MIRA
INFORM REPORT
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Report No. : |
307624 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED (w.e.f. 06.01.2012) |
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Formerly Known
As : |
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Registered
Office : |
“Adani House”, Near Mithakhali Six Roads, Navrangpura, Ahmedabad
– 380009, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
04-034182 |
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Capital
Investment / Paid-up Capital : |
Rs. 4168.214 Millions |
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CIN No.: [Company Identification
No.] |
L63090GJ1998PLC034182 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00515E |
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PAN No.: [Permanent Account No.] |
AAACG7917K |
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Legal Form : |
A 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 the business of developing, operating and maintaining the Port and
Port based related infrastructure facilities including Multi product Special
Economic Zone. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Adani Group. It is an established company having god track record. Financial position of the company is sound. Fundamentals of the company
are healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = AA- |
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Rating Explanation |
High degree of safety and very low credit risk |
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Date |
07.03.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short – Term Rating A1+ |
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Rating Explanation |
Very strong degree of safety and carrying lowest credit risk |
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Date |
07.03.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
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Name : |
Mr. Jaymin Patel |
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Designation : |
Associate Manager |
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Contact No.: |
91-79-26565555 |
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Date : |
13.02.2015 |
LOCATIONS
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Registered Office : |
“Adani House”, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26565555/ 25555101/ 102 |
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Fax No.: |
91-79-26565500 |
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E-Mail : |
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Website : |
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Corporate Office : |
"Adani Corporate House", Plot No. 83, Institutional Area, Sector 32, Gurgaon – 122001, Haryana, India |
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Tel. No.: |
91-124-2555000 |
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Fax No.: |
91-124-2555010 |
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Site Office : |
Post Box No. 1, Navinal Island, Mundra, Kutch – 370421,
Gujarat, India |
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Tel. No.: |
91-2838-255000 |
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Fax No.: |
91-2838-255110 |
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E-Mail : |
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Branch Office 1 : |
62, Maker Chambers III, 6th Floor, Nariman Point, Mumbai –
400021, Maharashtra, India |
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Tel. No.: |
91-22-22885066/ 22022479 |
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Fax No.: |
91-22-22022323/ 22854150 |
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Branch Office 2 : |
Adani Group, 6th Floor, Hall Mark Business Plaza, Opposite
GuruNanak Hospital Bandra East, Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-66881111 |
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Fax No.: |
91-22-26561555/ 26561515 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Gautam S. Adani |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajesh S. Adani |
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Designation : |
Director |
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Name : |
Dr. Malay Mahadevia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Sudipta bhattacharya |
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Designation : |
Whole Time Director (w.e.f. 15.05.2014) |
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Name : |
Mr. Arun Duggal |
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Designation : |
Director |
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Name : |
Mr. D. T. Joseph |
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Designation : |
Director (Retd.) |
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Date of Birth/Age : |
21.12.1945 |
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Qualification : |
M.A., IAS |
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Date of Appointment : |
17.09.2007 |
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Brief Profile covering experience, achievements etc.: |
Mr. D. T. Joseph is an Independent Director of the Company. He holds a master's degree in English from the University of Madras. He is a former Indian Administrative Service officer. He has served the Government of India and the Government of Maharashtra in various capacities including Secretary Shipping and Director General of Shipping. He was elected as President at the International Maritime Organization's Plenary Conference in February 2004. |
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Name : |
Prof. G. Raghuram |
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Designation : |
Director |
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Name : |
Mr. Sanjay Lalbhai |
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Designation : |
Director |
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Date of Birth/Age : |
10.04.1954 |
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Qualification : |
B.Sc., M.B.A |
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Date of Appointment : |
24.12.2012 |
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Brief Profile covering experience, achievements etc.: |
