
MEDIA RELEASES:
ESSAR PORTS LIMITED’S
NET PROFIT UP 16% TO RS.3837.000 MILLIONS FOR THE FINANCIAL YEAR 2013-14
May 15, 2014
·
Essar Ports Limited board recommends dividend of 5%
·
EBITDA up 14% at Rs.13271.000 millions for the
Financial Year 2013-14
Essar Ports Limited (Essar Ports), part of Essar, today announced its
audited results for the financial year 2013-14 and for quarter ended March
2014.
Highlights of consolidated results:
1. Net
profit for the year increased by 16% to Rs.3837.000 millions from Rs.3316.000
millions for the previous year. For Q4 FY14, the Net Profit reduced by 1% to
Rs.908.000 millions from Rs.921.000 millions in Q4 FY13.
2. Earnings
per share for the year was Rs.8.97 as against Rs.7.80 for previous year.
Earnings per share for Q4 FY14 was Rs.2.12 as against Rs.2.15 for Q4 FY13.
3. Essar
Ports board recommends a dividend of 5 % (Rs.0.50 per share) for FY14
4. Revenue
for the year (excluding trade revenues to fulfil export obligations) increased
by 13% to Rs.16374.000 millions from Rs.14486.000 millions for the previous
year. For Q4 FY14, the revenues increased by 5% to Rs.4155.000 millions from
Rs.3967.000 millions in Q4 FY13.
5. EBITDA
for the year increased by 14% to Rs.13271.000 millions from Rs.11679.000
millions for the previous year. For Q4 FY14, EBITDA increased by 7% to
Rs.3296.000 millions from Rs.3074.000 millions in Q4 FY13.
Speaking on the key highlights for the quarter, Mr Rajiv Agarwal,
Managing Director, Essar Ports Limited, said: “We have started receiving many
pending approvals which will ensure early commissioning of our pending
projects. With the start of operations in Vizag terminal and proposed
commissioning of Salaya terminal, the revenue profile for Essar Ports Limited
is also set to diversify thereby improving the customer mix."
Key Highlights:
Cargo handled
·
52.24 million tonnes of cargo handled during FY14
as against 54.52 million tonnes of cargo handled during FY13.
·
13.03 million tonnes of cargo handled during Q4
FY14 as against 14.81 million tonnes of cargo handled during Q4 FY13.
Approvals
·
Stage 1 forest clearance (FCA) for Salaya terminal
has been received. Compensatory afforestation land has been finalized and the
agreement has been executed. Final FCA clearance is expected soon.
·
Paradip coal terminal construction expected to
start soon as Supreme Court dismissed all the petitions filed by port users
occupying the land during December 2013. Paradip Port Trust has initiated
action to vacate the land earmarked for the terminal.
·
Received final environment clearance for Hazira
expansion.
·
Court cases by labour unions against award of
concession of Vizag iron ore terminals have been dismissed by
honourable High Court of Andhra Pradesh.
Third Party Cargo set to increase
·
Upgradation of Vizag terminal simultaneously with
operations. Terminal will contribute to third party revenues of EPL from Q2
FY2015.
·
Increasing Third Party cargo share upon addition of
New projects: Salaya and Paradip Coal.
About Essar Ports
Essar Ports is one of the largest port companies of India, with a
current capacity of 104 MMTPA. The capacity is being expanded to 181 MMTPA over
the next few years. Essar Ports has three operational port terminals at Hazira,
Vadinar and Paradip. The Hazira port is an all-weather, deep-draft port with 30
MMTPA of dry bulk and break bulk cargo handling capacity. Vadinar is also an
all-weather, deep-draft port with 58 MMTPA of liquid cargo handling capacity.
Paradip dry bulk terminal was commissioned in December 2012 and is an
all-weather, deep-draft port with 16 MMTPA of dry bulk cargo handling capacity.
Essar Ports also plans to develop a coal terminal at Paradip of 14 MMTPA
capacity. The company is also setting up a dry bulk terminal at Salaya with a
capacity of 20 MMTPA. Additionally, the company plans to expand its Hazira port
capacity by 20 MMTPA – taking its capacity to 50 MMTPA. Essar Ports has won the
bid for the development of three iron ore berths totaling 23 MMTPA at
Visakhapatnam Port.
