MIRA INFORM REPORT
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Report No. : |
332310 |
|
Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED (w.e.f. 06.01.2012) |
|
|
|
|
Formerly Known
As : |
MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED |
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Registered
Office : |
“Adani House”, Near Mithakhali Six Roads, Navrangpura, Ahmedabad
– 380 009, Gujarat |
|
Tel. No.: |
91-79-26565555 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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.4168.200 million |
|
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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 : |
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
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
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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 and reputed company having excellent track record. Available financials
indicates company’s impressive financial risk profile marked by healthy
networth position with low borrowings and favorable gap between trade payable
and trade receivable. Fundamentals of
the company are strong and healthy. Further, the
rating also takes into consideration strong profitability margin of the
company. Directors are
reported to be well experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payment terms are reported to be regular
and as per commitment. In view of strong
financial base, the company can be considered good for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long-Term Issuer Rating: AA+ |
|
Rating Explanation |
High degree of safety and carry very low credit
risk |
|
Date |
28.05.2015 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Jaymin Patel |
|
Designation : |
Associate Manager |
|
Contact No.: |
91-79-25555101 |
|
Date : |
16.07.2015 |
LOCATIONS
|
Registered Office : |
“Adani House”, Near Mithakhali Six Roads, Navrangpura,
Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26565555/ 25555101/ 102 |
|
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 – 122 001, 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 – 370 421,
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 – 400 021, 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 Guru Nanak Hospital, Bandra (East), Mumbai – 400 051,
Maharashtra, India |
|
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
|
Name : |
Mr. Gautam S. Adani |
|
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 |
|
Designation : |
Whole Time Director (w.e.f. 15.05.2014) |
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|
Name : |
Mr. Arun Duggal |
|
Designation : |
Director |
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Name : |
Mr. D. T. Joseph IAS (Retd.) |
|
Designation : |
Director |
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Date of Birth/Age : |
21.12.1945 |
|
Qualification : |
M.A., IAS |
|
Date of Appointment : |
17.09.2007 |
|
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 |
|
Date of Appointment : |
24.12.2012 |
|
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. |
|
|
|
|
Name : |
Mr. A. K. Rakesh, IAS |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Dipti Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Jaymin Patel |
|
Designation : |
Associate Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1464857 |
0.07 |
|
|
140512153 |
6.78 |
|
|
889827949 |
42.97 |
|
|
889827949 |
42.97 |
|
|
1031804959 |
49.82 |
|
|
|
|
|
|
128164953 |
6.19 |
|
|
5208562 |
0.25 |
|
|
133373515 |
6.44 |
|
Total
shareholding of Promoter and Promoter Group (A) |
1165178474 |
56.26 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
32128325 |
1.55 |
|
|
3602427 |
0.17 |
|
|
4010 |
0.00 |
|
|
68165719 |
3.29 |
|
|
515077872 |
24.87 |
|
|
151393233 |
7.31 |
|
|
151393233 |
7.31 |
|
|
770371586 |
37.20 |
|
|
|
|
|
|
32466062 |
1.57 |
|
|
|
|
|
|
52061632 |
2.51 |
|
|
18818828 |
0.91 |
|
|
32055179 |
1.55 |
|
|
1835419 |
0.09 |
|
|
8896040 |
0.43 |
|
|
16980 |
0.00 |
|
|
19609259 |
0.95 |
|
|
14123 |
0.00 |
|
|
1683358 |
0.08 |
|
|
135401701 |
6.54 |
|
Total
Public shareholding (B) |
905773287 |
43.74 |
|
Total
(A)+(B) |
2070951761 |
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) |
2070951761 |
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 (*) |
|||
|
No. of Shares held |
As a % of grand total |
No |
As a percentage |
As a % of |
||
|
1 |
Gautam
S Adani and Rajesh S Adani |
877317807 |
42.36 |
82434400 |
9.40 |
3.98 |
|
2 |
Gautam
S Adani and Priti G Adani |