Mr. Sanjay Lalbhai is an Independent Director of the Company. He holds a bachelor's degree in science from Gujarat University and a master's degree in business management from Jamnalal Bajaj Institute of Management Studies. He is the chairman and managing director of Arvind Limited. He is the president of Ahmedabad Education Society and the Ahmedabad University. He is a member of the board of governors of the Indian Institute of Management, Ahmedabad. He is also chairman of Ahmedabad Textile Industries Research Association and a member of the council of management of the Physical Research Laboratory. He is also the chairman of Center for Environmental Planning and Technology. Mr. Sanjay Lalbhai is a member on the governing body of Adani Institute of Infrastructure Management. |
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Name : |
Mr. A. K. Rakesh |
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Designation : |
Director |
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Qualification : |
IAS |
KEY EXECUTIVES
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Name : |
Ms. Dipti Shah |
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Designation : |
Company Secretary |
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Name : |
Mr. Jaymin Patel |
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Designation : |
Associate Manager |
SHAREHOLDING PATTERN
As on 30.12.2014
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Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter and Promoter Group |
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147075 |
0.01 |
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1552361640 |
74.99 |
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30000 |
0.00 |
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30000 |
0.00 |
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1552538715 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
1552538715 |
75.00 |
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(B) Public Shareholding |
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23099147 |
1.12 |
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1917340 |
0.09 |
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4010 |
0.00 |
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28715179 |
1.39 |
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374791116 |
18.11 |
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7893914 |
0.38 |
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7893914 |
0.38 |
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436420706 |
21.08 |
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24346044 |
1.18 |
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37917828 |
1.83 |
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13279262 |
0.64 |
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5549065 |
0.27 |
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3082010 |
0.15 |
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1000664 |
0.05 |
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25 |
0.00 |
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1463040 |
0.07 |
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3326 |
0.00 |
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81092199 |
3.92 |
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Total Public shareholding (B) |
517512905 |
25.00 |
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Total (A)+(B) |
2070051620 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
2070051620 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is
engaged in the business of developing, operating and maintaining the Port and
Port based related infrastructure facilities including Multi product Special
Economic Zone. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
· Canara Bank, Prime Corporate Branch, 104, Jyoti Commercial Complex, Near Shyamal Cross Roads, Ahmedabad – 380015, Gujarat, India · Export Import Bank of India, Centre One, World Trade Cenre Cuffe Parade, Mumbai – 400005, Maharashtra, India · Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India · State bank of Hyderabad, Ashram Road, Nagindas Chambers, Usmanpura,, Ahmedabad - 380014, Gujarat, India · DEG-Deutsche Investitions-Und Entwicklungsgesellschaft MBH · DZ Bank · HDFC Bank Limited. · HSH Nord Bank AG · ICICI Bank Limited · IndusInd Bank Limited · ING Vysya Bank Limited · Japan Bank of International Cooperation · Ratnakar Bank Limited · Life Insurance Corporation of India · Mizuho Corporate Bank, Limited · Oesterreichische Entwicklungsbank AG, · State Bank of India · Standard Chartered Bank · The Bank of Tokyo - Mitsubishi UFJ, Limited · UCO Bank · Yes Bank |
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Facilities : |
Note : LONG TERM
BORROWINGS 1. Debentures include Secured Non-Convertible Redeemable Debentures amounting to Rs. 12890.000 Millions (previous year Rs. 12890.000 Millions) are secured by first Pari-passu charge on all the immovable and movable assets of Multi-purpose, Terminal-II and Container Terminal –II project assets. 2. Debentures include Secured Non-Convertible Redeemable Debentures aggregating to Rs. 7040.000 Millions (previous year Rs. 7600.000 Millions) are secured by exclusive mortgage and charge on entire Single Point Mooring (SPM) facilities serving Indian Oil Corporation Limited - Mundra and the first charge over receivables from Indian Oil Corporation Limited. 3. Foreign currency loan aggregating to Rs. 576.400 Millions (previous year Rs. 1325.600 Millions) carries interest @ 6M Libor plus basis point in range of 165 to 315. The loan is repayable in 2 Quarterly installments of approx Rs. 288.200 Millions from the balance sheet date. The loan is secured by exclusive charge on the Dredgers 4. Foreign currency loan aggregating to Rs. 3737.400 Millions (previous year Rs. 3636.200 Millions) carries interest @ 6M Euribor plus basis point in the range of 95 to 140. Further, out of the above loan Rs. 3105.200 Millions is repayable in 17 semi-annual installments of approx Rs. 182.700 Millions, loan Rs. 437.500 Millions is repayable in 5. semi-annual installments of Rs. 72.900 Millions, Rs. 194.700 Millions is repayable in 5 semiannual installment of Rs. 38.900 Millions from the balance sheet date. The loan is secured by exclusive charge on the Dredgers procured under the facility. 6. Foreign Currency loan aggregating to Rs. 444.900 Millions (previous year Rs. 537.400 Millions) carries interest @ 6M Libor plus 225 basis point. The loan is repayable in 12 quarterly installments of Rs. 37.100 Millions from the balance sheet date .The loan is secured by exclusive charge on the dredgers and is further secured by way of second pari passu charge on the entire movable and immovable fixed assets pertaining to Multipurpose, Terminal-II and Container Terminal –II project assets and SPM. 7. Foreign currency loans aggregating to Rs. 1435.900 Millions (previous year Rs. 1357.900 Millions) carries interest @ 6M Euribor plus 75 basis point. The loan is repayable in 16 semi annually installments of Rs.89.900 Millions from the balance sheet date. The loan is secured by exclusive charge on the Cranes purchased under the facility. 