MIRA INFORM REPORT
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Report No. : |
318389 |
|
Report Date : |
23.04.2015 |
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 |
|
Tel. No.: |
91-2833-661449 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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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
million |
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CIN No.: [Company Identification
No.] |
L85110GJ1975PLC054824 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 (43) |
|
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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Payment Behaviour : |
Slow but 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 3 years of
operations, whereas has maintained an acceptable business profile coupled
with the fact that it is one of the largest private sector by capacity and
has a good footprint in the sector. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct due to high group level debts. 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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-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 |
|
Fax No.: |
91-2833-662929 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Head Office/ Corporate Office : |
Essar House, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400 034,
Maharashtra, India |
|
Tel. No.: |
91-22-66601100/ 40011100 |
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Fax No.: |
91-22-66601809/ 23544330 |
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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 31.03.2014
|
Name : |
Mr. P. K. Srivastava |
|
Designation : |
Chairman |
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Name : |
Mr. Dilip J. Thakkar |
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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. 18.07.2013) |
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Designation : |
Independent
Director |
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|
Name : |
Dr. Jose Paul (w.e.f. 18.07.2013) |
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Designation : |
Independent
Director |
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Name : |
Mr. Michael Pinto (w.e.f. 18.07.2013) |
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Designation : |
Independent
Director |
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Name : |
Jesper Kjaedegaard |
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Designation : |
Independent
Director |
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Name : |
Jan Joris Karel 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 |
|
Designation : |
Whole-time
Director |
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|
Name : |
A.
S. Bali |
|
Designation : |
Director
Finance (w.e.f. 15.05.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Contractor |
|
Designation : |
Company Secretary |
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Audit Committee
: |
T.
S. Narayanasami Deepak
Kumar Varma Michael
Pinto Dr.
Jose Paul |
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Stakeholders’
Relationship Committee : |
Deepak
Kumar Varma Dr.
Jose Paul Rajiv
Agarwal |
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Nomination
and Remuneration Committee : |
Michael
Pinto Dilip
J. Thakkar Deepak
Kumar Varma P.
K. Srivastava |
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Corporate
Social Responsibility Committee : |
N.
C. Singhal P.
K. Srivastava Rajiv
Agarwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
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 |
|
|
65045 |
0.02 |
|
|
5753409 |
1.34 |
|
|
44668894 |
10.44 |
|
|
15115 |
0.00 |
|
|
15115 |
0.00 |
|
|
50538074 |
11.81 |
|
|
|
|
|
|
21714743 |
5.07 |
|
|
|
|
|
|
13298406 |
3.11 |
|
|
3646383 |
0.85 |
|
|
17909251 |
4.19 |
|
|
476805 |
0.11 |
|
|
17432446 |
4.07 |
|
|
56568783 |
13.22 |
|
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 |
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 securitie) 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 |
5.84 |
|
2 |
Essar
Projects (India) Limited |
5,63,97,000 |
13.18 |
55667666 |
98.71 |
13.01 |
0 |
0.00 |
1.26 |
|
3 |
Essar
Steel India Limited |
25,47,223 |
0.60 |
2547223 |
100.00 |
0.60 |
0 |
0.00 |
0.06 |
|
4 |
Essar
Global Limited |
66 |
0.00 |
0 |
0.00 |
0.00 |
0 |
0.00 |
0.00 |
|
5 |
Imperial
Consultants and Securities Private Limited |
1,39,164 |
0.03 |
0 |
0.00 |
0.00 |
0 |
0.00 |
0.00 |
|
|
Total |
32,07,81,141 |
74.97 |
319879190 |
99.72 |
74.76 |
2800 |
100.00 |
|
(*) 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 |
India
Opportunities Growth Fund Limited - Pinwood Stratege |
9562031 |
2.23 |
0.21 |
|
|
4 |
Life
Insurance Corportation of India |
5753376 |
1.34 |
0.13 |
|
|
5 |
Arum
Investments Private Limited |
5660000 |
1.32 |
0.13 |
|
|
6 |
Leena
Investments Consultancy LLP |
4300513 |
1.01 |
0.10 |
|
|
7 |
Emerging
India Focus Funds |
4414814 |
1.03 |
0.10 |
|
|
|
Total |
64384047 |
15.05 |
1.44 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in business of providing fleet operating and chartering services. |
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|
Products/ Services : |
Fleet
operating and chartering services |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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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 Dredging Limited (w.e.f. 1st October, 2012) ·
Essar Vizag Terminals Limited |
|
|
|
|
Fellow
subsidiaries where there have been transactions : |
·
Equinox Business Parks Private Limited |
CAPITAL STRUCTURE
AS ON 26.09.2014
Authorised Capital : Rs.15105.000 million
Paid-up Capital : Rs.4278.880 million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 million |
|
1050000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.105.000 million |
|
|
Total
|
|
Rs.10105.000
million |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
428134646 |
Equity Shares |
Rs.10/- each |
Rs.4281.346
million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
427887998 |
Equity Shares |
Rs.10/- each |
Rs.4278.880
million |
|
246648 |
Forfeited Equity Shares |
|
Rs.1.305
million |
|
|
Total |
|
Rs.4280.185 million |
|
|
|
|
|
Notes:
(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, 2014 |
|
|
No.
