MIRA
INFORM REPORT
|
Report Date : |
07.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GATEWAY DISTRIPARKS LIMITED |
|
|
|
|
Registered Office : |
Sector 6,
Dronagiri, Taluka Uran, District Raigad, Navi Mumbai - 400 707, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
06.04.1994 |
|
|
|
|
Com. Reg. No.: |
164024 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899MH1994PLC164024 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09082D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG3425C |
|
|
|
|
Legal Form : |
A public limited liability company. Company’s shares are listed on the
Stock Exchange. |
|
|
|
|
Line of Business : |
Subject is engaged in service activities relating to Container Freight
Station. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 23000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track.
The company is progressing well. Directors
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
|
Registered
Office : |
Sector
6, Dronagiri, Taluka Uran, District Raigad, Navi Mumbai - 400 707,
Maharashtra, India |
|
Tel.
No.: |
91-22-2747 0520 / 2747 1855 /
2747 1857 |
|
Fax
No.: |
91-22-2747 1854 / 2747 0530 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
ICD
: |
Sri Maruthi Nagar, Via Pataudi
Road-Wazirpur More, Opp.West Cabin, Railway Station, Garhi Harsaru,
Gurgaon-122 505 |
|
Tel.
No.: |
91-124-2276 326/27/28 |
|
Fax
No.: |
91-124-2276 501 |
|
E-Mail
: |
|
|
|
|
|
CFS
: |
No:200, Elandancherri
Village, Near Andarkuppam Check Post, Ponneri High Road, New Manali,
Chennai-600 103. Gateway East
India Private Limited, |
DIRECTORS
|
Name : |
Mr. Gopinath Pillai |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Prem Kishan Gupta |
|
Designation : |
Dy. Chairman & Managing Director |
|
|
|
|
Name : |
Mr. K. J. M. Shetty |
|
Designation : |
Chairman - Audit & Investors' Relations
Committee |
|
|
|
|
Name : |
Mr. M. P. Pinto |
|
Designation : |
Chairman - Remuneration Committee |
|
|
|
|
Name : |
Mr. Shabbir Hassanbhai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sat Pal Khattar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kirpa Ram Vij |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Karan Singh Thakral |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saroosh Dinshaw |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Agarwal |
|
Designation : |
Alternate Director to Mr. Prem Kishan Gupta |
KEY EXECUTIVES
|
Audit And Investors Relations Committee : |
|
|
|
Mr. K.J.M. Shetty |
|
|
Chairman of the Committee |
|
|
|
|
|
Mr. M.P Pinto |
|
|
|
|
|
Mr. Saroosh
Dinshaw |
|
|
|
|
|
Mr. Gopinath
Pillai |
|
|
|
|
Remuneration And Esop Committee : |
|
|
|
Mr. M.P Pinto |
|
|
Chairman of the Committee |
|
|
|
|
|
Mr. Sat Pal Khattar |
|
|
|
|
|
Mr. Karan Singh Thakral |
|
|
|
|
|
Mr. Kirpa Ram Vij |
|
|
|
|
|
Mr. Saroosh Dinshaw |
|
|
|
|
Executive Committee : |
Mr. Gopinath Pillai |
|
|
Chairman of the Committee |
|
|
|
|
|
Mr. Prem Kishan Gupta |
|
|
|
|
|
Mr. Shabbir Hassanbhai |
|
|
|
|
|
Mr. Karan Singh Thakral |
|
|
|
|
|
Mr. Saroosh Dinshaw |
SHAREHOLDING
PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of Promoter and Promoter Group2 |
|
|
|
Indian |
|
|
|
Individuals/ Hindu Undivided Family |
2573980 |
2.84 % |
|
Bodies Corporate |
9828246 |
10.84 % |
|
Foreign |
|
|
|
Individuals (Non-Residents Individuals/ Foreign Individuals) |
1200000 |
1.32 % |
|
Bodies Corporate |
21777800 |
24.03 % |
|
Public shareholding |
|
|
|
Institutions |
|
|
|
Mutual Funds/ UTI |
1359717 |
1.50 % |
|
Financial Institutions / Banks |
3556139 |
3.92 % |
|
Foreign Institutional Investors |
33347353 |
36.80 % |
|
|
|
|
|
Non-institutions |
|
|
|
Bodies Corporate |
7052816 |
7.78 % |
|
Individuals -i. Individual shareholders holding nominal share capital
up to Rs 0.1 Million |
6082288 |
6.71 % |
|
ii. Individual shareholders holding nominal share capital in excess of
Rs. 0.1 Million |
911769 |
1.01 % |
|
Clearing Members |
602752 |
0.67 % |
|
NRIs |
282789 |
0.31 % |
|
Independent Director |
208651 |
0.23 % |
|
Foreign Company |
1155700 |
1.28 % |
|
ESOPs |
688300 |
0.76 % |
|
Total |
90628300 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in service activities relating to Container Freight
Station. |
GENERAL
INFORMATION
|
No. of Employees : |
110 |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
HDFC Bank Limited DBS Bank Limited State Bank of Mauritius Limited Oriental Bank of Commerce ICICI Bank Limited Infrastructure Development Finance Company Limited |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Mumbai |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Sahni Natarajan & Bahl Chartered Accountants |
|
Address : |
Mumbai |
|
|
|
|
Associates/Subsidiaries : |
Ø Gateway East
India Private Limited, Visakhapatnam-530 003 Ø Gateway