8. Foreign Currency Loans from Banks aggregating to Rs. 1,8813.300 Millions (previous year Rs. 1,7615.500 Millions) is secured by the first pari passu charge on all the immovable and movable assets pertaining to multi purpose terminal, Terminal II, Container Terminal II, project assets of the company and carry interest @ 6M Libor plus basis point in range of 300 to 380. Further, out of the above loan as aggregating to Rs. 5482.200 Millions are repayable in 17 Quarterly installments of approx Rs. 322.500 Millions from the balance sheet date, Rs. 8987.300 Millions are repayable in 3 annual installment of Rs. 2995.800 Millions starting repayment year 2014-15, Rs. 1947.200 Millions are repayable in 13 semi-annual installments of Rs. 149.800 Millions from the date of the balance sheet. The balance amount of Rs. 2396.600 Millions is bullet repayment on maturity of the loan in 2016. 9. Foreign currency Loans from bank aggregating to Rs. 2905.900 Millions (previous year Rs. 2714.300 Millions) is secured by first pari pasu charge on all the movable and immovable assets pertaining to Coal terminal project assets at Wandh and carries interest @ 3 Months Libor plus basis point in range of 310 to 380. These loans are repayable in 21 quarterly installments of approx Rs. 138.400 Millions from the balance sheet date. 10. Foreign currency Loans from bank aggregating to Rs. 17974.500 Millions (previous year Rs. 16285.600 Millions) carries interest @ 3M Libor plus basis point in range of 310 to 370, is repayable in 3 equal installments of Rs. 1997.200 Millions and Rs. 3994.300 Millions each starting repayment year 2015-16 and 2016-17 respectively. These loans are secured by first pari pasu charge on all the movable and immovable assets pertaining to Coal Terminal project assets at Wandh and specific charge over land admeasuring to 175 hectares. 11. Foreign Currency Loans from Banks aggregating to Rs. 1254.700 Millions (previous year Rs. 1412.300 Millions) carries interest @ 4.6% p.a. Out of these loans, Rs. 570.600 Millions are repayable in 14 semi-annual installments of approx Rs. 40.800 Millions, Rs. 210.600 Millions are repayable in 15 semi-annual installments of Rs. 14.000 Millions, Rs. 234.800 Millions are repayable in 16 semiannual installments of Rs. 14.700 Millions, Rs. 238.700 Millions are repayable in 17 semi-annual installments of Rs. 14.000 Millions from the date of balance sheet. These loans are secured by exclusive charge on the individual Tug. 12. Foreign currency loan aggregating to Rs. 2321.700 Millions (previous year Rs. 2171.400 Millions) carries interest @ 6M Libor plus 300 to 330 basis point . The loan is repayable in 31 quarterly installments of approx. Rs. 74.900 Millions from the date of balance sheet. The loan are secured by first Pari-passu charge on all the immovable and movable assets of Multipurpose, Terminal-II and Container Terminal –II project assets. 13. Foreign currency Loans from bank aggregating to Rs. 2396.600 Millions (previous year Rs. 2171.400 Millions) is secured by first pari pasu charge on all the movable and immovable assets pertaining to Coal terminal project assets at Wandh and carries interest @ 3M Libor plus basis point in range of 260 to 310. The Loan is repayable on maturity in year 2017-18. 14. Foreign Currency Loan aggregating to Rs.1653.700 Millions (previous year NIL) carries interest @ 6 months Euribor plus a margin of 290 basis point .This loan is secured by first pari-passu charge on movable and immovable assets pertaining to Multipurpose, Terminal-II and Container Terminal –II project assets. The loan is repayable in 16 semi- annual installments of Rs. 103.400 Millions starting from year 2015 -16. 15. Foreign Currency Loan aggregating to Rs. 2995.800 Millions (previous year NIL) carries interest @ 3 month libor plus 300 basis point. This loan is secured by First pari-passu charge on movable and immovable assets pertaining to coal terminal project assets. The Loan is repayable on maturity in year 2018-19. 16. Rupee Term Loan from bank aggregating to Rs. 1140.000 Millions (previous year Rs. 1200.000 Millions) is secured by first pari pasu charge on all the movable and immovable assets pertaining to Agri park project assets and carries interest @ 10.25% p.a. The loan is repayable in 22 quarterly installments of Rs. 51.800 Millions from the balance sheet date. 17. Rupee term loan amounting to Rs. 4750.000 Millions (previous year Rs. 5000.000 Millions) are secured by exclusive charge on land parcel of 90 hectares. The loan is repayable in 12 semi-annual installments of Rs. 395.800 Millions from the balance sheet date. 18. Suppliers bills accepted under foreign currency letters from bank aggregating to Rs. 176.800 Millions (previous year Rs. 148.600 Millions) carries interest @ 6 M Libor plus basis point in range of 100 to 310 which is repayable on maturity in 2014-15. The Loan is secured against exclusive charge on the goods, materials, assets acquired or procured under the facility . 15th Annual Report 2013-2014 19. Suppliers bills accepted under foreign currency letters of credit aggregating to Rs. 1000.200 Millions (previous year Rs. 553.700 Millions) carries interest @ 6M Libor plus basis point in range of 100 to 200 which is repayable on maturity in 2014-15. The loan is secured against exclusive charge on assets purchased under the facility. a) Rupee term loan of Rs. 1250.000 Millions (previous year Rs. 2500.000 Millions) carry interest @11% p.a. The outstanding loan amount is repayable in 2 quarterly installments of Rs 625.000 Millions from the balance sheet date. The loan is unsecured . b) Foreign Currency Loan aggregating of Rs. 246.400 Millions (previous year Rs. 285.600 Millions) carry interest @2.12 % p.a. The outstanding loan amount is repayable in 12 Semi- annually installment of Rs. 20.500 Millions from the date of balance sheet. The loan is unsecured SHORT TERM
BORROWINGS 1. Suppliers bills accepted under foreign currency letters of credit aggregating to Rs. 944.900 Millions (previous year Rs. 779.000 Millions) carries interest @ 6M Libor plus basis point in range of 49 to 105 which are repayable on maturity in 2014-15. The loan is secured against exclusive charge on assets and materials purchased under the facility. 2. Supplier Bills aggregating to Rs. 860.600 Millions (previous year Rs. 668.000 Millions) carries interest @ 6M Libor plus basis in range of 43 to 180 which is repayable on maturity in 2014-15. The loan is secured against subservient charge on movable fixed assets and current assets except those secured by exclusive charge in favour of other lenders. |
