MIRA INFORM REPORT

 

 

Report No. :

347995

Report Date :

02.11.2015

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT PIPAVAV PORT LIMITED

 

 

Registered Office :

Pipavav Port, At Post Ucchaiya Via Rajula, District Amreli - 365560, Gujarat

Tel. No.:

91-2794 302400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

05.08.1992

 

 

Com. Reg. No.:

04-018106

 

 

Capital Investment / Paid-up Capital :

Rs. 4834.400 Million

 

 

CIN No.:

[Company Identification No.]

L63010GJ1992PLC018106

 

 

IEC No.:

0891020161

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMG00342G

 

 

PAN No.:

[Permanent Account No.]

AAACG7914L

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged is engaged in operating and maintaining an all-weather Port having multi-cargo and multi-user operations.

 

 

No. of Employees :

523 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (65)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 51160000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject operates the Pipavav Port in Saurashtra, Gujarat in 1992. It has exclusive rights to develop and operate APM Terminals facilities in Pipavav until September 2028, according to the concession agreement signed with Gujarat Maritime Board [GMB] and the Government of Gujarat. It has fine track record.

 

The rating reflects its robust financial risk profile marked by large networth, zero debt, good profitability and fair. Liquidity and fair liquidity. Further, it also takes into consideration healthy improvement in its operating performance and strong cash accruals.

 

The ratings continue to derive strength from well-established and experience promoters and strong operational and financial support received from the parent, the Netherlands based APM Terminals BV (APM Terminals; a part of AP Moller Maersk Group).

 

Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

NOTE:

The Company has changed their Annual Filling year from January – December ending to April – March ending.

 

The available Audited financial is for 15 months i.e.01.01.2014 to 31.03.2015.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating = AA-

Rating Explanation

Have high degree of safety and carry low credit risk.

Date

18.09.2014

 

 

Rating Agency Name

CRISIL

Rating

Short term rating = A1+

Rating Explanation

Have strong degree of safety and carry lowest credit risk.

Date

18.09.2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

[CONTACT NO.: 91-22-30011300/ 91-2794-286001]

 

 

LOCATIONS

 

Registered/ Port Office :

Pipavav Port, At Post Ucchaiya Via Rajula, District Amreli - 365560, Gujarat, India

Tel. No.:

91-2794 302400

Fax No.:

91-2794 302413

E-Mail :

manish.agnihotri@apmterminals.com

investorrelationinppv@apmterminals.com

Website :

http://www.pipavav.com

 

 

Corporate Office :

301, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai - 400098, Maharashtra, India

Tel. No.:

91-22-30011300

Fax No.:

91-22-30011333

 

 

Regional Offices :

Located at:

 

·         Ahmedabad 

·         Rajkot

·         Ludhiana 

·         Jaipur

·         New Delhi

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Tejpreet Singh Chopra

Designation :

Chairman

Date of Birth/Age :

05.12.1969

Qualification :

BA (Hons) in Economics from St. Stephen’s College, Delhi University, MBA from Cornell University

Expertise in specific functional areas

Strategic Business Management

Date of Appointment :

04.09.2012

 

 

Name :

Mr. A. K. Rakesh, IAS

Designation :

Director

 

 

Name :

Ms. Hina Shah

Designation :

Director

Date of Birth/Age :

22.11.1948

Qualification :

Masters in Chemistry apart from various courses in Management

Expertise in specific functional areas

CSR activities

Date of Appointment :

30.07.2013

 

 

Name :

Mr. Jan Damgaard Sorensen

Designation :

Director

 

 

Name :

Mr. Julian Bevis

Designation :

Director

Date of Birth/Age :

28.04.1950

Qualification :

Masters from Oxford University

Expertise in specific functional areas

Business Management

Date of Appointment :

25.07.2014

 

 

Name :

Mr. Pradeep Mallick

Designation :

Director

Date of Birth/Age :

20.11.1942

Qualification :

B. Tech IIT Madras, Fellow of the Institution of Engineering & Technology, London, Diploma in Business Management, UK.

Expertise in specific functional areas

Strategic Business Management

Date of Appointment :

04.09.2012

 

 

Name :

Mr. Pravin Laheri, IAS (Retd.)