12480142 |
0.60 |
0 |
0.00 |
0.00 |
|
3 |
Rajesh
S Adani |
30000 |
0.00 |
0 |
0.00 |
0.00 |
|
4 |
Adani
Properties Private Limited |
140512153 |
6.78 |
134113962 |
95.45 |
6.48 |
|
5 |
Ventura
Power Investments Private Limited |
5208562 |
0.25 |
5208562 |
100.00 |
0.25 |
|
6 |
Vinod
Shantilal Adani |
128164953 |
6.19 |
128164953 |
100.00 |
6.19 |
|
7 |
Rakesh
R Shah |
893103 |
0.04 |
0 |
0.00 |
0.00 |
|
8 |
Surekha
B Shah |
155018 |
0.01 |
0 |
0.00 |
0.00 |
|
9 |
Priti
R Shah |
316885 |
0.02 |
0 |
0.00 |
0.00 |
|
10 |
Bhavik
B Shah |
57255 |
0.00 |
0 |
0.00 |
0.00 |
|
11 |
Vinod
N Sanghvi |
42596 |
0.00 |
0 |
0.00 |
0.00 |
|
|
Total |
1165178474 |
56.26 |
349921877 |
30.03 |
16.90 |
(*) 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 |
|
|
1 |
Life
Insurance Corporation of India |
70545281 |
3.41 |
|
|
2 |
Elara
India Opportunities Fund Limited |
46573128 |
2.25 |
|
|
3 |
Cresta
Fund Limited |
40750784 |
1.97 |
|
|
4 |
Emerging
India Focus Funds |
38224312 |
1.85 |
|
|
5 |
Albula
Investments Fund Limited |
32224425 |
1.56 |
|
|
6 |
Baytre
Investments (Mauritius) PTE Limited |
28701033 |
1.39 |
|
|
7 |
HSBC
Bank (Mauritius) Limited |
26302756 |
1.27 |
|
|
|
Total |
283321719 |
13.68 |
BUSINESS DETAILS
|
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. |
|
|
|
|
Products/ Services : |
Developing and operating ports and port
based infrastructure |
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
L/C |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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Facilities : |
Note : LONG TERM
BORROWINGS
a) Rupee term loan of Rs.1250.000 Million carry interest @11% p.a. The outstanding loan amount is repayable in 2 quarterly installments of Rs625.000 Million from the balance sheet date. The loan is unsecured. b) Foreign Currency Loan aggregating of Rs.246.400 Million carry interest @2.12 % p.a. The outstanding loan amount is repayable in 12 Semi- annually installment of Rs.20.500 Million from the date of balance sheet. The loan is unsecured SHORT TERM
BORROWINGS
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
IDBI
Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg,
Ballard Estate, Mumbai – 400 001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
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|
Holding Company (As
on 31.03.2014) : |
|
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|
|
Subsidiary
Companies (As on 31.03.2014) : |
* These entities have been incorporated/formed during the year. |
|
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Entity held through
Controlling Interest (As on 31.03.2014) : |
|
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Step down
Subsidiary (As on 31.03.2014) : |
|
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Joint Venture (As
on 31.03.2014) : |
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Associate (As on
31.03.2014) : |
|
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|
|
|
Fellow Subsidiary
(As on 31.03.2014) : |
|
|
|
|
|
Entities over which
Key Management Personnel, Directors and their relatives are able to exercise
Significant Influence (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.4168.200 million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4975000000 |
Equity Shares |
Rs.2/- each |
Rs.9950.000 million |
|
5000000 |
Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.50.000 million |
|
|
Total |
|
Rs.10000.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2070051620 |
Equity Shares |
Rs.2/- each |
Rs.4140.100 million |
|
2811037 |
Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.28.100 million |
|
|
Total |
|
Rs.4168.200
million |
|
|
|
|
|
a) Reconciliation of the
shares outstanding at the beginning and at the end of the reporting year
|
Particulars |
31.03.2014 |
|
|
No. of Shares |
Rs. in million |
|
|
Preference Shares |
|
|
|
At the beginning of the year |
2811037 |
28.100 |
|
Outstanding at the end of the year |
2811037 |
28.100 |
|
|
|
|
|
Equity Shares |
|
|
|
At the beginning of the year |
2003394100 |
4006.800 |
|
Add: Issued during the year |
66657520 |
133.300 |
|
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 Re.1.00 per share. (For the previous financial year the Company proposed and paid a final dividend of Re.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 shareholders. These shares are redeemable on March 28, 2024 at an aggregate premium amount of Rs.2782.900 Million. 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 (Rs.