of Shares |
Amount
(Rs.
in million) |
|
|
Equity
Shares of Rs.10/- each |
|
|
|
At the beginning of the year Period |
427887998 |
4278.880 |
|
Add:
Issue of shares during the year NIL (previous year 52666 Global Depositary
Securities (GDS)* represented by 17432446 equity shares) |
-- |
-- |
|
At
the end of the year |
427887998 |
4278.880 |
* Each GDS represents 331
equity shares.
During the year, the
holders of GDS have converted the GDS into 17432466 equity shares of the
Company on 19th June 2013.
Terms of / rights attached
to Equity Shares / Global Depository Securities (GDS)
The Company has only one
class of equity shares having 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.
Shares
held by holding company, the ultimate holding company, their subsidiaries and
associates
|
Particulars |
As at 31st March, 2014 |
|
|
No.
of Shares |
% |
|
|
Equity
Shares of Rs.10/- each |
|
|
|
Essar Shipping and
Logistics Limited, Cyprus the holding company |
261697688 |
61.16 |
|
Essar Global Fund
Limited, the ultimate holding company |
66 |
0.00 |
|
Essar Projects (India)
Limited, subsidiary of the ultimate holding company |
56397000 |
13.18 |
|
Essar Steel India
Limited, subsidiary of the ultimate holding company |
2547223 |
0.60 |
|
|
320641977 |
74.94 |
There are no other
shareholders holding more than 5% shares in the Company other than as disclosed
above.
(i)
Stock Options:
In the annual general meeting
held on September 9, 2011, the shareholders have approved the issue of upto 1%
options under the “Essar Ports Employee Stock Options Scheme 2011” to be issued
in one or more tranches.
Out of above, 740334 and
1292746 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 have been granted to the eligible employees and
executive directors of the Company pursuant to Essar Ports Employee Stock
Option Scheme 2011 on 28th November 2011 and 22nd January
2014 respectively. 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 and Rs.57.75 equity share of the face
value of Rs.10/- each (i.e. the closing price of the equity shares of the
Company on 1st December 2011 and 21 January 2014 at the National
Stock Exchange of India Limited, being the exchange having the higher quantity
of trading of Company’s shares). Out of above, 2033080 options were outstanding
as on 31st March 2014.
