MIRA INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE DHAMRA PORT COMPANY LIMITED |
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Registered
Office : |
II Floor, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
10.09.1998 |
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Com. Reg. No.: |
15-005448 |
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Capital
Investment / Paid-up Capital : |
Rs. 6480.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
U45205OR1998PLC005448 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BBNT00131F |
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PAN No.: [Permanent Account No.] |
AABCD0602P |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Subject is engaged in Developing an all Modern Deep Water Port a
Dhamra. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established port located at a favourable location having
satisfactory track. On May 16, 2014 the two promoters of the subject namely L&T
Infrastructure Development project Limited and TATA Steel Limited have entered
into a definitive agreement with Adani Ports and special Economic zone and
have sold 100% stake in the subject at an enterprise value of around Rs. 5500
Crore. The company possesses a weak capital structure on account of high debt
levels to support the cost overrun, along with the revision in the scope of
project and erosion of networth on account of consecutive losses incurred
from its operations. The rating also take into consideration, the operational advantages
such as deep draft which enables it to handle larger vessels, fully
mechanized operations tariff flexibility adequate strong and hinterland
connectivity. Trade relations are fair. Business is active. Payments terms are
reported as usually correct. In view of Adani group significant experience in handling port
operations and favourable financial profile, 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses,
recently approached the Delhi high court for relief in two separate cases. The
airline challenged a notice by Punjab & National Bank alleging that It had
wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Bank Facilities “A-” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
July 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Bank Facilities “A2+” |
|
Rating Explanation |
Strong degree of safety. |
|
Date |
July 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non co-operative (91-674-2303829)
LOCATIONS
|
Registered Office : |
II Floor, |
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Tel. No.: |
91-674-2303829/ 2301680/ 2300705/ 2302676 |
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Fax No.: |
91-674-2303828 |
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E-Mail : |
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Website : |
DIRECTORS
As on 01.09.2014
|
Name : |
Mr. Karan Adani |
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Designation : |
Director |
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Address : |
Shantivan Farm House, B. H. Katnavati Club Gandhi Nagar, Sarkhej
Highway, Ahmedabad – 380058, Gujarat, India |
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Date of Birth/Age : |
07.04.1987 |
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Date of Appointment : |
23.06.2014 |
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DIN No.: |
03088095 |
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Others
Directorship :
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Name : |
Mr. Sudipta Bhattacharya |
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Designation : |
Director |
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Address : |
1050/1, survey park, santoshpur, Kolkata – 700075, West Bengal, India |
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Date of Birth/Age : |
07.07.1965 |
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Date of Appointment : |
23.06.2014 |
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DIN No.: |
06817333 |
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Others
Directorship :
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Name : |
Mr. Subrat Tripathy |
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Designation : |
Director |
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Address : |
4 Satya Nagar, Bhubaneswar, Khurda – 751007, Odisha, India |
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Date of Birth/Age : |
01.04.1953 |
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Date of Appointment : |
23.06.2014 |
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DIN No.: |
06890393 |
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Others
Directorship :
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Name : |
Mr. Santosh Mohapatra |
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Designation : |
Director |
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Address : |
Plot No 515/1765, Suryaoppabha Kiit Square Nandankanan Road Patia,
Khurda – 751024, Odisha, India |
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Date of Birth/Age : |
01.04.1953 |
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Date of Appointment : |