in million) |
|
Adani Enterprise Limited, the holding company 1552361640
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, 66657520 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 Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4168.200 |
4168.200 |
4034.900 |
|
(b) Reserves &
Surplus |
107863.400 |
89190.700 |
63004.800 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
112031.600 |
93358.900 |
67039.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
84991.100 |
78612.200 |
74046.100 |
|
(b) Deferred tax
liabilities (Net) |
7165.000 |
6707.900 |
5529.700 |
|
(c) Other long term
liabilities |
8315.700 |
8863.400 |
5768.200 |
|
(d) Long-term provisions |
2107.000 |
2810.300 |
465.800 |
|
Total Non-current
Liabilities (3) |
102578.800 |
96993.800 |
85809.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
13048.800 |
4055.500 |
3947.000 |
|
(b) Trade payables |
1878.100 |
2166.700 |
1297.500 |
|
(c) Other current
liabilities |
23963.300 |
9427.400 |
21470.500 |
|
(d) Short-term provisions |
4570.400 |
3041.500 |
2988.400 |
|
Total Current Liabilities
(4) |
43460.600 |
18691.100 |
29703.400 |
|
|
|
|
|
|
TOTAL |
258071.000 |
209043.800 |
182552.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
91251.100 |
84814.200 |
77093.700 |
|
(ii) Intangible Assets |
0.000 |
558.200 |
590.500 |
|
(iii) Capital
work-in-progress |
0.000 |
6614.900 |
11316.900 |
|
(iv) Fixed asset held for
sale |
0.000 |
0.000 |
10133.800 |
|
(b) Non-current
Investments |
47622.800 |
17862.600 |
12072.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
50339.900 |
43261.400 |
20673.800 |
|
(e) Trade receivables |
4244.200 |
4406.100 |
815.800 |
|
(f) Other Non-current
assets |
4782.100 |
3701.500 |
3546.600 |
|
Total Non-Current Assets |
198240.100 |
161218.900 |
136244.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
2028.700 |
0.000 |
1200.100 |
|
(b) Inventories |
1794.600 |
1430.300 |
872.900 |
|
(c) Trade receivables |
7489.800 |
8294.200 |
7211.700 |
|
(d) Cash and cash
equivalents |
4958.300 |
3998.300 |
5935.900 |
|
(e) Short-term loans and
advances |
36906.500 |
28406.000 |
16453.500 |
|
(f) Other current assets |
6653.000 |
5696.100 |
14634.800 |
|
Total Current Assets |
59830.900 |
47824.900 |
46308.900 |
|
|
|
|
|
|
TOTAL |
258071.000 |
209043.800 |
182552.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
39093.600 |
43457.800 |
33610.500 |
|
|
|
Other Income |
7381.600 |
6797.500 |
2032.400 |
|
|
|
TOTAL |
46475.200 |
50255.300 |
35642.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
8855.400 |
12715.000 |
6440.000 |
|
|
|
Employees benefits expense |
1575.600 |
1170.000 |
1043.800 |
|
|
|
Other expenses |
2588.400 |
2172.100 |
1424.400 |
|
|
|
TOTAL |
13019.400 |
16057.100 |
8908.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
33455.800 |
34198.200 |
26734.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
7087.900 |
7538.600 |
4419.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
26367.900 |
26659.600 |
22315.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4886.200 |
4557.100 |
3423.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
21481.700 |
22102.500 |
18891.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(349.700) |
1940.800 |
1350.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
21831.400 |
20161.700 |
17541.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
50410.000 |
35456.700 |
22705.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend on Equity Shares |
NA |
2136.700 |
2003.400 |
|
|
|
Tax on Final Dividend (including surcharge) |
NA |
363.100 |
340.500 |
|
|
|
Transfer to Capital Redemption Reserve |
NA |
1.400 |
1.400 |
|
|
|
Transfer to General Reserve |
NA |
2016.200 |
1754.200 |
|
|
|
Transfer to Debenture Redemption Reserve |
NA |
691.000 |
691.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
50410.000 |
35456.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Storage Rental |
NA |
10.500 |
49.300 |
|
|
TOTAL EARNINGS |
NA |
10.500 |
49.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
NA |
293.000 |
157.900 |
|
|