(ii) 5 % Foreign Currency
Convertible Bonds are convertible into 20475463 equity shares (as at 31st
March 2013, 20475463 equity shares) of Rs.10/- each at Rs.91.70 per share
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
4280.185 |
4280.185 |
4105.861 |
|
(b) Reserves & Surplus |
22461.248 |
23003.310 |
22116.078 |
|
(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) |
26741.433 |
27283.495 |
26221.939 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2403.992 |
2300.572 |
4046.260 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
3073.174 |
3141.003 |
1295.594 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
5477.166 |
5441.575 |
5341.854 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
350.000 |
350.000 |
|
(b)
Trade payables |
184.512 |
174.548 |
155.658 |
|
(c)
Other current liabilities |
499.123 |
4748.037 |
5712.970 |
|
(d)
Short-term provisions |
243.434 |
241.889 |
231.160 |
|
Total
Current Liabilities (4) |
927.069 |
5514.474 |
6449.788 |
|
|
|
|
|
|
TOTAL |
33145.668 |
38239.544 |
38013.581 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
734.779 |
811.772 |
889.070 |
|
(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 |
31440.687 |
35439.200 |
36594.200 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
566.185 |
1622.904 |
131.792 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
32741.651 |
37873.876 |
37615.062 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
58.893 |
99.398 |
73.097 |
|
(d)
Cash and cash equivalents |
20.972 |
43.344 |
21.286 |
|
(e)
Short-term loans and advances |
85.562 |
50.448 |
204.307 |
|
(f)
Other current assets |
238.590 |
172.478 |
99.829 |
|
Total
Current Assets |
404.017 |
365.668 |
398.519 |
|
|
|
|
|
|
TOTAL |
33145.668 |
38239.544 |
38013.581 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
401.343 |
353.951 |
362.200 |
|
|
|
Other Income |
441.287 |
387.925 |
163.436 |
|
|
|
TOTAL (A) |
842.630 |
741.876 |
525.636 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
151.291 |
79.428 |
98.687 |
|
|
|
Employees Benefits Expense |
95.469 |
79.347 |
66.707 |
|
|
|
Other Expenses |
275.402 |
165.429 |
69.839 |
|
|
|
Exceptional
item Net
gain on sale of non-current investments |
(14.933) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
507.229 |
324.204 |
235.233 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
335.401 |
417.672 |
290.403 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
516.979 |
724.659 |
923.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(181.578) |
(306.987) |
(633.590) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
75.877 |
76.182 |
74.033 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(257.455) |
(383.169) |
(707.623) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.050 |
0.500 |
2.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(257.505) |
(383.669) |
(709.968) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
60.335 |
79.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.60) |
(0.90) |
(1.73) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
87.800 |
105.200 |
77.200 |
|
Total
Expenditure |
122.400 |
129.900 |
117.000 |
|
PBIDT
(Excl OI) |
(34.600) |
(24.700) |
(39.800) |
|
Other
Income |
67.600 |
329.400 |
74.200 |
|
Operating
Profit |
33.000 |
304.700 |
34.400 |
|
Interest |
47.700 |
73.900 |
58.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(14.700) |
230.800 |
(23.700) |
|
Depreciation |
18.800 |
19.100 |
19.100 |
|
Profit
Before Tax |
(33.500) |
211.700 |
(42.800) |
|
Tax |
1.500 |
26.300 |
15.600 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
(35.000) |
185.400 |
(58.400) |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
(35.000) |
185.400 |
(58.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(64.16) |
(108.40) |
(196.02) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
83.57 |
118.00 |
80.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.10) |
(13.68) |
(49.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.01) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.09 |
0.10 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44 |
0.07 |
0.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
4105.861 |
4280.185 |
4280.185 |
|
Reserves & Surplus |
22116.078 |
23003.310 |
22461.248 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
26221.939 |
27283.495 |
26741.433 |
|
|
|
|
|
|
Long Term borrowings |
4046.260 |
2300.572 |
2403.992 |
|
Short Term borrowings |
350.000 |
350.000 |
0.000 |
|
Total borrowings |
4396.260 |
2650.572 |
2403.992 |
|
Debt/Equity ratio |
0.168 |
0.097 |
0.090 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations |
362.200 |
353.951 |
401.343 |
|
|
|
(2.277) |
13.389 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations |
362.200 |
353.951 |
401.343 |
|
Profit |
(709.968) |
(383.669) |
(257.505) |
|
|
(196.02%) |
(108.40%) |
(64.16%) |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG-TERM
BORROWINGS:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
Current
maturities of long-term borrowings-Current |
50.000 |
3625.000 |
3000.000 |
Notes:
i) Secured rupee term loan from a financial institution is repayable on
30th June 2014. The loan is secured against movable fixed assets and
all the cash inflows including dividend received / to be received and
receivables of the Company.