Designation :

Director

Date of Birth/Age :

28.03.1945

Qualification :

Bachelor in Arts and Law, Masters in Science and Economics from University of Wales

Expertise in specific functional areas

Corporate, Labour & Industrial Laws

Date of Appointment :

29.08.2008

 

 

Name :

Mr. Rizwan Soomar

Designation :

Director

Date of Birth/Age :

01.06.1971

Qualification :

Management Graduate from Chicago Booth School of Business and Diploma from Institute of Chartered Ship Brokers, London

Expertise in specific functional areas

Business Management

Date of Appointment :

24.12.2014

 

 

Name :

Mr. Keld Pedersen

Designation :

Managing Director

Date of Birth/Age :

29.04.1966

Qualification :

Master Mariner from Copenhagen Navigation School, Diploma in Economics and Management (Bachelor level), Executive Programs from London Business School and IMD Switzerland

Expertise in specific functional areas

Business Management

Date of Appointment :

01.05.2015

 

 

Name :

Mr. Dinesh Kumar Lal

Designation :

Director

Date of Appointment :

24.07.2014

 

 

Name :

Mr. Henrik Lundgaard Pedersen

Designation :

Director

Date of Appointment :

16.12.2014

 

 

KEY EXECUTIVES

 

Name :

Mr. Hariharan Iyer

Designation :

Chief Financial Officer

 

 

Name :

Mr. Manish Agnihotri

Designation :

Company Secretary and Compliance Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

207903931

43.01

http://www.bseindia.com/include/images/clear.gifSub Total

207903931

43.01

Total shareholding of Promoter and Promoter Group (A)

207903931

43.01

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

47629100

9.85

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

5381379

1.11

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

186942866

38.67

http://www.bseindia.com/include/images/clear.gifSub Total

239953345

49.63

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

11882304

2.46

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

15460702

3.20

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

6579978

1.36

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1659650

0.34

http://www.bseindia.com/include/images/clear.gifTrusts

17306

0.00

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1427067

0.30

http://www.bseindia.com/include/images/clear.gifClearing Members

215277

0.04

http://www.bseindia.com/include/images/clear.gifSub Total

35582634

7.36

Total Public shareholding (B)

275535979

56.99

Total (A)+(B)

483439910

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

483439910

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged is engaged in operating and maintaining an all-weather Port having multi-cargo and multi-user operations.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

523 (Approximately)

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.12.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term loans

- From financial institutions

0.000

2819.370

 

 

 

Total

 

0.000

2819.370

 

LONG-TERM BORROWINGS

(i) Nature of security on rupee term loan :

 

(a) In 2012, the Company had borrowed Indian Rupee Loan from IDFC Ltd., which was secured by creating a first charge on :

 

- immovable properties forming part of Project Assets,

- movable properties forming part of Project Assets, including movable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles,

- charge on cash flows, book debts, receivables and any other revenue of whatsoever nature and wherever arising, present and future pertaining to the project,

- all intangibles including but not limited to goodwill, uncalled capital present and future pertaining to project,

- right, title or interest, benefit, claims and demands in project documents including but not limited to Insurance Contract, letter of credit, guarantees, performance bond provided by any party, and

- Trust and Retention Account including all sub-accounts, Debt service reserve account and all other bank accounts of the Company.

 

The rate of interest was around 11.00% p.a. This loan was repayable over a period of 12 years in quarterly instalments starting from September 2012 upto March 2023 as per repayment schedule. The Company prepaid the entire loan outstanding of INR 2,930 million as on August 1, 2014 to IDFC Limited and the charge on the assets has been released.

 

(b) The Company was initially sanctioned External Commercial Borrowing (ECB) Loan by International Finance Corporation; of USD 152 million in April 2013; which was later reduced to USD 60 million in July 2014. Based on current business performance and cash flows, the Company has decided to fund its ongoing expansion plan through internal accruals and has cancelled the ECB loan without any disbursements. The management is in the process of completing formalities for release of the charge on the assets pledged.

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Associates LLP

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Party with substantial interest and its associates :

·         APM Terminals Mauritius Limited

·         APM Terminals B.V.

·         APM Terminals Management (Singapore) Pte Ltd

·         APM Terminals Management B.V.

·         AP Moller – Maersk A/S

·         APM Terminals India Private Limited

·         APM Terminals India Pvt. Ltd – Transportation Division

·         Maersk Line India Pvt. Ltd.

·         APM Terminals India Pvt. Ltd – ERS Division

·         Safmarine Container Lines N.V.