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Financial Institute : |
IDBI Trusteeship Services Limited |
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Auditors : |
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Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
· Adani Enterprises Limited |
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Subsidiary
Companies: |
· Mundra SEZ Textile and Apparel Park Private Limited · MPSEZ Utilities Private Limited · Rajasthan SEZ Private Limited. (upto February 9, 2013) · Adani Logistics Limited · Karnavati Aviation Private Limited · Adani Murmugao Port Terminal Private Limited · Mundra International Airport Private Limited · Adani Hazira Port Private Limited · Adani Petronet (Dahej) Port Private Limited · Adani Vizag Coal Terminal Private Limited · Adani Kandla Bulk Terminal Private Limited · Adani Warehousing Service Private Limited · Adani Ennore Container Terminal Private Limited.* (18/02/2014) · Adani Hospitals Mundra Private Limited.* (01/11/2013) |
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Entity held through
Controlling Interest : |
· Adinath Polyfills Private Limited |
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Step down
Subsidiary |
· Hazira Infrastructure Private Limited. · Hazira Road Infrastructure Private Limited |
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Joint Venture : |
· Adani International Container Terminal Private Limited |
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Associate : |
· Dholera Infrastructure Private Limited |
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Fellow Subsidiary : |
· Adani Infra (India) Limited, Address : Achal Raj, Opposite mayor bungalow , law Garden, Ahmedabad, Gujarat, India · Adani Power Limited · Adani Power Dahej Limited · Adani Mining Private Limited · Adani Gas Limited · Chemoil Adani Private Limited · Adani Global FZE, Dubai. · Adani Power Rajasthan Limited · Adani Welspun Exploration Limited · Kutchh Power Generation Limited · Adani Agri Fresh Limited · Adani Power Maharashtra Limited · Adani Mundra SEZ Infrastructure Private Limited · Adani Properties Private Limited |
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Entities over which
Key Management Personnel, Directors and their relatives are able to exercise
Significant Influence : |
· Gujarat Adani Institute of Medical Science · Adani Wilmar Limited · Shanti Builders · Adani Foundation · Dholera Port and Special Economic Zone Limited · Mundra Port Private Limited Australia · Adani Abbot Point Terminal Private Limited, Australia · Abbott Point Port Holdings Private Limited, Singapore |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
4975000000 |
Equity Shares |
Rs. 2/- each |
Rs. 9950.000 Millions |
|
5000000 |
Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Total |
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Rs.10000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2070051620 |
Equity Shares |
Rs. 2/- each |
Rs. 4140.103 Millions |
|
2811037 |
Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 28.110 Millions |
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Total |
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Rs. 4168.213
Millions |
a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting year
|
Preference Shares |
31.03.2014 |
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No. of Shares |
Rs. in Millions |
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At the beginning of the year |
2811037 |
28.100 |
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Outstanding at the end of the year |
2811037 |
28.100 |
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Equity Shares |
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At the beginning of the year |
2003394100 |
4006.800 |
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Add: Issued during the year |
66657520 |
133.300 |
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Outstanding at the end of the year |
2003394100 |
4006.800 |
b) Terms/rights
attached to equity shares
The company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The final dividend recommended by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
For the current financial year 2013-14 the Company proposed a final dividend of Rs. 1.00 per share. (For the previous financial year the Company proposed and paid a final dividend of Rs. 1.00 per share).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Terms of
Non-cumulative redeemable preference shares
The Company has 28,11,037 outstanding 0.01 % Non-Cumulative Redeemable Preference Shares ('NCRPS') of Rs. 10 each issued at a premium of Rs. 990 per share. Each holder of preference shares has a right to vote only on resolutions placed before the company which directly affects the right attached to preference share holders. These shares are redeemable on March 28, 2024 at an aggregate premium amount of Rs. 2782.900 Millions. The Company credits the redemption premium on proportionate basis every year to Preference Share Capital Redemption Premium Reserve and debits the same to Securities Premium Account as permitted by Section 78 of the Companies Act, 1956.
In the event of liquidation of the company the holder of NCRPS will have priority over equity shares in the payment of dividend and repayment of capital.
d) Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
Out of equity shares issued by the company, shares held by its holding company, are as below:
|
|
31.03.2014 |
|
Adani Enterprise Limited, the holding company 1552361640
(Previous year 1552361640 equity share) equity shares of Rs.2 each fully paid
|
3104.700 |
e) Details of
shareholders holding more than 5% shares in the company
|
|
31.03.2014 |
|
|
|
No. of Shares |
% of Holding |
|
Equity shares of Rs.2 each fully paid |
|
|
|
Adani Enterprises Limited, holding company |
1552361640 |
77.49% |
|
Non-Cumulative Redeemable Preference Shares of Rs.10
each fully paid up |
|
|
|
Gujarat Ports Infrastructure and Development Company Limited |
309213 |
11.00% |
|
Priti G. Adani |
500365 |
17.80% |
|
Shilin R. Adani |
500364 |
17.80% |
|
Pushpa V. Adani |
500365 |
17.80% |
|
Ranjan V. Adani |
500455 |
17.80% |
|
Suvarna M. Adani |
500275 |
17.80% |
As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
f) During the year Company completed its Institutional placement programme (IPP) under chapter VIIIA of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009, as amended, which opened on June 4, 2013 and closed on the same date. Pursuant this, 6,66,57,520 equity shares of Rs. 2 each at a premium of Rs. 148 per share were allotted on June 7, 2013.