|
Fuel |
NA |
1288.800 |
893.800 |
|
|
|
Capital Goods |
NA |
221.700 |
7395.000 |
|
|
TOTAL IMPORTS |
NA |
1803.500 |
8446.700 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
10.55 |
9.80 |
8.76 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term borrowings |
NA |
6391.800 |
5359.400 |
|
Cash generated
from operations |
NA |
20873.400 |
17250.700 |
|
Net cash from operating activities |
NA |
16016.100 |
13698.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
55.84 |
46.39 |
52.19 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
85.58 |
78.69 |
79.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.42 |
12.27 |
12.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.24 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.88 |
0.89 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
2.56 |
1.56 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.328.60 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
4034.900 |
4168.200 |
4168.200 |
|
Reserves & Surplus |
63004.800 |
89190.700 |
107863.400 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
67039.700 |
93358.900 |
112031.600 |
|
|
|
|
|
|
Long-term borrowings |
74046.100 |
78612.200 |
84991.100 |
|
Short term borrowings |
3947.000 |
4055.500 |
13048.800 |
|
Total borrowings |
77993.100 |
82667.700 |
98039.900 |
|
Debt/Equity ratio |
1.163 |
0.885 |
0.875 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
33610.500 |
43457.800 |
39093.600 |
|
|
|
29.298 |
-10.042 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
33610.500 |
43457.800 |
39093.600 |
|
Profit |
17541.800 |
20161.700 |
21831.400 |
|
|
52.19% |
46.39% |
55.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION (AS
ON 31.03.2014):
The Company is in the
business of development, operations and maintenance of port infrastructure has
linked multi product Special Economic Zone (SEZ) and related infrastructure
contiguous to Mundra port. The initial port infrastructure facilities at Mundra
including expansion thereof through development of additional terminals and
south port infrastructure facilities are developed pursuant to the concession
agreement with Government of Gujarat (GoG) and Gujarat Maritime Board (GMB) for
30 years period effective from February 17, 2001. The Company has expanded port
infrastructure facilities through approved supplementary concession agreement
(pending to be concluded) which will be effective till the year 2040, whereby
port infrastructure has been developed at Wandh, Mundra to handle coal cargo.
The said agreement is in the process of getting signed with GoG and GMB as at
the year end although the part of the Coal terminal at Wandh is recognised as
commercially operational w.e.f. February 1, 2011.
The Container terminal
facilities (CT-1) initially developed by the Company was transferred under
subconcession agreement between Mundra International Container Terminal Limited
(MICTL) (erstwhile Adani Container (Mundra)Terminals Limited) and APSEZL
entered into, on January 7, 2003 wherein APSEZL has given rights to MICTL to
handle the container cargo for a period of 28 years i.e. up to February 17,
2031. Similarly container facilities developed as South Port (CT-3) has been leased
under approved sub concession agreement dated October 17, 2011 to (50:50) joint
venture Company Adani International Container Terminal Private Limited (AICTPL)
as per co-termination with main concession agreement with GMB. The
sub-concession agreement is pending to be concluded with GMB.
The Multi Product Special
Economic Zone at Mundra and surrounding areas is developed by the Company as
per approval of Government of India vide their letter no. F-2/11/2003/EPZ dated
April 12, 2006 as amended from time to time till date. The Company has also
taken approval of Ministry of Commerce and Industry to set up Free Trade and
Warehousing Zone vide letter no. F.1/16/2011-SEZ dated March 26, 2012. During
the year, the Company has applied to Ministry of Commerce and Industry for
further notification of 1856 hectares of land as a Multi Product Special
Economic Zone.