·         Damco Denmark A/S

 

 

Associate :

Pipavav Railway Corporation Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

600,000,000

Equity Shares

Rs. 10/- each

Rs. 6000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

483,439,910

Equity Shares

Rs. 10/- each

Rs. 4834.400 Million

 

 

 

 

 

 

Reconciliation of number of equity shares outstanding as at the beginning and at the end of reporting period

 

Particulars

31.03.2015

 

Number

Rs. in Million

Equity shares at the commencement of the period

483,439,910

4834.400

Issued during the period

--

--

At the end of the period

483,439,910

4834.400

 

Rights, preferences and restrictions attached to equity shares

 

The Company has a single class of equity shares. Accordingly, all equity rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

 

On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

 

 

Equity shares held by Associate

 

Name of Shareholder

Relationship

31.03.2015

 

 

Number

Rs. in Million

 

 

 

 

APM Terminals Mauritius Limited

Party with

substantial

interest

207,903,931

2079.040

 

Equity shares in the Company held by each shareholder holding more than 5% shares #

 

Name of Shareholder

Relationship

31.03.2015

 

 

Number

%

 

 

 

 

APM Terminals Mauritius Limited

Party with

substantial

interest

207,903,931

43.01%

 

# As per the record of the Company, including its registers of members.

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

[15 Months]

31.12.2013

[12 Months]

31.12.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

4834.400

4834.400

4834.400

(b) Reserves & Surplus

13073.470

9200.670

7283.020

(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)

17907.870

14035.070

12117.420

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

2819.370

3038.750

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

140.650

118.250

105.940

(d) long-term provisions

242.780

238.660

223.240

Total Non-current Liabilities (3)

383.430

3176.280

3367.930

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

689.800

472.090

321.100

(c) Other current liabilities

757.240

814.940

650.470

(d) Short-term provisions

166.850

167.900

177.250

Total Current Liabilities (4)

1613.890

1454.930

1148.820

 

 

 

 

TOTAL

19905.190

18666.280

16634.170

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13372.260

13553.340

12423.790

(ii) Intangible Assets

20.940

24.620

37.990

(iii) Capital work-in-progress

652.570

1061.180

1577.290

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

830.000

830.000

830.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1780.850

561.680

431.240

(e) Other Non-current assets

28.240

10.980

169.130

Total Non-Current Assets

16684.860

16041.800

15469.440

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

134.890

119.980

114.510

(c) Trade receivables

355.960

343.630

385.600

(d) Cash and cash equivalents

2439.110

2023.070

510.700

(e) Short-term loans and advances

219.310

96.790

151.020

(f) Other current assets

71.060

41.010

2.900

Total Current Assets

3220.330

2624.480

1164.730

 

 

 

 

TOTAL

19905.190

18666.280

16634.170

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

[15 Months]

31.12.2013

[12 Months]

31.12.2012

 

SALES

 

 

 

 

 

Revenue from Operations

8670.270

5179.350

4160.330

 

 

Other Income

400.530

167.610

154.470

 

 

TOTAL                                     (A)

9070.800

5346.960

4314.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Operating Expenses

1852.200

1320.310

1180.680

 

 

Employees benefits expense

617.390

420.540

360.770

 

 

Other expenses

1189.030

874.830

800.170

 

 

Exceptional Items

448.010

(163.820)

0.000

 

 

TOTAL                                     (B)

4106.630

2451.860

2341.620

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

4964.170

2895.100

1973.180

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

258.510

369.640

684.150

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

4705.660

2525.460

1289.030

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

832.860

607.810

549.420

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

3872.800

1917.650

739.610

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

3872.800

1917.650

739.610

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Deemed foreign currency receipts

6181.580

3630.670

2564.130

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

12.190

25.900

395.730

 

 

Spares

56.170

21.300

59.540

 

TOTAL IMPORTS

68.360

47.200

455.270

 

 

 

 

 

 

Earnings per equity share (INR) before exceptional and extraordinary items

 

 

 

 

- Basic

8.94

3.63

1.64

 

- Diluted

8.94

3.63

1.64

 

 

 

 

 

 

Earnings per equity share (INR) after exceptional and extraordinary items

 

 

 

 

- Basic

8.01

3.97

1.64

 

- Diluted

8.01

3.97

1.64

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2015

[15 Months]

31.12.2013

[12 Months]

31.12.2012

Current maturities of long - term borrowings

 

 

 

Rupee Term Loans

From financial institutions

0.000

219.380

168.030

 

 

 

 

Cash generated from operations

5239.890

3123.240

2704.760

 

 

 

 