ii) FCCBs of US$ 18571428 (Series - B) due on 24 August 2017 and US$
21428572 (Series - A) due on 24 August 2015 carry interest @ 5% per annum
payable semi-annually. The FCCBs are convertible into 20475463 fully paid
equity shares of Rs.10 each of the Company, any time upto the date of maturity,
at the option of the FCCBs holders at conversion price of Rs.91.70 per share at
a predetermined exchange rate of Rs.46.94 per USD. The FCCBs, if not converted,
till the maturity date will be redeemed at par.
iii) The classification of loans between current liabilities and
non-current liabilities continues based on repayment schedule under respective
agreements as no loans have been recalled due to non-compliance of conditions
under any of the loan agreement. This is in accordance with the guidance issued
by the Institute of Chartered Accountants of India on Revised Schedule VI to
the Companies Act, 1956.
|
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 |
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 through its
subsidiaries is in the process of increasing its aggregate ports capacity to
181 MTPA with expansion projects at Hazira, a new port at Salaya in Gujarat,
one terminal at Paradip and three iron ore berths at Visakhapatnam. 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.
MANAGEMENT DISCUSSION AND
ANALYSIS
Indian Economy and
Infrastructure Sector
After growing as much as 9%
in 2011, India’s economy slowed to less than 5% growth in the past couple of
years. The GDP growth is estimated to have moderated to 4.7% in financial year
2013-14. However, the government expects the growth to be back on track soon as
institutional reforms quicken implementation of large projects. A
stronger-than-expected recovery would help the Indian economy clock a higher
rate of growth. The revival of private investment is the key to raise India’s
GDP growth in the coming years and the sentiment has improved.
The long-term outlook for
infrastructure continues to be positive and investments in the infrastructure
sector are expected to be fastened through easing of interest rates,
maintaining stability of currency and improving investor sentiment through
quick policy decisions. Creation of favourable climate for growth in
investments in imported coal based power plants, steel industry, petroleum
refineries, infrastructure and manufacturing sector is quite essential for
revival of growth in Indian economy. With focus on investments in
Infrastructure, economy growth is estimated to bounce back to more than 5.5% in
financial year 2014-15 and to 8% growth in three years’ time. Their overall
outlook for the infrastructure industry continues to stay positive.
Ports Sector
During financial year
2013-14, cargo at major and non-major ports has improved significantly owing to
increase in coal import traffic and improvement in iron ore cargo handling over
the previous year. Coal import and Iron ore export is expected to increase with
strengthening of global economy.
The traffic at Indian ports
has grown at an impressive CAGR of 8% in the last 10 years. While there was a
moderation of growth in last few years which is primarily due to lower iron ore
exports, the port volumes have seen a spurt driven by higher coal imports. In
the last few months, cargo at major and non-major ports has improved
significantly owing to increase in coal import traffic and improvement in iron
ore cargo handling.
Major ports had recorded
reduction of traffic by 2.5% to 546 MMT in 2012-13 from 560 MMT in 2011-12.
However, the trend has improved after major ports registered traffic growth of
1.8% at 555 MMT during 2013-14 as against 546 MMT during 2012-13. The growth in
ports capacity in India continued to be sluggish due to various delays faced by
new port projects in terms of slower bidding processes, delay in regulatory
approvals and execution delays. Also high entry barriers continue to exist in
the ports industry today on account of higher capital expenditure and longer
gestation period to realise returns on investment.
Coal import through ports
is expected to further increase driven by huge demand of imported coal for
power plants, coastal movement of coal for power plants and demand of coking
coal for steel industry. Dry bulk cargo is expected to continue to grow at over
10%. Ports sector looks poised for higher growth driven by demand of coal for power
plants and demand of coking coal for steel industry. Iron ore traffic at the
port is also expected to pick up with increase in demand of exports as well as
coastal movement. Petroleum, Oil & Lubricant cargo is also expected to
increase at a steady rate due to increase in India’s export of petroleum
products and increased domestic demand. Also, containerisation which is low
when compared to the likes of China, USA & Singapore, is expected to
increase with boost in trade and growth in manufacturing sector. Overall, they
maintain a positive outlook for ports 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% (Rs.0.50 per share) for FY14.