23.06.2014 |
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DIN No.: |
00284280 |
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PAN No.: |
ACDPM5745R |
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Others
Directorship :
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Name : |
Mr. Jaganandha Rao |
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Designation : |
Director |
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Address : |
B/44, May Flair Apartment, Opposite Ashwamegh – 1/H IOC Petrol
Pump, Ahmedabad – 380015, Gujarat,
India |
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Date of Birth/Age : |
05.05.1953 |
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Date of Appointment : |
23.06.2014 |
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DIN No.: |
01724002 |
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Others
Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Tanmay Sahu Kumar |
|
Designation : |
Secretary |
|
Address : |
M – 13, Netaji Subhash, Enclave, Gadakana, Chandra Shekharpur, Khurda,
Odisha, India |
|
Date of Birth/Age : |
15.07.1974 |
|
Date of Appointment : |
14.08.2006 |
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PAN No.: |
ACDPM5745R |
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|
Name : |
Mr. Santhosh Mohapatra |
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Designation : |
Chief Executive Officer |
|
Address : |
Plot No 515/1765, Suryaoppabha Kiit Square Nandankanan Road Patia,
Khurda – 751024, Odisha, India |
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Date of Birth/Age : |
01.04.1953 |
|
Date of Appointment : |
01.04.1914 |
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PAN No.: |
ACDPM5745R |
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Name : |
Mr. Santanu Panda Kummar |
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Designation : |
Chief Financal Officer |
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Address : |
Duplex No. 12, Aditya Enclave Patia, Bhubaneshwar, Khurda – 741031,
Odisha, India |
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Date of Birth/Age : |
12.10.1969 |
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Date of Appointment : |
01.08.2014 |
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PAN No.: |
ABXPP0466D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mahadevia Malay |
|
10 |
|
Ravi Dipaty Bhami |
|
10 |
|
Mayur Shah |
|
05 |
|
Haresh Mehta |
|
05 |
|
Adani Ports and Special Economic Zone Limited, India |
|
647999960 |
|
Total |
|
647999990 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Other |
0.001 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Developing an all Modern Deep Water Port a
Dhamra. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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Financial Institution : |
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Auditors : |
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|
Name : |
Deloitte Haskins & Sells Chartered Accountant |
|
Address : |
Tower - 3, 27Th - 32Nd Floor, Indiabulls Finance Centre, Elphinstone Mills
Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai, Maharashtra, India
|
|
PAN No.: |
AACFD4815A |
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|
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Related Parties : |
CIN
No.:- U65993TN2001PLC046691
CIN
No.:- L27100MH1907PLC000260 |
CAPITAL STRUCTURE
As on 01.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000000 |
Equity Shares |
Rs.10/- each |
Rs. 11000.000 Millions |
|
800000000 |
Preference Shares |
Rs. 10/-each |
Rs. 8000.0000 Millions |
|
|
Total |
|
Rs. 19000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
648000000 |
Equity Shares |
Rs.10/- each |
Rs. 6480.000
Millions |
|
|
|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions].
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6480.000 |
6480.000 |
6480.000 |
|
(b) Reserves & Surplus |
(9350.600) |
(8012.300) |
(4612.800) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
(2870.600) |
(1532.300) |
1867.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
33817.000 |
33447.000 |
28864.200 |
|
(b) Deferred tax liabilities (Net) |
2279.200 |
1164.600 |
0.000 |
|
(c) Other long term
liabilities |
15.100 |
16.400 |
41.100 |
|
(d) long-term
provisions |
0.000 |
0.000 |
12.200 |
|
Total Non-current
Liabilities (3) |
36111.300 |
34628.000 |
28917.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
500.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1271.400 |
1451.900 |
342.700 |
|
(c) Other
current liabilities |
1179.900 |
1217.900 |
4713.100 |
|
(d) Short-term
provisions |
3.400 |
1.900 |
0.400 |
|
Total Current Liabilities
(4) |
2954.700 |
2671.700 |
5056.200 |
|
|
|
|
|
|
TOTAL |
36195.400 |
35767.400 |
35840.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
31062.300 |
32230.800 |
31794.300 |
|
(ii)
Intangible Assets |
34.800 |
49.200 |
62.900 |
|
(iii)
Capital work-in-progress |
54.700 |
233.800 |
1321.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
807.600 |
847.600 |
883.100 |
|
(e) Other
Non-current assets |
204.500 |
211.800 |
146.300 |
|