Net cash generated from operating activities

4435.350

2899.920

2621.310

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2015

30.09.2015

Type

1st Quarter

2nd Quarter

Net Sales

1491.320

1846.340

Total Expenditure

727.010

860.480

PBIDT (Excl OI)

764.310

985.860

Other Income

71.410

58.680

Operating Profit

835.720

1044.540

Interest

0.430

0.260

Exceptional Items

604.090

0.000

PBDT

1439.380

1044.280

Depreciation

227.200

240.100

Profit Before Tax

1212.180

804.180

Tax

681.100

0.000

Provisions and contingencies

0.000

0.000

Profit After Tax

531.080

804.180

Extraordinary Items

0.000

0.000

Prior Period Expenses

0.000

0.000

Other Adjustments

0.000

0.000

Net Profit

531.080

804.180

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

[15 Months]

31.12.2013

[12 Months]

31.12.2012

Net Profit Margin

(PAT / Sales)

(%)

44.67

37.02

17.78

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

57.26

55.90

47.43

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

21.02

11.43

5.20

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.14

0.06

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.00

0.22

0.26

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.00

1.80

1.01

 

 

STOCK PRICES

 

Face Value

Rs. 10/-

 

 

Market Value

Rs. 161.05/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.12.2012

31.12.2013

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

4834.400

4834.400

4834.400

Reserves & Surplus

7283.020

9200.670

13073.470

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

12117.420

14035.070

17907.870

 

 

 

 

Long-term borrowings

3038.750

2819.370

0.000

Short term borrowings

0.000

0.000

0.000

Current maturities of long - term borrowings

168.030

219.380

0.000

Total borrowings

3206.780

3038.750

0.000

Debt/Equity ratio

0.265

0.217

0.000

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2012

31.12.2013

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

4160.330

5179.350

8670.270

 

 

24.494

67.401

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

4160.330

5179.350

8670.270

Profit

739.610

1917.650

3872.800

 

17.78%

37.02%

44.67%

 

 

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

No

8

Designation of contact person

No

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

LITIGATION DETAILS

 

 

 

 

HIGH COURT OF GUJARAT

 

SPECIAL CIVIL APPLICATION No. 17273 of 2013

 

Status : PENDING

( Converted from : C/ST/17215/2013 )

CCIN No : 001021201317273

 

 

Next Listing Date:

25/03/2015

Coram

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

 

S.NO.

Name of the Petitioner

Advocate On Record

1

MAHAVIR CORPORATION THROUGH ITS PROPRIETOR

MR HARESH H PATEL for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

1

GUJARAT PIPAVAV PORTS LIMITED

MR DIPEN C SHAH for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 22/11/2013

Registered On

: 26/11/2013

Bench Category

: -

District

: AMRELI

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 15 times

Stage Name

: NOTICE and ADJOURNED MATTERS

 

Classification

·         SJ - NON-SERVICE - LOWER COURT - CODE OF CIVIL PROCEDURE, 1908 - AMENDMENT OF THE WRITTEN STATEMENT UNDER ORDER - 6, RULE 17

Act

·         CONSTITUTION OF INDIA

 

 

Lower Court Details

 

S .No.

Lower Court Case Detail

Lower Court Name

Judge Name

Judgment date

1

SCS/37/2000

CIVIL COURT, AMRELI

-

02/04/2012

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

22/11/2013

VAKALATNAMA

MR HARESH H PATEL ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR HARESH H PATEL(611) for P:1

2

22/11/2013

MEMO OF APPEAL/PETITION/SUIT

MR HARESH H PATEL ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR HARESH H PATEL(611), for P:1

3

08/09/2014

VAKALATNAMA

MR DIPEN C SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR DIPEN C SHAH(3374) for R:1

 

Court Proceedings

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

28/11/2013

12

5

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

2

06/12/2013

12

5

ADMISSION (ADJOUNRED MATTERS)