UNSECURED LOAN
|
PARTICULAR |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
Foreign currency
loans: |
|
|
|
From banks |
NA |
205.300 |
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Paper |
NA |
2250.000 |
|
Total |
NA |
2455.300 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10546858 |
14/11/2014 |
5,100,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C41917378 |
|
2 |
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 |
|
3 |
10523968 |
19/09/2014 |
1,500,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD,
CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
C25615535 |
|
4 |
10519865 |
16/08/2014 |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C17540618 |
|
5 |
10553583 |
16/08/2014 |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C41875717 |
|
6 |
10519866 |
16/08/2014 |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C17542382 |
|
7 |
10471149 |
15/01/2014 |
3,097,900,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B93871507 |
|
8 |
10436449 |
15/07/2013 * |
2,402,980,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B79463022 |
|
9 |
10431969 |
18/06/2013 |
5,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH,104 JYOTI COMMERCIAL COMPLEX, NEAR SHYAMAL CROSS ROADS, AHMEDABAD, GUJARAT
- 380015, INDIA |
B77468684 |
|
10 |
10434800 |
14/05/2013 |
4,940,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B75944827 |
|
11 |
10431478 |
14/05/2013 |
4,950,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B75943985 |
|
12 |
10430924 |
14/05/2013 |
900,000,000.00 |
THE RATNAKAR BANK LIMITED |
MAHAVEER, SHRI SHAHU
MARKET YARD SHAHUPURI, KOLHAPUR, MAHARASHTRA - 416001, INDIA |
B77025567 |
|
13 |
10423138 |
22/04/2013 |
2,500,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT,
PUNE, MAHARASHTRA - 411001, INDIA |
B74206376 |
|
14 |
10417099 |
05/04/2013 |
1,401,590,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B72370810 |
|
15 |
10398884 |
13/12/2012 |
7,750,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B64411846 |
|
16 |
10389985 |
02/11/2013 * |
1,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B88531322 |
|
17 |
10383942 |
17/10/2012 |
42,255,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B61094199 |
|
18 |
10352718 |
05/05/2012 |
2,107,252,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B38599262 |
|
19 |
10353056 |
05/05/2012 |
2,107,252,000.00 |
DEG - DEUTSCHE
INVESTITIONS- UND ENTWICKLUNGSGESELLSCHAFT MBH |
KAMMERGASSE 22, 50676 COLOGNE,
FEDERAL REPUBLIC OF GERMANY, - 50676, GERMANY |
B38728416 |
|
20 |
10351416 |
13/08/2012 * |
17,985,500,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B56121031 |
|
21 |
10351414 |
27/04/2012 |
9,199,225,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B38085742 |
|
22 |
10347017 |
12/04/2012 |
2,577,350,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B36781409 |
|
23 |
10339818 |
07/03/2012 |
1,957,632,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B33970492 |
|
24 |
10342211 |
29/02/2012 |
5,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B35033216 |
|
25 |
10347229 |
28/02/2012 |
7,341,120,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B36837128 |
|
26 |
10315637 |
05/11/2012 * |
1,975,200,000.00 |
STATE BANK OF INDIA |
15TH FLOOR, CENTRAL
TOWER, 28 QUEEN'S ROAD, CENTRAL HONG KONG, - 10125, HONG KONG |
B62560370 |
|
27 |
10313864 |
05/10/2011 |
2,459,590,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B23799364 |
|
28 |
10310780 |
27/09/2011 |
1,457,852,268.28 |
HSH NORDBANK AG |
KIEL AND HAMBURG, KIEL
AND HAMBURG, - 20095, GERM |
B22794432 |
|
29 |
10304351 |
05/09/2011 |
2,871,859,965.00 |
DZ BANK AG DEUTSCHE
ZENTRAL-GENOSSENSCHAFTBANK |
PLATZ DER REPUBLIK,
FRANKFURT AM MAIN,, FRANKFURT, - 60265, GERMANY |
B19682772 |
|
30 |
10307034 |
25/08/2011 |
1,500,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD,
CONTONMENT, PUNE, MAHARA |
B20903845 |
|
31 |
10277644 |
08/03/2011 |
4,503,130,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B09360355 |
|
32 |
10269303 |
05/02/2011 |
1,500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B05991047 |
|
33 |
10261249 |
24/12/2010 |
5,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE FINANCE BRANCH,
58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
B03554896 |
|
34 |
10252109 |
20/11/2010 |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. |
A99955676 |
|
35 |
10219313 |
05/12/2012 * |
1,500,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP
SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006,
INDIA |
B64464258 |
|
36 |
10194650 |
19/03/2010 * |
1,616,375,520.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A81838609 |
|
37 |
10166686 |