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 |
4168.200 |
4034.900 |
4034.900 |
|
(b) Reserves &
Surplus |
89190.700 |
63004.800 |
48179.500 |
|
(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) |
93358.900 |
67039.700 |
52214.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
78612.200 |
74046.100 |
41328.100 |
|
(b) Deferred tax
liabilities (Net) |
6707.900 |
5529.700 |
4297.500 |
|
(c) Other long term
liabilities |
8863.400 |
5768.200 |
6035.100 |
|
(d) long-term provisions |
2810.300 |
465.800 |
0.000 |
|
Total Non-current
Liabilities (3) |
96993.800 |
85809.800 |
51660.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4055.500 |
3947.000 |
10048.900 |
|
(b) Trade payables |
2166.700 |
1297.500 |
1823.300 |
|
(c) Other current
liabilities |
9427.400 |
21470.500 |
13438.400 |
|
(d) Short-term provisions |
3041.500 |
2988.400 |
2579.900 |
|
Total Current Liabilities
(4) |
18691.100 |
29703.400 |
27890.500 |
|
|
|
|
|
|
TOTAL |
209043.800 |
182552.900 |
131765.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
84814.200 |
77093.700 |
57428.900 |
|
(ii) Intangible Assets |
558.200 |
590.500 |
621.800 |
|
(iii) Capital
work-in-progress |
6614.900 |
11316.900 |
21898.400 |
|
(iv) Intangible assets
under development |
0.000 |
10133.800 |
2571.300 |
|
(b) Non-current
Investments |
17862.600 |
12072.900 |
18375.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43261.400 |
20673.800 |
17707.800 |
|
(e) Trade receivables |
4406.100 |
815.800 |
917.800 |
|
(f) Other Non-current
assets |
3701.500 |
3546.600 |
1885.200 |
|
Total Non-Current Assets |
161218.900 |
136244.000 |
121406.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1200.100 |
0.000 |
|
(b) Inventories |
1430.300 |
872.900 |
625.200 |
|
(c) Trade receivables |
8294.200 |
7211.700 |
2427.300 |
|
(d) Cash and cash
equivalents |
3998.300 |
5935.900 |
5359.900 |
|
(e) Short-term loans and
advances |
28406.000 |
16453.500 |
1568.900 |
|
(f) Other current assets |
5696.100 |
14634.800 |
377.600 |
|
Total Current Assets |
47824.900 |
46308.900 |
10358.900 |
|
|
|
|
|
|
TOTAL |
209043.800 |
182552.900 |
131765.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
43457.800 |
33610.500 |
24819.000 |
|
|
Other Income |
6797.500 |
2032.400 |
402.500 |
|
|
TOTAL (A) |
50255.300 |
35642.900 |
25221.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Operating Expenses |
12715.000 |
6440.000 |
5368.100 |
|
|
Employees benefits
expense |
1170.000 |
1043.800 |
894.200 |
|
|
Other expenses |
2172.100 |
1424.400 |
1440.800 |
|
|
TOTAL (B) |
16057.100 |
8908.200 |
7703.100 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
34198.200 |
26734.700 |
17518.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
7538.600 |
4419.000 |
2087.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
26659.600 |
22315.700 |
15430.900 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4557.100 |
3423.800 |
2735.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
22102.500 |
18891.900 |
12695.900 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1940.800 |
1350.100 |
923.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
20161.700 |
17541.800 |
11772.600 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
35456.700 |
22705.400 |
14909.800 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend on
Equity Shares |
0.000 |
0.000 |
601.000 |
|
|
Tax on Interim Dividend (including
surcharge) |
0.000 |
0.000 |
97.500 |
|
|
Proposed Final Dividend
on Equity Shares |
2136.700 |
2003.400 |
1402.400 |
|
|
Tax on Final Dividend
(including surcharge) |
363.100 |
340.500 |
227.500 |
|
|
Transfer to Capital
Redemption Reserve |
1.400 |
1.400 |
1.400 |
|
|
Transfer to General
Reserve |
2016.200 |
1754.200 |
1177.300 |
|
|
Transfer to Debenture
Redemption Reserve |
691.000 |
691.000 |
469.900 |
|
|
Total (K) |
5208.400 |
4790.500 |
3977.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
50410.000 |
35456.700 |
22705.400 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Storage Rental |
10.500 |
49.300 |
0.000 |
|
|
TOTAL EARNINGS |
10.500 |
49.300 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Store and Spares |
293.000 |
157.900 |
339.100 |
|
|
Fuel |
1288.800 |
893.800 |
2198.100 |
|
|
Capital Goods |
221.700 |
7395.000 |
5090.200 |
|
|
TOTAL IMPORTS |
1803.500 |
8446.700 |
7627.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
9.8 |
8.76 |
5.88 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
46.39 |
52.19 |
47.43 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
78.69 |
79.54 |
70.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.27 |
12.75 |
14.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.28 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89 |
1.16 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56 |
1.56 |
0.37 |
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 |
4034.900 |
4034.900 |
4168.200 |
|
Reserves & Surplus |
48179.500 |
63004.800 |
89190.700 |
|
Net worth |
52214.400 |
67039.700 |
93358.900 |
|
|
|
|
|
|
long-term borrowings |
41328.100 |
74046.100 |
78612.200 |
|
Short term borrowings |
10048.900 |
3947.000 |
4055.500 |
|
Total borrowings |
51377.000 |
77993.100 |
82667.700 |
|
Debt/Equity ratio |
0.984 |
1.163 |
0.885 |
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 |
24819.000 |
33610.500 |
43457.800 |
|
|
|
35.422 |
29.298 |
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 |
24819.000 |
33610.500 |
43457.800 |
|
Profit |
11772.600 |
17541.800 |
20161.700 |
|
|
47.43% |
52.19% |
46.39% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Operational
Highlights:
The company has created a milestone in Indian commercial ports history by handling more than 100 mtpa of cargo. This achievement is indeed a fulfilling one. This is notwithstanding the general economic climate and slowdown experienced by various industrial sectors. The year has witnessed robust growth and impressive performance of The company.
Mundra Port continues to rank 1st in terms of cargo handling and 2 in terms of container cargo during the year. Dahej and Hazira, other operational ports developed by The company continue to demonstrate strong growth with promising future.
AWARDS,
CERTIFICATIONS AND ACCREDITATIONS:
During the year, The Company had won the following awards:
· Health, Safety and Environment Award at Gujarat Junction 2014.
· Non Major Port of the Year at Maritime and Logistics Awards 2013 (MALA 2013).