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

3

23/12/2013

12

111

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

4

13/01/2014

13

76

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI 

·         HONOURABLE MR.JUSTICE K.M.THAKER

5

14/02/2014

13

85

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

6

21/03/2014

13

47

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

7

24/04/2014

13

63

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

8

24/06/2014

12

80

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI 

·         HONOURABLE MR.JUSTICE K.M.THAKER

9

06/08/2014

11

60

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

10

03/09/2014

20

87

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI 

·         HONOURABLE MR.JUSTICE S.H.VORA

11

01/10/2014

19

60

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.H.VORA

12

19/12/2014

9

68

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE S.H.VORA AND HONOURABLE MR.JUSTICE A.G.URAIZEE

13

03/02/2015

8

105

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

14

13/03/2015

9

73

NOTICE AND ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

15

25/03/2015

9

73

NOTICE AND ADJOURNED MATTERS

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

SPECIAL CIVIL APPLICATION/17273/2013

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

28/11/2013

N

ORDER

-

Y

2

SPECIAL CIVIL APPLICATION/17273/2013

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

23/12/2013

N

ORDER

-

Y

3

SPECIAL CIVIL APPLICATION/17273/2013

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

06/08/2014

N

ORDER

-

Y

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10385516

17/10/2012

500,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA

B61730388

2

90103680

16/08/2004 *

100,000,000.00

INDUSTRIAL INVESTMENT BANK OF INDIA

19; NETAJI SUBHASH ROAD, KOLKATA, WEST BENGAL - 
700001, INDIA

-

 

* Date of charge modification

 

 

COMPANY OVERVIEW

 

1)     Subject was incorporated on 5 August 1992 to construct, operate and maintain an all-weather port at Pipavav, District Amreli, in the State of Gujarat.

 

2)     The port is designed to handle bulk, container and liquid cargo and to provide port services such as marine services, material handling and storage operations.

 

3)     The Company has entered into a 30 year Concession Agreement with Government of Gujarat and Gujarat Maritime Board (“GMB”) dated 30 September 1998 to engage in the business of developing, constructing, operating and maintaining the port on a BOOT (Build Own Operate Transfer) basis.

 

4)     During the year 2005, AP Moller-Maersk group together with certain financial investors acquired the complete shareholdings held by the original promoter viz. SKIL group, on receipt of approval from Government of Gujarat, and Gujarat Maritime Board. Accordingly, AP Moller-Maersk group became the key promoter of the Company under the Concession agreement.

 

5)     Pursuant to the approval of the shareholders of the Company in an extra ordinary general meeting held on 17 November 2009, the Company has issued and allotted through Initial Public Offering (IPO) 108,695,652 equity shares of Rs.10 each at a premium of Rs. 36 per share aggregating to a total of Rs.5,000.000 million to all categories of investors. The issue was made in accordance with the terms of the Company’s prospectus dated 30 August 2010 and the shares got listed on 9 September 2010 on Bombay Stock Exchange and National Stock Exchange.

 

 

OPERATIONS

 

The Company is engaged in the business of Port Development and Operations at Pipavav Port, Gujarat under the Concession Agreement dated 30th September 1998 from Gujarat Maritime Board. The performance details during the period are as follows:

 

Particulars

For the fifteen month period ended

31st March, 2015

Bulk Cargo Handled (In MT)

4,643,675

 

 

Containers Handled (In TEUs)

980,689

 

The growth in Container volume has been mainly driven by addition of new services and upgradation of the existing services calling at Pipavav Port. The growth in overall container volumes continues to remain subdued. The movement of ICD volumes through high cube double stack trains has been steadily increasing and continues to be a value proposition for all stakeholders in the trade.

 

In the case of dry bulk cargo, the volume mainly comprises coal and fertilizer. The increase in rail freight continues to adversely impact the port’s coal volumes for upcountry power plants. In the case of liquid cargo, the facility of all the three operators is ready and Year 2015-16 will be their first full year of operation.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

BACKGROUND

 

APM Terminals Pipavav, India’s first private sector port, operates as an all-weather port located on the southwest coast of Gujarat; at a distance of 140 kms southwest of Bhavnagar and around 160 nautical miles Northwest of Mumbai. The port lies on the important maritime trade routes which connect India with international destinations such as the Middle East, Africa, Europe, etc. The port has Container capacity of approximately 850,000 TEUs per annum, Bulk Cargo capacity of approximately 4 to 5 million metric tons per annum depending on cargo mix and Liquid Cargo capacity of approximately 2 million metric tons per annum.

 

APM Terminals is the Lead Promoter and holds 43.01% of the total shareholding of the Company. APM Terminals operates a Global Terminal Network with 20,600 professionals serving 65 active port and terminal facilities and 135 inland services operations in 58 countries around the globe. The Company provides port management and operations to over 60 shipping companies which serve the world’s leading importers and exporters of containerized, dry bulk, liquid bulk, general cargo and other commodities. In 2015, APM Terminals won the Lloyd’s List North American Maritime “Port Operator of the Year” Award and has once again been recognized as the industry’s standard-setter in terminal productivity.