• Revenue for the year
(excluding trade revenues to fulfil export obligations) increased by 13% to
Rs.16374.000 million from Rs.14486.000 million for the previous year. For Q4
FY14, the Revenues increased by 5% to Rs.4155.000 million from Rs.3967.000
million in Q4 FY13.
• EBITDA for the year
increased by 14% to Rs.13271.000 million from Rs.11679.000 million for the
previous year. For Q4 FY14, EBITDA increased by 7% to Rs.3296.000 million from
Rs.3074.000 million in Q4 FY13.
• Net Profit for the year
increased by 16% to Rs.3837.000 million from Rs.3316.000 million for the
previous year. For Q4 FY14, the Net Profit reduced by 1% to Rs.908.000 million
from Rs.921.000 million in Q4 FY13.
• 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.
Other Key Highlights
Traffic handled
•
52.24 million tonnes of cargo handled during FY14 as against 54.52 million
tonnes of cargo handled during FY13.
Minimum Public Shareholding
requirement complied
• The Company achieved 25%
minimum public shareholding requirements of SEBI by successfully completing
dilution through Offer for Sale.
New Projects
• Won the bid for 23 MMTPA
Iron Ore terminal at Vizag. Project will significantly enhance third party mix
of the Company and gives strategic presence on the east coast after Paradip.
• The Vizag Terminal
Concession Agreement was signed with Vishakhapatnam Port Trust on December 13,
2013. The 23 MTPA project will be developed over a period of three years. The
Company will take over the two outer harbour berths soon and the operation and
upgradation of the terminal will be undertaken simultaneously.
• Paradip coal terminal
construction is expected to commence soon as the Supreme Court has dismissed
all the petitions filed by port users occupying the land during December 2013.
The Paradip Port Trust has initiated action to vacate the land earmarked for
the terminal.
Approvals
• Stage 1 Forest Clearance
(FCA) for Salaya port has been received. Compensatory afforestation land has
been finalised and agreement has been executed. Final FCA clearance is expected
soon.
• 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 the Company from FY2014-15.
• Increasing Third Party
cargo share upon addition of new projects: Salaya and Paradip Coal.
Awards and Citations
• The Hazira terminal was
adjudged winner of the Port / Terminal of the year – Health, Safety,
Environment at the Gujarat Star Award 2013.
• The Hazira terminal
received Greentech Gold Safety Award 2013.
• The Vadinar Terminal
received the Safety Award from Lloyd’s List Middle East & Indian
Subcontinent 2013.
• The Vadinar Terminal also
received a certificate of Appreciation from Gujarat Safety Council for
achieving Accident Free 1 million man hours.
Progress of the project
under implementation:
• 20 MMTPA coal berth at
Salaya is estimated to be completed by March 2015. Construction of Jetty has
been completed and Approach Trestle to Jetty has also been completed. Loader
and two unloaders have been erected and stockyard has also been completed. Bund
work is in progress and Conveyor fabrication is under progress. 1,710 MW of
imported coal based power generating capacity is already operational which will
result in ready traffic as soon as the project is commissioned.