15/07/2009 |
1,302,863,629.50 |
DZ BANK AG DEUTSCHE
ZENTRAL-GENOSSENSCHAFTBANK |
PLATZ DER REPUBLIK,,
FRANKFURT AM MAIN,, FRANKFURT, - 60265, GERMANY |
A65703159 |
|
38 |
10162595 |
27/03/2014 * |
2,250,000,000.00 |
ING VYSYA BANK LIMITED |
P.B.NO.4038,CHANAKYA
BUILDING,, NEAR DINESH HALL, OFF ASHRAM ROAD, AHMEDABAD, GUJARAT -
380009, INDIA |
C02889012 |
|
39 |
10126023 |
10/09/2008 |
792,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP
SAMARTHESHWAR TEMPLE, LAW G |
A48670467 |
|
40 |
10101657 |
23/09/2011 * |
792,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP
SAMARTHESHWAR TEMPLE, LAW G |
B23477367 |
|
41 |
10086392 |
24/05/2008 * |
1,480,000,000.00 |
STATE BANK OF INDIA |
CORPORATE FINANCE BRANCH,
NAVRANGPURA, AHMEDABAD, |
A39074943 |
|
42 |
80002205 |
05/04/2013 * |
19,285,924,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B72370455 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Corporate Guarantees given to banks and financial institutions against credit facilities availed by the subsidiaries – Amount outstanding there against Rs.7270.900 Million |
NA |
7877.700 |
|
Corporate Guarantee given to Bank for credit facility availed by erstwhile subsidiary company, Mundra Port Pty Limited, Australia. (Amount outstanding there against Rs.47932.000 Million |
NA |
Note |
|
Bank Guarantees and Letter of Credit outstanding against credit facilities availed by the subsidiaries |
NA |
5389.900 |
|
Bank Guarantees given to government authorities and bank (also includes DSRA bank guarantees given to Bank on behalf of subsidiaries and erstwhile subsidiaries. |
NA |
1216.800 |
|
Civil suits filed by the Customers for recovery of damages caused to machinery in earthquake 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. 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. |
NA |
304.900 |
|
The Company received show cause notices from the Custom Authorities for import of various Cargos at Port 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 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. |
NA |
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. 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. |
NA |
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 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. |
NA |
732.000 |
|
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; and Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad Rs.1.500 Million and Commissioner of Service Tax Ahmedabad 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 |
NA |
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. |
NA |
20.000 |
|
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. |
NA |
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. |
NA |
520.100 |
Note:
During the previous year, the Company had initiated and recorded the
divestment of its entire equity holding in Adani Abbot Point Terminal Holdings
Pty Limited (AAPTHPL) and entire Redeemable Preference Shares holding in Mundra
Port Pty Limited (MPPL) representing Australia Abbot Point operations to Abbot
Point Port Holdings Pte Limited, Singapore. The Company entered Share Purchase
Agreement ('SPA') on March 30, 2013 to sell its holding in AAPTHPL and MPPL. In
terms of the SPA the conditionality as regards regulatory and lenders approvals
were obtained except in respect of approval from one of the lenders who have
given specific line of credit to MPPL. The Company has also extended a
corporate guarantee of USD 800 million against this line of credit to MPPL,
which is outstanding as at the year end and the Company has pledged its entire
equity holding of 1,000 equity shares of AUD 1 each at the reporting date in
favour of lender.
During the year the Company has received corporate guarantee (’Deed of
Indemnity’) against this outstanding corporate guarantee from Abbot Point Port
Holding Pte Limited, Singapore.
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
WEBSITE DETAILS:
NEWS/ PRESS RELEASES:
ADANI TO DEVELOP
RS.40890.000 MILLION VIZHINJAM PORT PROJ IN KERALA
July 16, 2015
Gautam Adani-led Adani Ports and Special Economic Zone
(APSEZ) on Wednesday said it has received Kerala government's nod for developing
the Rs.40890.000 million Vizhinjam International Deepwater Seaport project.
The Ahmedabad-headquartered group, which already operates the country's
busiest port at Mundra in Gujarat, has received "Letter of Award" for
developing the port, Adani Group said in a statement.
The total project cost estimated by the Kerala government is
Rs.40890.000 million and the time-frame for commissioning of project is 4 years
which will be met by Adani Group based on its past execution record, it added.