 

 

ECONOMY AND PORT SECTOR

 

According to IMF, there has been a marginal pickup in global economic growth in the past year. While high income countries continue to deal with legacy issues lingering from the global financial crisis, US and UK being exceptions, the emerging economies have lost much of their dynamism. China is undergoing a carefully controlled slowdown while the Indian economy continued to demonstrate resilience in the face of tepid global recovery in FY15.

 

The monsoons in India in the past year ended with a deficit of 12%, lowest in 5 years. Manufacturing growth was gradual, however the change in Government at the centre and policy announcements such as “Make in India” coupled with policy initiatives to reform the supply side and infrastructure bottle necks, hold promise for significant growth in the future. Coal and fertilizer imports surged ahead in 2014 buoyed by increased demand and softer commodity prices. There were significant reforms made by the government to aid local coal production, including coal block auctions and fast tracking of rail evacuation infrastructure.

 

Container volumes at India’s major ports grew 6.7% during the fiscal year 2014-15. Container trade continues to be dominated by the west coast ports which account for two-thirds of the total container volumes in India. In the past few years, non-major ports have witnessed faster growth in cargo handling than major ports due to the capacity constraints at most major ports, with terminals at JNPT operating much above their designed capacities. The Non major ports have an edge over Major ports due to better draft, larger handling and evacuation capacity

 

 

OPERATIONS REVIEW

 

Container volume throughput in the fifteen month period ended 31 March 2015 was 980,689 TEUs compared to 661,865 TEUs handled for the year ended 31 December 2013. The increase in volume is a result of a new service, upsizing of vessels and improvement of existing services. The period in review was witness to shipping lines continuing to pursue economies of scale by upscaling and coming together to form alliances.

 

The Bulk volumes at Pipavav continue to be driven primarily by Coal and Fertilizer. The existing rail freight differential issues accentuated by every hike in rail freight continue to affect dry bulk volumes, especially coal cargo. While there has been incremental growth for Coal volumes during the period ended 31 March 2015, the growth was mainly driven on account of a lower base during the year ended 31 December 2013. The port has been able to attract ~30% higher fertilizer volumes on back of improvement in operational efficiency parameters. Minerals and other commodities have broadly remained unchanged. The outlook for coal and fertilizer continues to be strained due to rail freight differential issues and dependency on regulatory mechanisms respectively.

 

On Liquid cargo front, two of the terminals were commissioned in 2014 while the third terminal got commissioned in March 2015. The global crash in oil prices impacted the consumption and storage patterns resulting in a slow ramp up of liquid cargo volumes during the period ended 31 March 2015. FY 2015-16 is expected to be the first full year of operations for all the three terminals.

 

The Inland Container Depots are key to the growing EXIM market due to their proximity to India’s major consumption centres and the industrial belt of North India. Therefore, container movement by rail between port and ICD has become a key indicator of port activity in recent times. With the up gradation of its rail infrastructure and addition of rail sidings and three rail mounted gantry cranes, the port has increased its operational reliability and provided a safe working environment. During the 15 month period, the port handled 682,627 TEUs by rail constituting nearly 70% of the total container volumes. The number of high cube double stack trains handled has also steadily increased, offering faster evacuation, optimizing route capacity; thus reducing transportation costs for all the stakeholders.

 

 

EXPANSION

 

The Company is investing approximately INR 4,600 million to expand its container handling capacity from 0.85 million TEUs to 1.35 million TEUs, in line with growth trends. The project entails purchasing of three Post Panamax cranes with spreaders to replace existing old cranes, dredging at berth pockets, purchasing of four Rubber Tyre Gantry (RTG) cranes with Spreaders, phased development of container yard, internal roads and gate complex. The port has the ability to further scale up its seaside and landside infrastructure depending on business requirements.

 

 

OUTLOOK

 

The International Monetary Fund (IMF) outlook for 2015-16 expects United States to consolidate its recovery seen over the past year and have positive impact on global markets with low oil prices also helping consumers. However, there still is limited visibility on the European economy and a slowdown seen in China could adversely affect the global economy. India is expected to grow at 6.3% in 2015 and 6.5% in 2016; whilst China’s projected growth rate in 2016 is lower at 6.3%.

 

According to Crisil, inflation in India is expected to come down to 5.8% and current account deficit to 1% of GDP in fiscal 2016, given a normal or near-normal monsoon. Industrial activity in India is expected to accelerate with the government’s agenda to boost manufacturing, and the “Make in India” future strategy for the Indian economy. The growth might not find support if the fragile and tepid recovery in developed countries continues to weaken external demand.