· IT Excellence CIO Award for implementation of ACTOS (Terminal Operating System) at CT2 Live Terminal within 22 days without disturbing the operation.
· Won a total of 27 awards at the 24 State Level Annual Convention on Quality Circle held in Vadodara
(Vadodara Chapter Convention on Quality Circle 2013).
· Successfully completed external surveillance audit#1 (by IRQS) for ISO 28000:2007 in April, 2013.
· Successfully completed external surveillance audit#2 (by IRQS) for ISO 9001, ISO 14001 & OHSAS 18001 in October, 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OUTLOOK:
The global economy continues to face the aftermath of a challenging financial crisis with a subdued economic growth of 2.1% in 2013 though there was some turnaround in 2013-14 and recorded a marginal improvement in growth. The euro area appears to have come out of a protracted recession, with gross domestic product (GDP) for the region as a whole starting to grow again; the economy of the United States of America continues to recover with its supportive monetary condition and fiscal consolidation; and a few large emerging economies, including China, seem to have stopped a further slowdown. IMF estimates that the global economy is poised to grow at 3.6% and 3.9% in 2014-15 and 2015-16 respectively. Indian economy passed through a difficult phase in 2013-14 with slowing growth amidst high inflation. In addition, high fiscal deficit and tighter monetary stance have put additional pressure on investment growth. After witnessing a decline in GDP growth in two consecutive years, a modest recovery in Indian economy was seen in FY 2013-14. As per the advanced estimate of Asian Development Bank, Indian GDP is expected to grow at 5.5% in FY 2014-15. Improved agricultural output driven by good monsoon, pre-election higher spending the government on the welfare projects and softening of interest rates are expected to accelerate growth in the Indian economy.
Multilateral development institutions estimate that the growth in GDP is expected to recover to around 6.0 to 6.4% by 2015-16 on the assumption that over the next one year the recovery in advance economies will start driving demand and the Government will take stringent actions to overcome the critical issues that have hampered growth in India.
Investment demand in India is likely to pick in FY 2014-15. Fast clearances and tracking of the project will boost the construction sector, thereby creating more employment opportunities as well as creating demand and growth in cement, steel and machinery sector.
Inflation is likely to be lower and remain in control which will drive the growth of manufacturing activity. The mining sector, industrial sector is expected to return to growth. Due to El Nino effect, monsoon is going to be weak in FY 2014-15, which will impact the growth of agricultural sector.
To summarize, the global economy is on path to modest and gradual recovery in 2014. Indian economy is expected to be accelerating on its fast track growth as the new government will take its seat at the Centre.
PERFORMANCE OVERVIEW:
During the year the performance of The Company is encouraging. The company has been leading across all the fronts and Mundra Port has now become the largest commercial port in India. Indeed, Mundra Port has becomes the first ever commercial port in India to cross 100+ MMT cargo handling. The company maintained excellent growth record and registered a 23% growth in cargo volumes in FY 2013- 14 as compared to FY 2012-13. The company would continue to lead innovative practices, adoption of technology and setting examples of efficient port operations.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
Foreign currency
loans: |
|
|
|
From banks |
205.300 |
285.600 |
|
Rupee loans: |
|
|
|
From banks |
0.000 |
1250.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Paper |
2250.000 |
2500.000 |
|
Total |
2455.300 |
4035.600 |
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10522599 |
30/09/2014 |
30,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower 'E', Cuffee Parade, Colaba, Mumbai, Maharashtra - 400005, INDIA |
C23154479 |
|
2 |
10523968 |
19/09/2014 |
1,500,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA |
C25615535 |
|
3 |
10519865 |
16/08/2014 |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C17540618 |
|
4 |
10519866 |
16/08/2014 |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA |
C17542382 |
|
5 |
10471149 |
15/01/2014 |
3,097,900,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B93871507 |
|
6 |
10436449 |
15/07/2013 * |
2,402,980,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B79463022 |
|
7 |
10431969 |
18/06/2013 |
5,000,000,000.00 |
Canara Bank |
Prime Corporate Branch,104 Jyoti Commercial Complx, Nr. Shyamal Cross Roads, Ahmedabad, Gujarat - 380015, INDIA |
B77468684 |
|
8 |
10434800 |
14/05/2013 |
4,940,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B75944827 |
|
9 |
10431478 |
14/05/2013 |
4,950,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B75943985 |
|
10 |
10430924 |
14/05/2013 |
900,000,000.00 |
The Ratnakar Bank Ltd |
Mahaveer, Shri Shahu Market Yard Shahupuri, Kolhapur, Maharashtra - 416001, INDIA |
B77025567 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED DECEMBER 31, 2014
|
Particulars |
Quarter Ended |
Nine Month ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
9228.200 |
8495.000 |
26263.300 |
|
|
(b) Other Operating Income |
309.100 |
2607.700 |
3164.000 |
|
|
Total income from operations (net) |
9537.300 |
11102.700 |
29427.300 |
|
2 |
Expenses |
|
|
|
|
|
(a) Operating expense |
2118.500 |
2560.600 |
6658.000 |
|
|
(d) Employee benefits expense |
493.300 |
401.500 |
1185.300 |
|
|
(c) Depreciation and Anmortisation Expenses |
1258.800 |
1229.900 |
3685.200 |
|
|
(d) Foreign Exchange (Gain) /Loss (Net) |
235.000 |
224.100 |
552.500 |
|
|
(e) Other Expenses |
442.400 |
499.500 |
1338.700 |
|
|
Total expenses |
4548.000 |