"We are very happy to be a part of this prestigious project. We
acknowledge the support of Kerala government to develop this deep water multi
cargo port in the country. "It is a strategic location being very close to
international shipping route and has the potential to become the biggest
trans-shipment hub in the region," said Adani Group chairman Gautam Adani.
He added: "This project makes us take one more step towards nation
building, committing ourselves to the development of Kerala. This is indeed a
very proud moment for us."
The company said it had keenly participated in the tender to ensure that
Kerala gets its first deep water multi cargo port and India gets its first deep
water trans-shipment port which has been missing till date.
At present, about one million TEUs of Indian cargo is getting
trans-shipped through foreign ports like Colombo.
Development of Vizhinjam port will help in cost saving to Indian trade
as the boxes can be trans-shipped at a lower cost from Vizhinjam port.
The proposed port at Vizhinjam is located in Kerala, 16 kms south of the
state capital, Thiruvananthapuram. The port location is selected to tap the
potential of development as a deep water international multi-cargo port.
The proposed site is on the international shipping route connecting
Europe, Persian Gulf and the Far East, very close to the east-west shipping
axis within 10 nautical miles. APSEZ also operates ports in Mundra,
Hazira,Tuna-Tekra (Kandla) and Dahej, in Gujarat, Dhamra in Odisha and operates
specialised coal handling facilities in Mormugao in Goa, Visakhapatnam in
Andhra Pradesh. It is currently setting up a container terminal in Ennore in
Tamil Nadu.
APSEZ is part of the Adani Group which is one of India's leading
business houses with revenue of over USD 10 billion.
Adani Ports Stock
Price
On July 17, 2015, at 14:38 hrs Adani Ports and Special Economic Zone was
quoting at Rs.330.20, up Rs.3.25, or 0.99 percent. The 52-week high of the
share was Rs.357.95 and the 52-week low was Rs.244.00.
The company's trailing 12-month (TTM) EPS was at Rs.10.54 per share as
per the quarter ended March 2015. The stock's price-to-earnings (P/E) ratio was
31.33. The latest book value of the company is Rs.55.61 per share. At current
value, the price-to-book value of the company is 5.94.
ADANI GROUP LOOKS
AT KARAIKAL, 2 OTHER PORTS FOR EXPANSION
July 16, 2015
Adani Ports and Special Economic Zone (APSEZ) is looking at ports in
Karaikal, Kattupalli and Gangavaram with the intention of acquiring one of them
as the firm aims to expand its presence in the port business.
Country's largest port developer and part of billionaire Gautam
Adani-led Adani Group, is in talks with the promoters of Gangavaram port
in Andhra Pradesh as well as Karaikal and Larsen & Toubro's
Kattupalli ports in Tamil Nadu, a person in know of the developments
said.
"APSEZ is interested in Karaikal port as it has an SEZ area and the
company has an expertise in developing such port-led SEZs. Also for Kattupalli
and Gangavaram, the firm has initiated talks with the promoters. But
discussions are at an initial stage," he added.
The talks with promoters of Gangavaram port has not started on a very
positive note, the person said.
Karaikal Port Private Limited (KPPL) is a subsidiary of MARG, an
infrastructure and real estate developer. Karaikal will have a total of 9
berths capable of handling 47 MMTPA by 2018. The port is envisioned to be
developed in 3 phases with the final phase getting operational in 2017.
Kattupalli International Container Terminal is operated by L&T
Shipbuilding Limited, a joint venture of L&T and Tamil
Nadu Industrial Development Corporation Limited (TIDCO).
L&T Shipbuilding Limited is the developer of an integrated shipyard-cum-port
with an initial annual capacity of 1.2 million TEUs at Kattupalli.
Gangavaram Port, operated by DVS Raju-led consortium, is an all weather,
multipurpose port with water depth up to 21 meters, making it capable of
handling fully laden Super Cape size vessels of up to 200,000 DWT.
DVS Raju and his family owns 58.11 percent stake in the Gangavaram port
followed by private equity investor Warburg Pincus at 31.5 percent and
Government of Andhra Pradesh 10.39 percent.