ESSAR
OIL, ESSAR PORTS CRACK AS PROMOTERS DENY DELISTING PLANS
22
May, 2014
MUMBAI: Shares of Essar Oil and Essar Ports BSE -1.15 %
were witnessing selling pressure after the companies denied delisting plans.
Shares of these companies had surged in trade yesterday
following media reports that Essar Group was planning to delist all of its
publicly listed companies and sell some assets.
"The company has not received any communication /
proposal from its Promoters of their intension to delist the equity shares of
the company," Essar Oil said in a state.
At 11:00 a.m.; Essar Ports was at Rs.81.10, down 8.36
per cent, on the BSE. It touched a high of Rs.89 and a low of Rs.76.40 in trade
today.
Essar Oil was at Rs.86, down 3.91 per cent, on the BSE.
It touched a high of Rs.90.35 and a low of Rs.85.65 in trade today.
ESSAR
PORTS TO CONSIDER DIVIDEND ON MAY 15, 2014
May
12, 2014
Essar Ports Limited has informed BSE that a meeting of the
Board of Directors of the Company will be held on May 15, 2014, inter alia, to
consider and approve the audited financial results for the year ended March 31,
2014 and may also consider declaration of dividend.
ESSAR
PORTS ENTERS INTO CONCESSION AGREEMENT WITH VISAKHAPATNAM PORT TRUST
December
14, 2013
Essar Ports Limited has informed BSE regarding a Press
Release dated December 13, 2013 titled "Essar Ports enters into Concession
Agreement with Visakhapatnam Port Trust for development of three iron ore
berths".
ESSAR
PORTS COMPLIES WITH MINIMUM PUBLIC SHAREHOLDING AS PER SEBI NORMS
June
20, 2013
Essar Ports Limited has informed BSE regarding a Press
Release dated June 20, 2013, titled "Essar Ports Complies with Minimum
Public Shareholding as per SEBI Norms". Port of Antwerp International UK,
a subsidiary of the Port Antwerp, has converted a Global Depository shares
(GDS) held by it in Essar Port, one of India’s leading private port and
terminal operators, into equity shares, bringing down the Promoter holdings in
Essar Ports to 74. 97 percent.
ESSAR PROJECTS BAGS RS.5500.000 MILLIONS CONTRACT FROM BPCL
July 16, 2013
Essar Projects (EPL), an engineering, procurement and construction company of Essar group, today said it has bagged a Rs.5500.000 millions contract from Bharat Petroleum Corporation Limited (BPCL) for executing certain packages of Kochi refinery expansion project.
"Has secured a contract valued at over Rs.5500.000
millions from BPCL to participate in its major refinery
expansion project in Kochi," Essar Projects said in a statement.
Essar has won the contract in a consortium with GR
Engineering of Mumbai for the EPC work of the reactor regenerator package of
2.2 MTPA Fluid Catalytic Cracking Unit (FCCU) at the Kochi refinery, which is
set to expand to 15.5 MTPA.
The project is scheduled to be completed in 24 months
and Technip Shaw is the process licensor of this package, the company further
said.
"With this the total number of major projects
secured by Essar projects, both domestic and overseas, has gone up to eight,
taking the total order book to about $4.1 billion," the company said.
Essar Projects, headquartered in Dubai, works as an EPC
contractor for industries like Oil and Gas, Power, Ports and Marine, Civil and Building,
etc. and has presence in over 20 countries. Currently it is executing
significant hydrocarbon projects for several big companies, including Indian
Oil, Jurong Aeromatics and Matix fertilizers.
"We are very pleased with this significant first award
from BPCL which further consolidates our position in the hydrocarbons sector in
India," Essar Projects' President and CEO Alwyn Bowden said.
BPCL is in the process of expanding the Kochi refinery
capacity to 15.5 MTPA from 9.5 MTPA as part of the Integrated Refinery
Expansion Project (IREP). Engineers India Limited (EIL) is the project
management consultant (PMC) for the project.
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 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.58.59 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.