UNSECURED LOANS
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG
TERM BORROWINGS |
|
|
|
(a) 5 % Foreign currency
convertible bonds (FCCB) (FCCB of US$ 18571428
(Series - B) due on 24 August 2017 and US$ 21428572 (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.) |
2403.992 |
2175.572 |
|
SHORT
TERM BORROWINGS |
|
|
|
12.5%
Loans repayable on demand-from a related party |
0.000 |
350.000 |
|
Total
|
2403.992 |
2525.572 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10551990 |
12/01/2015 |
6,740,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C45055910 |
|
2 |
10486088 |
19/03/2014 |
700,000,000.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C,TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
C00910000 |
|
3 |
10292697 |
27/06/2011 |
2,000,000,000.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C, TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
B15171416 |
|
4 |
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 |
|
5 |
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 |
|
6 |
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 - 400051, INDIA |
A95023149 |
|
7 |
10233478 |
13/08/2010 * |
813,800,000.00 |
SYNDICATE BANK |
2A, EASTCHEAP, LONDON, -
EC3M1LH, UNITED KINGDOM |
B00040568 |
|
8 |
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 |
|
9 |
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 |
|
10 |
80042964 |
20/03/2006 |
4,401,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCG, WORLD
TRADE CENTRE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
11 |
80015432 |
11/11/2006 * |
1,600,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, WORLD
TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
12 |
90296329 |
23/01/1996 |
100,000,000.00 |
THE ICICI BANKING
CORPORATION LIMITED |
1; CENOTAPH ROAD, TEYNAMPET,
MADRAS, TAMILNADU - 600018, INDIA |
- |
|
13 |
90296217 |
15/10/1993 |
4,800,000.00 |
BANK OF INDIA |
MADRAS MAIN BRANCH,
MADRAS, TAMILNADU - 600001, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in million) |
31.03.2013 (Rs. in million) |
|
Corporate guarantees on behalf of subsidiaries against borrowings |
20768.600 |
15446.000 |
|
|
|
|
STATEMENT OF STANDLONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2014
(Rs. in million)
|
Particulars |
Quarter ended |
Nine Months
Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. Income from operations |
77.200 |
105.200 |
270.200 |
|
|
|
|
|
|
2. Expenditure |
|
|
|
|
a) Operating Expenses |
12.700 |
32.500 |
76.200 |
|
b) Employees
Benefits Expense |
22.70 |
28.400 |
78.800 |
|
c) Depreciation
& Amortization Expense |
19.100 |
19.100 |
57.000 |
|
d) Other Expenses |
29.200 |
28.200 |
80.700 |
|
e)
Amortisation of foreign currency monetary item translation difference
account |
52.400 |
40.800 |
133.600 |
|
Total Expenses |
136.100 |
149.000 |
426.300 |
|
3. Profit/(Loss) from Operations before Other Income, Financial Costs
and Exceptional Items (1-2) |
(58.900) |
(43.800) |
(156.100) |
|
4. Other Income |
74.200 |
329.400 |
471.200 |
|
5. Profit/(Loss) from Ordinary activities after Financial Costs but before and Exceptional
Items (3+4) |
15.300 |
285.600 |
315.100 |
|
6. Finance Costs |
58.100 |
73.900 |
179.700 |
|
7. Profit/(Loss) from ordinary
activities after
Financial Costs but before and Exceptional Items (5-6) |
(42.800) |
211.700 |
135.400 |
|
8. Exceptional Item |
-- |
-- |
-- |
|
9. Profit/(Loss) from ordinary
activities Before Tax (7+8) |
(42.800) |
211.700 |
135.400 |
|
10. Tax Expenses |
15.600 |
26.300 |
43.400 |
|
11. Profit/(Loss) for the Period/ Year
(9-10) |
(58.400) |
185.400 |
92.000 |
|
12. Paid-up Equity Share Capital (Face Value
Rs.10/- each) |
4278.900 |
4278.900 |
4278.900 |
|
13. Reserves excluding Revaluation Reserves |
-- |
-- |
-- |
|
Earnings Per Share (In Rs.) (*not annualized) |
|
|
|
|
a) Basic |
(0.14)* |
0.43* |
0.22* |
|
b) Diluted |
(0.14)* |
0.43* |
0.21* |
|
|
|||
|
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 31.12.2014 |
|
B. INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
14 |
|
Disposed of during the quarter |
14 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
1. The Company is in the business of fleet operating and chartering. Company through its investment of Rs.31440.700 million in its subsidiaries also owns and operates liquid and dry bulk ports and terminals. The consolidated financial results of the Company include the financial results of its subsidiaries.
2. Post the approval of shareholders, in
principle approval for delisting has been received from BSE Limited and
National Stock Exchange of India Limited.
3. Segment information has been disclosed in the
consolidated financial results in accordance with Accounting Standard 17,
Segment Reporting.
4. Tax expenses include income tax, tonnage tax
and deferred Tax.
5. Figures for the corresponding previous period(s) / year have been restated / regrouped wherever necessary.
6. 13.61% shares have been pledged and a
non-disposal undertaking has been given on 61.15% shares.
7. The above financial results were reviewed by
the Audit Committee and approved by the Board of Directors at the meeting held
on 22nd January, 2015. The Statutory Auditors of the Company have
carried out a Limited Review of the above results.