Total Non-Current
Assets |
32163.900 |
33573.200 |
34207.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
206.500 |
121.000 |
97.600 |
|
(c) Trade
receivables |
3448.800 |
195.000 |
179.700 |
|
(d) Cash and
cash equivalents |
117.900 |
108.600 |
385.900 |
|
(e)
Short-term loans and advances |
182.800 |
448.300 |
653.300 |
|
(f) Other
current assets |
75.500 |
1321.300 |
316.600 |
|
Total
Current Assets |
4031.500 |
2194.200 |
1633.100 |
|
|
|
|
|
|
TOTAL |
36195.400 |
35767.400 |
35840.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7313.700 |
5023.900 |
1950.600 |
|
|
|
Other Income |
36.700 |
35.600 |
27.400 |
|
|
|
TOTAL |
7350.400 |
5059.500 |
1978.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2918.500 |
2548.400 |
1639.100 |
|
|
|
Employees benefits expense |
155.400 |
150.800 |
121.600 |
|
|
|
Other expenses |
371.400 |
286.500 |
317.700 |
|
|
|
Exceptional Items |
(381.100) |
0.000 |
0.000 |
|
|
|
TOTAL |
3064.200 |
2985.700 |
2078.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4286.200 |
2073.800 |
(100.400) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4128.100 |
4018.200 |
3200.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
158.100 |
(1944.400) |
(3301.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1496.400 |
1455.100 |
1279.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1338.300) |
(3399.500) |
(4580.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(1338.300) |
(3399.500) |
(4580.900) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.07) |
(5.25) |
(7.07) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(18.30) |
(67.67) |
(234.85) |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
58.61 |
41.28 |
(5.15) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.70) |
(9.57) |
(13.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.47) |
(2.22) |
(2.45) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(11.95) |
(21.83) |
15.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
0.82 |
0.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
6480.000 |
6480.000 |
6480.000 |
|
Reserves & Surplus |
(4612.800) |
(8012.300) |
(9350.600) |
|
Net
worth |
1867.200 |
(1532.300) |
(2870.600) |
|
|
|
|
|
|
long-term borrowings |
28864.200 |
33447.000 |
33817.000 |
|
Short term borrowings |
0.000 |
0.000 |
500.000 |
|
Total
borrowings |
28864.200 |
33447.000 |
34317.000 |
|
Debt/Equity
ratio |
15.459 |
(21.828) |
(11.955) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1950.600 |
5023.900 |
7313.700 |
|
|
|
157.557 |
45.578 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1950.600 |
5023.900 |
7313.700 |
|
Profit |
(4580.900) |
(3399.500) |
(1338.300) |
|
|
(234.85)% |
(67.67)% |
(18.30)% |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Term loans from others [ |
4000.000 |
4000.000 |
|
Intercorporate borrowings |
4000.000 |
4000.000 |
|
SHORT TERM
BORROWING |
|
|
|
Deposits from others |
500.000 |
0.000 |
|
Total |
8500.000 |
8000.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10522600 |
30/09/2014 |
30,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE,, COLABA,, MU |
C23155526 |
|
2 |
10496477 |
27/05/2014 * |
1,000,000,000.00 |
INDUSIND BANK
LTD. |
Savitri Towers, 3A,
Upper Wood Street, Kolkata, W |
C05877717 |
|
3 |
10396079 |
19/12/2012 |
304,900,000.00 |
PUNJAB NATIONAL
BANK |
Large Corporate
Branch, Rayala Towers 781-785, II |
B65551103 |
|
4 |
10387162 |
16/09/2013 * |
2,845,100,000.00 |
IDBI Bank
Limited |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, Maha |
B86826419 |
|
5 |
10373938 |
28/02/2013 * |
4,000,000,000.00 |
Axis Trustee Services
Limited |
Axis House, 2nd
Flr, Bombay Dyeing Mills Compound, |
B73472730 |
|
6 |
10373941 |
23/01/2013 * |
22,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd Flr,
Bombay Dyeing Mills Compound, |
B68666684 |
* Date of charge modification
Business Outlook
The cargo
throughput in the current year is expected to go up further. Capacity utilization
in the import circuit has been very satisfactory in the year. The export
circuit capacity utilization has picked up on account of coastal movement of
coal which was handled through the export circuit. Since the iron market
remains bearish, the company will focus on maximizing coastal movement of iron
ore to push up the utilization of export circuit. Efforts are also being made
to revive coastal thermal coal movement to increase capacity utilization of
export berth. 20-25% growth is being targeted on the export berth. Company has
planned a total throughput of 16MMT for FY15.
FIXED ASSETS
- Land
- Furniture and Fittings
- Office Equipments
- Computer and Accessories
- Plant and Machinery
- Vehicles
- Factory Buildings
- ERP Software
PRESS RELEASE
ADANI GROUP TO KICK OFF DHAMRA PORT
EXPANSION SOON
Adani Ports & Special Economic Zone, had acquired Dhamra Port Company Ltd for Rs 5,500 cr
After buying out the Dhamra port from L&T and the Tatas in a deal valued at Rs 5,500
crore, Gautam Adani controlled Adani Group is all set to
start work on the port's second phase expansion that will ramp up its capacity to 100 million tonne per
annum.
The expanded capacity will be four times the
port’s current capacity of 25 million tonne a year.