 

The shipping industry is still heavily stressed by serious level of overcapacity in the short and medium term. Alliances by shipping lines to share large vessels on some of the busiest trade routes will have a cascading effect on the vessels plying on the Indian subcontinent. Indian ports need to adopt newer infrastructure and have the necessary draft in order to cater to larger ships. West Coast ports are in the midst of a major capacity expansion programme with PSA International constructing the fourth terminal at JNPT having an annual capacity of 4.8 million TEUs expected to be operational in phases by 2018-19.

 

The Dedicated Freight Corridor, one of the largest infrastructure projects undertaken by the Indian Railways will increase rail transit capacity, help ease traffic congestion and reduce emissions. The government is also looking to revive coastal shipping and the relaxation of Cabotage laws will be essential to allow co-loading of domestic and EXIM cargo on coastal vessels, providing the much needed incentive to domestic ship owners. The state of Gujarat is emerging as an automobile hub with auto manufacturers setting up plants with an installed capacity that could go upto 1.46 million vehicles and 3 million two wheelers in three to four years. In view of this, the Company has subleased land to NYK Auto Logistics to set up a RO-RO yard at the port with annual designed capacity of 250,000 vehicles. The yard is expected to be commissioned by the second quarter of FY16. The port will continue to cater to the needs of businesses in the vicinity especially agri-produce and reefer cargo; as also to the vast hinterland of India’s North and West.

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2015

 

(RS. IN MILLION)

 

PARTICULARS

3 months ended

Preceding 3 months ended

Year to date figures for current period ended

 

30.09.2015

30.06.2015

30.09.2015

1. Income from operations

 

 

 

a) Net sales/ Income from operations

1404.231

1728.725

3132.956

b) Other operating income

87.088

117.616

204.704

Total Income from Operations (net)

1491.319

1846.341

3337.660

 

 

 

 

2.Expenditure

 

 

 

a) Operating Expenses

325.849

405.259

731.108

b) Employees benefit expenses

138.184

129.732

267.916

c) Depreciation and amortization expenses

227.201

240.095

467.296

d) Other expenditure

262.976

325.505

588.481

Total Expenses

954.210

1100.591

2054.801

3. Profit from operations before other income and financial costs

537.109

745.750

1282.859

4. Other income

71.409

58.682

130.091

5. Profit from ordinary activities before finance costs

608.518

804.432

1412.950

6. Finance costs

0.427

0.256

0.683

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

608.091

804.176

1412.267

8. Exceptional Items

604.087

0.000

604.087

9. Profit from ordinary activities before tax Expense:

1212.178

804.176

2016.354

10. Tax expenses *

681.100

0.000

681.100

11. Net Profit / (Loss) from ordinary activities after tax

531.078

804.176

1335.254

Extraordinary Items

--

--

--

Net Profit for the period

531.078

804.176

1335.254

12. Paid-up equity share capital (Nominal value Rs.10/- per share)

4834.399

4834.399

4834.399

13. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

 

 

14.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

Basic and diluted

(0.15)

1.66

1.51

Earnings per share (after extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

Basic and diluted

1.10

1.66

2.76

 

 

 

 

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

275535979

275535979

275535979

- Percentage of shareholding

56.99%

56.99%

56.99%

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

--

--

--

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

--

--

--

Percentage of shares (as a % of total share capital of the company)

--

--

--

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

207903931

207903931

207903931

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00%

100.00%

100.00%

Percentage of shares (as a % of total share capital of the company)

43.01%

43.01%

43.01%

 

 

B. Investor Complaints [Nos.]

 

3 months ended 30.09.2015

Pending at the beginning of the quarter

0

Receiving during the quarter

0

Disposed of during the quarter

0

Remaining unreserved at the end of the quarter

0

 

 

PARTICULARS

 

 

 

3 months ended

Preceding 3 months ended

Year to date figures for current period ended

 

30.09.2015

30.06.2015

30.09.2015

 

 

 

 

Tax expenses consist of *

 

 

 

Minimum alternative tax

256.000

179.000

435.000

Minimum alternative tax credit

(256.000)

(179.000)

(435.000)

Deferred Tax Liability

681.100

--

681.100

 

 

STANDALONE STATEMENT OF ASSTES AND LIABILITIES

 