4915.600 |
13419.700 |
|
3 |
Profit/ (Loss) from operations before
other Income, finance costs and exceptional Items (1-2) |
4989.300 |
6187.100 |
16007.500 |
|
4 |
Other Income |
2249.600 |
1690.600 |
5580.800 |
|
5 |
Profit/ (Loss) from operations before
other income, finance costs and exceptional items (3+4) |
7238.900 |
7877.700 |
21588.400 |
|
6 |
Finance Costs |
2091.700 |
2092.900 |
5673.500 |
|
|
Derivative (Gain) /Loss |
(213.300) |
181.900 |
(421.500) |
|
7 |
Profit before Tax (5-6) |
5360.500 |
5602.900 |
16336.400 |
|
8 |
Tax expenses |
(581.500) |
309.200 |
49.700 |
|
9 |
Profit after tax (7-8) |
5942.000 |
5293.700 |
16286.700 |
|
10 |
Paid up equity share capital (Face Value of Rs. 2/- each) |
4140.100 |
4140.100 |
4140.100 |
|
11 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
12 |
Debenture Redemption Reserve |
-- |
-- |
-- |
|
13 |
Earnings per share – Basic and Diluted (in Rs.) (not annualised): |
2.87 |
2.56 |
78.700 |
|
14 |
Debt Equity Ratio |
-- |
-- |
-- |
|
15 |
Debt Service Coverage ratio |
-- |
-- |
-- |
|
16 |
Interest Service Coverage Ratio |
-- |
-- |
-- |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
517512905 |
517512905 |
517512905 |
|
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
121292400 |
121292400 |
121292400 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
7.81% |
7.81% |
7.81% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
5.89% |
5.89% |
5.86% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
1431246315 |
1431246315 |
1431246315 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
92.19% |
92.19% |
91.19% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
69.14% |
69.14% |
69.14% |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending as at 01.07.2014 |
0 |
|
|
Received during the quarter |
15 |
|
|
Resolve during the quarter |
15 |
|
|
Pending as at 30.09.2014 |
0 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Corporate Guarantees given to banks and financial institutions against credit facilities availed by the subsidiaries – Amount outstanding there against Rs. 7270.900 Millions (previous year Rs. 1951.900 Million) |
7877.700 |
5780.400 |
|
Corporate Guarantee given to Bank for credit facility availed by erstwhile subsidiary company, Mundra Port Pty Limited, Australia. (Amount outstanding there against Rs. 4,7932.000 Millions (previous year Rsa. 4,3428.000 Million) |
|
43428.000 |
|
Bank Guarantees and Letter of Credit outstanding against credit facilities availed by the subsidiaries |
5389.900 |
6453.500 |
|
Bank Guarantees given to government authorities and bank (also includes DSRA bank guarantees given to Bank on behalf of subsidiaries and erstwhile subsidiaries. |
1216.800 |
770.200 |
|
Civil suits filed by the Customers for recovery of damages caused to machinery in earthquake Rs. 3.700 Million (previous year Rs. 3.700 Million), to cargo stored in Company's godown Rs. 9.400 Million (previous year Rs. 9.400 Million), loss due to mis-handling of wheat cargo Rs. 62.000 Million (previous year Rs. 62.000 Million) and loss due to non-performance of dredging contract Rs. 229.800 Million (previous year Rs. 229.800 Million). The said civil suits are currently pending with various Civil Courts in Gujarat. The management is reasonably confident that no liability will devolve on the Company in this regard and hence no provision is made in the books of accounts towards these suits. |
304.900 |
304.900 |
|
The Company received show cause notices from the Custom Authorities for import of various Cargos at Port Rs. 4.600 Million (previous year Rs. 4.600 Million). The Customs cases are currently pending with, Assistant Commissioner of Customs, Mundra (Rs. 1.400 Million), Customs, Excise and Service Tax Appellate Tribunal, Mumbai (Rs. 2.700 Million) and Addl. Director General, DRI (Rs. 0.500 Million) respectively. The Company has given deposit of Rs. 0.500 Million (previous year Rs. 0.500 Million) against the demand. The management is reasonably confident that no liability will devolve on the Company and hence no liability has been recognised in the books of accounts. |
4.600 |
4.600 |
|
Deputy Commissioner of Customs, Mundra and Assistant Commissioner of Customs, Mumbai have held that the Company wrongly availed duty benefit exemption under DFCEC Scheme on import of equipment and demanded duty payment of Rs. 2.500 Million (previous year Rs. 2.500 Million). The Company has filed its reply to the show cause notice with Deputy Commissioner of Customs, Mundra and Commissioner of Customs, Mumbai against order in original. The management is of view that no liability shall arise on the Company. |
2.500 |
2.500 |
|
Various show cause notices received from Commissioner/ Additional Commissioner/ Joint Commissioner/ Deputy Commissioner of Customs and Central Excise, Rajkot and Commissioner of Service Tax, Ahmedabad, for wrongly availing of Cenvat credit/ Service tax credit and Education Cess credit on input services and steel, cement and other misc. fixed assets during financial year 2006-07 to 2013-14. The Excise department has demanded recovery of the duty along with penalty and interest thereon. The Company has given deposit of Rs. 45.000 Million (previous year: Rs. 45.000 Million) against the demand. The matters are pending before High Court of Gujarat, Commissioner of Central Excise (Appeals), Rajkot and Commissioner of Service Tax, Ahmedabad. The Company has taken an external opinion in the matter based on which the management is of the view that no liability shall arise on the Company. |
732.000 |
691.900 |
|