“We are going to start work soon on the Dhamra
port's expansion. Orders have been placed for the same. Our vision is to build
the Dhamra port on the scale of the Mundra port,” Adani said after his meeting
with Chief Minister Naveen Patnaik. The Adani Group chief also called on state
chief secretary G C Pati.
In May this year, Adani Ports & Special
Economic Zone (APSEZ), part of the Adani Group, had acquired Dhamra Port
Company Ltd (DPCL) for Rs 5,500 crore.
Prior to the acquisition, DPCL was run as a
50:50 joint venture between Tata Steel and L&T Infrastructure Development
Projects Ltd. In one of the biggest port sector deals in recent years, APSEZ has gained a foothold in the eastern sector through
acquisition of the Dhamra port that handled 14.3 million tonne cargo in 2013-14.
Santosh K Mohapatra, chief executive officer
(CEO), DPCL said, “We will begin work on capacity expansion soon. DPCL had
requested the government to provide additional 700 acres land for the purpose.
The government has approved the land allotment proposal.”
A state government official said, there are no
hurdles in handing over land to DPCL but the port authorities have to submit
the land schedule.
“We had asked DPCL to submit the land schedule
and are awaiting the same. Once we get the schedule, we will initiate the
process of land alienation and its transfer to the port,” said the official.
The Dhamra port, a deep draught port off the
coast of northern Odisha, is equipped with two fully mechanised berths with a
combined cargo handling capacity of 25 million tonne per annum (mtpa). The two
berths are capable of handling 12 million tonne of imported dry bulk cargo and
13 million tonne of cargo for exports. The port commenced commercial operations
in May 2011.
The port has obtained environment clearance for
the expansion estimated to cost Rs 10,000 crore.
The expansion work involves increasing berth
strength to 13 from two at present and upgrade cargo handling capacity
four-fold from 25 mtpa to 100 mtpa in five years.
The second phase capacity ramp up would also
pave the way for a five mtpa LNG (liquefied natural gas) terminal to be set up
within the port premises by Indian Oil Corporation Ltd (IOCL). The terminal to
be set up at a cost of Rs 5,000 crore needed 150 acres of land. Both IOCL and
DPCL had signed an MoU (memorandum of understanding) for the project.
Adani Group all set to expand
Dhamra Port's capacity to 100 MT
BHUBANESWAR: Gujarat-based Adani Group today
said it was all set to expand the Dhamra Port's capacity to 100 MT per annum in
Odisha's Bhadrak district.
"We are going to start work on expansion of the Dhamra port.
Orders have been placed for the purpose. Our vision is to build the Dhamra port on the scale of the Mundra port",
Adani Group chief Gautam Adani told
reporters after meeting Chief Minister Naveen Patnaik and
Chief Secretary G C Pati here.
he
company, which acquired the Dhamra Port from L&T and the Tatas by paying
about Rs 5,500 crore, targets to enhance the port's capacity from 25 MT to 100
MT.
Dhamara Port Company Limited (DPCL) chief executive officer Santosh K Mohapatra said: " DPCL had sought 700 acres
of land for the expansion project which was sanctioned by the state government.
We will begin work on expanding the port capacity soon."
An equal joint venture between L&T Infrastructure Development
Projects (IDPL) and Tata Steel, Dhamra Port Company Ltd (DPCL) was commissioned
in May 2011 with an 18-km approach channel and a dedicated 62.7 km rail link to
Bhadrak.
In May,
it had executed a pact with both the companies to acquire the Port for about Rs
5,500 crore. The port handled 14.3 million tonnes of cargo in 2013-14.
DPCL, the
operator, had been awarded a concession by the Odisha government to build and
operate the port on Dhamra River in Bhadrak district for 34 years, including
four years for construction.
The
concession period may be extended by two additional terms of 10 years each. The
first phase construction, at an investment of Rs 3,200 crore, started in March
2007.
Besides
the expansion of DPCL, Adani also discussed about the company's proposal of
setting up a power plant at Chhendipada in Angul district.
Dhamra port will be new
‘Mundra’of East Coast: APSEZ
In the next six years, Dhamra port will become the new
Mundra of the East Coast, said a senior official of the Ahmedabad-based Adani
Port and Special Economic Zone (APSEZ), an Adani Group company that completed
the acquisition of the Rs 5,500-crore port in Orissa, a couple of days back.