SOURCES OF FUNDS

30.09.2015

(Unaudited)

 

I.              EQUITY AND LIABILITIES

(1)Shareholders' Funds

(a) Share Capital

4834.399

(b) Reserves and Surplus

14408.733

Total Shareholders’ Funds (1) + (2)

19243.132

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

0.000

(b) Deferred tax liabilities (Net)

681.100

(c) Other long term liabilities

157.422

(d) long-term provisions

240.014

Total Non-current Liabilities (3)

1078.536

 

 

(4) Current Liabilities

 

(a) Short term borrowings

0.000

(b) Trade payables

610.728

(c) Other current liabilities

876.648

(d) Short-term provisions

315.427

Total Current Liabilities (4)

1802.803

 

 

TOTAL

22124.471

 

 

II.          ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

14738.908

(b) Non-current Investments

830.000

(c) Deferred tax assets (net)

0.000

(d)  Long-term Loan and Advances

2331.721

(e) Other Non-current assets

28.675

Total Non-Current Assets

17929.304

 

 

(2) Current assets

 

(a) Current investments

0.000

(b) Inventories

142.198

(c) Trade receivables

387.357

(d) Cash and cash equivalents

3315.511

(e) Short-term loans and advances

297.699

(f) Other current assets

52.402

Total Current Assets

4195.167

 

 

TOTAL

22124.471

 

NOTES:

 

1)     The above results have been reviewed by the Audit Committee on October 28, 2015 and approved by the Board of Directors on October 29, 2015. The statutory auditors have carried out a limited review in terms of clause 41 of the Listing Agreement and have expressed an unqualified review opinion.

2)     The Company has only one reportable business segment, which is "Port services" and only one reportable geographical segment, which is the port at Pipavav, Accordingly, the Company Is a single segment company In accordance with Accounting Standard 17 'Segment Reporting".

3)      

(a)   The Company has assessed the impairment provision as at reporting period in accordance with Accounting Standard 28. Consequently, the Company has reversed the provision for Impairment no longer required, aggregating INR 604.087 Million (net of accumulate depreciation of INR 518.269 Million) considering the current business performance and future projections. The said reversal is disclosed as exceptional items.

(b)   The exceptional item for the fifteen months period ended March 31, 2015 includes 102.192 Million, amount paid to the Dredging company as reimbursement 01 mobilization and other charges and INR 345.817 Million representing one-time cost of syndication fees, structuring fees, commitment fees, legal & administration fees towards cancellation of foreign currency loan sanctioned by International Finance Corporation. Consequent to the cancellation of loan, the charge created on the assets has been released.

4)     Other income for the fifteen months period March 31, 2015. Includes INR 152.000 Million being the Dividend received from Associate Company, Pipavav Rail Corporation Limited, which was declared during the quarter ended September 30, 2014.

5)     Pursuant to Schedule II of the Companies Act, 2013 ('the Act') being effective from April 1, 2015 the Company has revised depreciation rates on certain fixed assets as per the useful life specified in Part 'C' of Schedule H of the Act or as per the management's estimate based on Internal evaluation. As a result of this change, the depreciation charge for the quarter and six months ended September 30, 2015 is higher by INR 67.730 Million and INR 142.781 Million (of which INR 21.782 Million pertains to assets whose life is already exhausted as on April 01, 2015) respectively;

6)     Tax expenses represent deferred tax charge for the quarter and half year ended September 30, 2015 In accordance with Accounting Standard 22 basis assessment of timing difference for the current year. The Company is w a Tax Holiday period until March 31, 2017 under Section 80 (IA) of the Income Tax Act, 1961.

7)     The Company has changed its accounting year from 31 December to 31 March and consequently the previous accounting period is for a period of 15 (fifteen) months, January 01, 2014 to March 31, 2015.

8)     The figures for the six months period ended September 30, 2014 Is arrived at after adding reviewed results for the quarter ended June 30, 2014 and September 30, 2014

9)     Figures for the previous periods have been reclassified to conform to the presentation adopted in this statement.


FIXED ASSETS:

 

Tangible Assets

·         Land and site development

·         Buildings

·         Plant, Machinery and Equipments

·         Dredging

·         Railway sidings

·         Furniture, Fittings and Leasehold Improvements

·         Motor Vehicles

 

Intangible Assets

·         Computer Software

 

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. 65.22

UK Pound

1

Rs. 99.93

Euro

1

Rs. 71.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

BVA

 

 

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

8

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.