Show cause notices received from Commissioner of Customs and Central Excise, Rajkot in respect of levy of service tax on various services provided by the Company and wrong availment of CENVAT credit by the Company during financial year 2009-10 to 2011-12. The matter is currently pending at High Court of Gujarat Rs. 67.200 Million (previous year Rs. 67.200 Million); and Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad Rs. 1.500 Million (previous year Rs. 1.500 Million) and Commissioner of Service Tax Ahmedabad Rs. 0.200 Million (previous year Rs. 0.200 Million). The Company has taken an external opinion in the matter based on which the management is of the view that no liability shall arise on the Company |
69.000 |
69.000 |
|
Commissioner of Customs, Ahmedabad has demanded vide letter no.4/Comm./SIIB/2009 dated 25/11/2009 for recovery of penalty in connection with import of Air Craft which is owned by Karnavati Aviation Private Limited (Formerly Gujarat Adani Aviation Private Limited.), subsidiary of the Company. Company has filed an appeal before the Customs, Excise and Service Tax Appellate Tribunal against the demand order, the management is reasonably confident that no liability will devolve on the Company and hence no liability has been recognized in the books of account. |
20.000 |
2.000 |
|
Company has imported Tamping Machine and Spare parts system - Plasser Theurer duty free under the EPCG Scheme for which an export obligation of Rs. 177.300 Million that is equivalent to 6 times of duty saved of Rs. 29.500 Million. The export obligation has to be completed by F.Y. 2019-20. |
29.500 |
-- |
|
During the year the Company has received order from Addl. Commissioner of Income Tax and Dy. Commissioner of Income tax for recovery of income tax of Rs. 332.700 Million and interest of Rs. 187.400 Million for assessment years 2009-10, 2010-11 and 2011-12.The management is reasonably confident that no liability will be devolve on the Company. |
520.100 |
-- |
FIXED ASSETS
Tangible Assets
· Land
Freehold
Land
Land
Development cost on Leasehold Land
Buildings,
Roads and Civil Infrastructure
Plant and
Machinery
Furniture
and Fixtures
Office
Equipments
Computer
Hardware
Vehicles
Tugs and
Boats
Railway
Tracks
Marine
Structures
Dredged
Channels
Project
Assets
Intangible Assets
· Goodwill
Software
Rights of
use in Leased Land
PRESS RELEASE
VIBRANT GUJARAT SUMMIT: ADANI ENTERPRISES, SUNEDISON TO INVEST RS
25,0000.000 MILLIONS IN GUJARAT
JANUARY 12, 2015
MUMBAI: Adani Enterprises, India's biggest private power producer and port owner, is taking giant strides in the energy sector - planning to make solar panels that can generate competitively priced electricity and investing in LNG sourcing and oil and gas exploration.
It's agreed to set up a joint venture with SunEdison that will invest.Rs 250000.000 Millions, or $4 billion, to make India's biggest solar photovoltaic manufacturing facility and signed an accord with Australia's Woodside Energy in the oil and gas business. The solar plant, to be constructed in Mundra, Gujarat, over a three-year period, will make low-cost panels capable of producing electricity that costs as much as power generated by using traditional fuels.
"The facility will manufacture solar panels to fuel solar power growth in India, furthering India's goals for clean, renewable energy independence, and will add up to 20,000 jobs to the local economy," Adani and New Yorklisted SunEdison said in a joint statement on Sunday. The venture will boost domestic solar equipment supply to meet the huge requirement of the sector in which Coal, Power and Renewable Energy Minister Piyush Goyal is aiming for unprecedented growth.
The solar energy sector has so far imported huge amounts of low-cost Chinese equipment, drawing criticism from local suppliers. Under the memorandum of understanding signed by Adani Group chairman Gautam Adani and Woodside CEO Peter Coleman, the companies will explore opportunities in sourcing of liquefied natural gas, supply and purchase arrangements for India and LNG marketing.
They will also consider investment in activities such as oil and gas exploration, production and liquefaction plants, Adani Enterprises said in a statement. "This cooperation arrangement is a landmark and first of its kind between two large organisations of India and Australia sharing common aspirations and vision. This MoU will go a long way in bringing new perspective to addressing the energy issues, enhancing energy trade and further strengthen warm relationships shared by the two countries," the statement quoted Adani as saying. Ahmad Chatila, President and Chief Executive Officer of SunEdison, said the solar plant will supply equipment at competitive rates.
"This facility will create ultra-low cost solar panels that will enable us to produce electricity so cost effectively it can compete head to head, unsubsidised and without incentives, with fossil fuels," he said. "By pairing SunEdison's solar technology expertise with Adani's extensive experience in the creation of infrastructure, we will be able to transform the region into a solar production powerhouse, creating 4,500 direct jobs and over 15,000 indirect jobs."
Adani Power said the development of the largest integrated solar manufacturing facility furthers the vision of Modi's 'Make in India' campaign. "We are happy to partner with SunEdison, a leading solar technology manufacturer, to build this facility which further integrates our power - renewable business value chain and has significant socio-economic benefits," said Vneet S Jaain, chief executive officer of Adani Power.
During the first half of 2015, SunEdison and Adani will conduct a comprehensive analysis of the opportunity and business plan before starting construction of the facility, the statement added. On Saturday, debt-laden wind turbine maker Suzlon Energy announced plans to invest.Rs 240000.000 Millions over the next five years in wind energy projects in Gujarat. Welspun Renewables said that it will spend .Rs 83000.000 Millions in the state and has signed two MoUs for 500 MW wind and 600 MW solar capacities with Gujarat Urja Vikas Nigam.
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. 62.15 |
|
|
1 |
Rs. 95.78 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.