FIXED ASSETS:
·
Fleet
·
Plant and Equipment
WEBSITE DETAILS:
PRESS RELEASES/ ARTICLES:
ADANI PORTS IN TALKS
WITH ESSAR GROUP TO ACQUIRE ITS PORTS BUSINESS
March 4, 2015
MUMBAI: Gautam Adani led Adani Ports and Special Economic Zone (APSEZ)
is said to be in talks with Essar Group to acquire its ports business.
According to multiple sources in the know, early stage discussions have been
ongoing between both sides and may soon progress to a formal diligence.
Essar Ports, one of the largest private sector player by capacity and
throughput, has an operational footprint on both western and eastern coast of
the country and can handle liquid (mainly oil), dry bulk (mainly coal), general
cargo and small volumes of container crago for specialized project equipment.
Its existing aggregate capacity stands at 104 million metric tonnes per annum
(MMTPA) across its facilities in Vadinar and Hazira in Gujarat and Paradip in
Orissa. The company is looking to expand capacity to 194 MMTPA by 2017.
However, officials close to Essar said, the steel-to-mobile retail
conglomerate, has identified two of its businesses - power and ports - and is
open to divesting either one of them fully to reduce its high group level
debts.
On the other hand, Adanis, in June 2014, took over Dharma Port - an
equal JV between L&T and Tata Steel - for Rs.55000.000 million, in what was
the largest deal among private port operators in the country. APSEZ, whose
market value has doubled in the last one year, is today the largest multi-port
operator of India. From being a single port operator in Mundra, Gujarat, it has
spread its presence across 8 ports in India. The company has an aggressive
expansion blueprint to increase its annual cargo handling capacity from 108
million tonnes (as on Dec 31st) to 200 million tonnes by 2020.
Sources said, the promoters of Essar, the Ruia family, are expecting an
enterprise value of over Rs.150000.000 million for the business which is
inclusive of its debt of Rs.58360.000 million debt, as of end-FY14. However,
post its expansions in Orissa and Gujarat, analysts expect debt levels to go up
to Rs.70000.000 million. The current market cap of Essar Ports is Rs.50700.000
million, with the stock seeing a sudden spurt of 7% in the last 24 hours of
trading.
Sources said, the valuation factors in a significant equity premium for
a potential change of control. The company is also in the middle of delisting
its shares from the Indian exchanges - a move many see as a facilitator to the
divestment plans.
However, there is still no guarantee that these discussions will
translate into a deal as yet, cautioned some of the sources mentioned above.
They add, expectations of such rich multiples are potential deal breakers.
When contacted, the Essar spokesperson denied about any ongoing
negotiations with Adani. "Essar Ports owns strategic port assets which are
integrated with Essar's other key businesses like Essar Steel, Essar Oil and
Essar Power. We deny your information and it is not our policy to comment on
market speculation."
An Adani Group spokesperson told ET, it would not like to comment on any
market speculation.
Essar's port operations to a great extent is captive to the group's
requirement - especially that of its oil and steel operations -- in Gujarat.
But it has in recent times consciously tried to diversify its client pool. The
proposed 23 MMTPA iron ore terminal in Vizag is expected to significantly
enhance third party cargo mix. Paradip - where the plan is to set up a 18 MTPA
coal terminal - further consolidates its presence in the east coast. Even in
Salaya, Gujarat, the company is ramping up with a 20 MMTPA coal berth,
estimated to be ready by this year.
In 2012, Essar had roped in Port of Antwerp International as a strategic
partner. The Dutch operator has a near 5% stake in the company after it
converted its global depository shares into equity in 2013. It is still not
clear if they too would exit India or hike their shareholding or even be
willing to work with any new strategic operator, if the sale goes through.
Sources close to Essar however said, Antwerp Port is likely to tender
its share at time of delisting. Its board representative has already stepped
down and the company doesn't have a right of first refusal.
Adani Ports has been expanding its footprint through greenfield projects
and acquisitions, following what is known as the 'string of pearls' strategy.
Company watchers say, post Dhamra, expanding in the south east coast has been
the key focus. Other than the existing 8 ports or terminals currently in
operations, it is also planning to bid for a container terminal in Kerala.