APSEZ PLANS TO
RAISE RS.150000.000 MILLION VIA OVERSEAS BONDS
June
10, 2015
To reduce its debt cost, Adani Ports and Special Economic Zone Limited
(APSEZ) plans to raise Rs.150000.000 million through overseas bonds to
refinance existing foreign loans and fund capital expenditure.
Although the company did not specify the amount in its BSE filing,
sources said it would raise around Rs.150000.000 million through the global
bonds.
Adani group announced
earlier this year the demerger of all ports and power assets into two already
listed firms, while transmission business would be spun out into a new company
to be listed separately.
APSEZ has a debt of over Rs.110000.000 million.
"Pursuant to the approval of the Finance Committee of Board of
Directors, the Company has appointed intermediaries for organizing investor
meetings for its proposed foreign currency denominated bonds. The bond offering
may follow, subject to market conditions," APSEZ said in the BSE filing.
It added: "The proceeds of the bonds, if and when issued, will be
utilised for the refinancing existing ECB (external commercial borrowing)
facility and capital expenditure as provided under the extant guidelines of Reserve Bank of India".
The filing did not mention the amount to be raised. Adani Group
spokesperson declined to comment on it.
However, a source said, "APSEZ is planning to raise Rs.150000.000
million through issuance of global bonds to convert existing debt into
dollar-denominated debt and to cut the interest cost."
Meanwhile, rating agency Moody's on Wednesday assigned a provisional
(P)Baa3 rating with stable outlook to APSEZ's proposed US dollar senior
unsecured bond.
"Moody's Investor Service has assigned a first-time provisional
issuer rating of (P)Baa3 to...APSEZ. At the same time, Moody's has assigned a
provisional (P)Baa3 rating to APSEZ's proposed USD senior unsecured bond,"
it said in a statement, adding that the outlook for the ratings is stable.
APSEZ will apply the proceeds of the bond issuance to partially
refinance existing bank term loan facilities and for capital expenditure. The
proposed bond will represent a senior unsecured obligation, the rating agency
said.
The ratings are provisional, based on the proposed bond's draft
documents which have been reviewed by Moody's. It is expected that the
provisional status of the ratings will be removed and a definitive ratings will
be assigned upon the satisfactory review of the final documents, it added.
"The (P)Baa3 rating primarily reflects APSEZ's strong market
position as the largest port developer and operator by cargo volume in India,
and the strength of its landmark Mundra Port concession in Gujarat,"
Moody's Vice President and senior analyst Abhishek Tyagi said.
PROMOTERS UP STAKE IN
ADANI PORTS TO 56.26%
June
10, 2015
New
Delhi: Promoters
of Adani Ports and Special Economic Zone (APSEZ) have increased their stake in
the company to 56.26%.
The
ten promoters, including Gautam Adani, Rajesh Adani and Adani Properties, have
together acquired 56.25% equity of the APSEZ, the company said in a filing to
the BSE.
These
shares were acquired on 8 June pursuant to implementation of the composite
scheme of arrangement, which was approved by the Gujarat high court on 7 May.
Earlier, these ten entities held just 0.01% stake. More than 42% stake in the
company has been acquired by Adani Group chairman Gautam Adani and managing
director Rajesh Adani.
In
a separate filing, Adani Power said the same 10 promoters have got 58.13% in
the company post implementation of the composite scheme of arrangement. Prior
to that, they had 6.01% shareholding.
Under
the restructuring plan, which was announced in January this year, the Adani
Group consolidated its ports, power and mining assets into three separately
listed firms and list a new company for transmission business. Meanwhile
Standard and Poor’s Ratings Services assigned APSEZ ‘BBB-’ long-term corporate
credit rating and said “the outlook is stable.” “We also assigned our ‘BBB-’
long-term issue rating to the company’s proposed issuance of US
dollar-denominated senior unsecured notes. The issue rating is subject to our
review of the final issuance documentation,” it said in a statement on
Wednesday.
The
rating on APSEZ reflects the company’s leading position in India’s port sector
and strong operating efficiency, Standard and Poor’s credit analyst Mehul
Sukkawala said.
Shares
of APSEZ closed at Rs.313.05 on the BSE, up 2.10% from the previous close while
that of Adani Power closed at Rs.30.80 a share.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.63.49 |
|
UK Pound |
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
78 |
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.