“Our experience in the port sector has been good across
India. We just acquired Dhamra port on the East Coast. It is all set to become
the Mundra of the East in the next 5-6 years, handling about 100 million tonnes
per annum (MTPA),” said B Ravi, chief financial officer (CFO) of APSEZ while
speaking at an international seminar organised at the Adani Institute of
Infrastructure Management (AIIM) here on Wednesday.
Ravi was referring to the Mundra port in Kutch district that
clocked about 100 MPTA of cargo in March this year. “We are the only port to
have handled 100 MPTA in March this year. The second in rank is Kandla port
which has done about 92 MTPA,” he said, emphasing how APSEZ that was just a
single port company in 2010 operating the Mundra port in Gujarat, has now grown
in stature and now runs about eight ports across the country.
In May, Gautam Adani-promoted APSEZ executed a definitive
agreement with L&T Infrastructure Development Projects Limited and Tata
Steel Limited to acquire 100 per cent stake in Dhamra Port Company Limited (DPCL)
which was a 50:50 joint venture between L&T and Tata Steel. The Dhamra port
deal was completed on Monday.
Dhamra port currently has a capacity of 24 million metric
tonne (MMT) per annum. “We are planning to expand the capacity by an additional
six MMT in the next two years,” he added.
The Dhamra port is a deep draft, all weather multi-user port
that commenced operations in May 2011 and handled total cargo of 14.3 million
tonnes in the financial year 2013-14. The port has two fully mechanised existing
berths, 63 kilometers of private rail line connecting the Bhadrak station to
the main trunk line and has already achieved environmental clearance for the
development of 12 additional berths.
Talking about APSEZ business in Kutch, Ravi said, “Mundra
has about 40 kilometers of continuous water front. Only eight kilometers have
been developed. We also have 24 fully mechanised berths which include 16 berths
for bulk cargo, six container berths and two SPMs. We also have a strong marine
fleet consisting of 13 dredgers and 22 tug boats.”
“We are trying to build SEZ (at Mundra) in such a manner
that a lot of other companies come into this SEZ. We gain as a port company by
handling all the cargo for all these companies,” he added. Ravi also
appreciated the way the Gujarat government has handled the Mundra project. “We
have had the best experience and we had no delays in the projects,” he said.
Adani Ports buys
Dhamra Port from Tata Steel, L&T for Rs 5,500 crore
Adani
Ports has agreed to acquire Dhamra Port in Odisha from Tata Steel and
L&T Infrastructure Development Projects (L&T IDPL) for about Rs 5,500
crore.
"The
Dhamra port acquisition now gives us an opportunity to replicate the
development and phenomenal growth of the Mundra port on the eastern coast of
India and thereby continue to execute on our pan-India strategy," Gautam
Adani, Chairman of the Adani Group, said on Friday in a statement.
An equal
joint venture between L&T IDPL and Tata Steel, Dhamra Port Company Ltd
(DPCL) was commissioned in May 2011 with an 18-km approach channel and a
dedicated 62.7 km rail link to Bhadrak.
The port
handled 14.3 million tonnes of cargo in the previous financial year.
DPCL, the
operator, had been awarded a concession by the Odisha government to build and
operate the port on Dhamra river in Bhadrak district for 34 years, including
four years for construction.
The
concession period may be extended by two additional terms of 10 years each. The
first phase construction, at an investment of Rs 3,200 crore, started in March
2007.
Following
the acquisition, the second phase of development will be initiated within 90 days
and completion targeted in 30 months, Adani Ports said.
"The
expansion will allow the Dhamra port to exceed 100 million tonnes of cargo
capacity by the year 2020 and therefore allow Adani Ports to fulfil its stated
vision of becoming a 200 million tonne ports business well before the year
2020," it said.
Adani
Ports is country's largest port operator with its flagship Mundra Port in
Gujarat being the largest commercial port in India.
"As
part of Tata Steel's review of its investments portfolio, board of the company
has approved the divestment of its equity holding in the joint venture at an
attractive valuation," Tata Steel said in a separate statement.
Tata
Steel has entered into a long-term cargo handling pact with DPCL to secure
long-term requirement and access to a deep-water port for its operations in
Jamshedpur and Odisha, it said.
The
transaction is subject to customary conditions precedent including lenders and
third-party approvals.
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.61.38 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUB |
|
|
|
|
Analysis Done by
: |
SVA |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.