Interestingly, it outbid Essar for the contract to build the 4th container
terminal in Chennai. "The multi-cargo ports of Dhamra and Mundra are the 2
hubs for Adani. They are clearly looking to capture the coal traffic from
Indonesia and Australia where they have mining operations. But parallelly, they
are also eying freight traffic from Bangladesh, Myanmar to emerge as a
powerhouse in the Bay of Bengal. After Singapore, they want to be the next
biggest hub in the South Asia," said a long time Adani watcher.
SAINATH TRADING BUYS
23.33 LAKH SHARES OF ESSAR PORTS
March 17, 2015
On March 16 Sainath Trading Company Private Limited bought 2333579
shares of Essar Ports at Rs.120.99 on the NSE. On Monday, Essar
Ports ended at Rs.121.50, up Rs.1.05, or 0.87 percent. The share touched its
52-week high Rs.140.50 and 52-week low Rs.48.00 on 04 March, 2015 and 27 March,
2014, respectively. The company's trailing 12-month (TTM) EPS was at Rs.0.01
per share. (Dec, 2014). The stock's price-to-earnings (P/E) ratio was 12150.00.
The latest book value of the company is Rs.62.49 per share. At current value,
the price-to-book value of the company was 1.94. The dividend yield of the
company was 0.41 percent.
ESSAR PORTS GAINS AFTER SIGNING PACT
WITH KANDLA PORT TRUST FOR DEVELOPING MARINE LIQUID TERMINAL FACILITIES
April 20, 2015
Essar Ports rose 1.12% to Rs.121.60 at 11:50 IST on BSE after the company
announced that its subsidiary, Vadinar Liquid Terminals, has entered into a
concession agreement with Kandla Port Trust for development of marine liquid
terminal facilities.
The company made the announcement after market hours on Friday, 17 April
2015.
Meanwhile, the BSE Sensex was down 244.63 points, or 0.86%, to 28197.47.
On BSE, so far 269 shares were traded in the counter, compared with an
average volume of 2.06 lakh shares in the past one quarter.
The stock hit a high of Rs.123.65 and a low of Rs.121 so far during the
day. The stock had hit a 52-week high of Rs.150.40 on 23 March 2015. The stock
had hit a 52-week low of Rs.58.05 on 8 May 2014.
The stock had outperformed the market over the past one month till 17
April 2015, falling 0.5% compared with 1.02% fall in the Sensex. The scrip had
also outperformed the market in past one quarter, rising 8.24% as against
Sensex's 1.14% rise.
The mid-cap company has an equity capital of Rs.4278.900 million. Face
value per share is Rs.10.
Essar Ports announced that Vadinar Liquid Terminals, a subsidiary of the
company has entered into a concession agreement with Kandla Port Trust for
development of marine liquid terminal facilities consisting of one single point
mooring system and two product jetties at Vadinar in Gujarat. The terms of the
concession is 30 years.
Essar Ports' consolidated net profit rose 4.6% to Rs.983.400 million on
15.6% rise in total income to Rs.4698.200 million in Q3 December 2014 over Q3
December 2013.
Essar Ports, a part of Essar Group, is owners and operators of ports in
India.
ESSAR PORTS GETS
CERTIFICATE OF FLOOR PRICE FROM ESSAR SHIPPING ON VOLUNTARY DELISTING
October 16, 2014
With reference to the earlier letter dated October 11, 2014 communicating the
approval of the Board of Directors of the Company for a voluntary delisting
proposal from its promoter, Essar Shipping and Logistics Limited (“ESLL”)
seeking to delist the equity shares of the Company (the "Delisting
Proposal”) in accordance with the Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2009 ("SEBI Delisting
Regulations"), Essar Ports Limited has now informed BSE that the Company
has received a certificate computing the floor price for the Delisting Proposal
which has been issued by MZSK and Associates, engaged by ESLL in this regard.
Based on the certificate, ESLL has informed the Company that, in accordance
with Regulation 15(2) of the SEBI Delisting Regulations, a floor price of
Rs.90.50 has been set for the Delisting Proposal.
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.62.82 |
|
|
1 |
Rs.93.85 |
|
Euro |
1 |
Rs.67.59
|
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
-- PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.