Distriparks (South) Private Limited, New Manali, Chennai-600 103 Ø Gateway Rail
Freight Private Limited, New Delhi-1 10 048. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
92,203,300 |
Equity Shares |
Rs. 10/- each |
Rs. 922.033
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
922.033 |
750.000 |
640.000 |
|
|
2] Reserves & Surplus |
4830.357 |
907.321 |
172.400 |
|
|
NETWORTH |
5752.390 |
1657.321 |
812.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
258.837 |
768.267 |
190.700 |
|
|
2] Unsecured Loans |
0.000 |
30.000 |
0.000 |
|
|
TOTAL BORROWING |
258.837 |
798.267 |
190.700 |
|
|
DEFERRED TAX LIABILITIES |
117.395 |
105.652 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6128.622 |
2561.240 |
1003.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1694.647 |
1422.458 |
1071.200 |
|
|
Capital work-in-progress |
92.995 |
121.934 |
23.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
293.740 |
149.281 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Sundry Debtors |
60.116
|
76.969 |
53.400 |
|
|
Cash & Bank Balances |
3501.840
|
875.342 |
62.100 |
|
|
Other Current Assets |
44.559
|
27.735 |
0.000 |
|
|
Loans & Advances |
690.485
|
169.287 |
65.300 |
|
Total
Current Assets |
4297.000
|
1149.333 |
180.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
87.493
|
108.464 |
155.500 |
|
|
Provisions |
162.267
|
173.302 |
117.300 |
|
Total
Current Liabilities |
249.760
|
281.766 |
272.800 |
|
|
Net Current Assets |
4047.240
|
867.567 |
[92.000] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6128.622 |
2561.240 |
1003.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1300.521 |
936.648 |
591.500 |
|
|
Other Income |
119.110 |
13.271 |
6.100 |
|
|
Total Income |
1419.631 |
949.919 |
597.600 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
812.920 |
418.515 |
222.800 |
|
|
Provision for Taxation |
86.691 |
71.015 |
31.500 |
|
|
Profit/(Loss) After Tax |
726.229 |
347.500 |
191.300 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Capital Goods |
26.785 |
94.741 |
NA |
|
Total Imports |
26.785 |
94.741 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Employee Costs |
64.474 |
34.662 |
17.900 |
|
|
Operating
Expenses |
434.606 |
385.770 |
0.000 |
|
|
Depreciation /
Amortisation |
83.725 |
65.143 |
0.000 |
|
|
Interest |
23.906 |
45.828 |
0.000 |
|
|
Power & Fuel Cost |
0.000 |
0.000 |
10.800 |
|
|
Other Manufacturing Expenses |
0.000 |
0.000 |
207.000 |
|
|
Selling and Administration
Expenses |
0.000 |
0.000 |
45.600 |
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
36.000 |
|
|
Interest & Financial Charges |
0.000 |
0.000 |
17.700 |
|
|
Depreciation |
0.000 |
0.000 |
39.800 |
|
Total Expenditure |
606.711 |
531.403 |
374.800 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales
Turnover |
315.400 |
342.400 |
349.500 |
|
Other
Income |
67.500 |
62.300 |
56.400 |
|
Total
Income |
382.900 |
404.700 |
405.900 |
|
Total
Expenditure |
132.900 |
138.900 |
183.700 |
|
Operating
Profit |
250.000 |
265.800 |
222.200 |
|
Interest |
03.300 |
02.000 |
01.400 |
|
Gross
Profit |
246.700 |
263.800 |
220.800 |
|
Depreciation |
23.900 |
20.100 |
23.600 |
|
Tax |
27.100 |
35.400 |
27.100 |
|
Reported
PAT |
195.700 |
208.300 |
170.100 |
Notes
200606
Quarter 1 –
Expenditure Includes Staff Cost Rs 12.303 million
Transportation Rs 42.739 million Labour Charges Rs 10.963 million Sub Contract
Charges Rs 18.262 million Auction Charges Rs 2.272 million Other Expenditure Rs
46.359 million Tax Indicates Provision for taxation (including Deferred Tax)
EPS is Basic Status of Investor Complaints for the quarter ended June 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 88 Complaints disposed off during the quarter 88 Complaints
unresolved at the end of the quarter Nil 1. During the quarter ended June 30,
2006, the Company acquired 100% shareholding in a subsidiary Company, which is
being renamed Gateway Rail Freight Private Limited (GRFPL). GRFPL has acquired
over 50 acres of land in Faridabad District, Haryana. After conversion of the
land use for Industrial purposes & obtaining other approvals required, the
Company will construct its second Rail-linked Inland Container Depot (ICD)
which will be on the electric railway route connecting JNPT to North India.
From its first ICD at Garhi Hersaru, Gurgaon, the Company flagged off its first
container train in May 2006 and followed it up with 6 more trains till date.
The Company is planning to increase the frequency of the services progressively
for both imports & exports from/to JNPT & other gateway ports. 2.
During the quarter ended June 30, 2006, the Company prepaid loan of Rs 42.50
million availed from Infrastructure Development Finance Company Limited (IDFC),
which carried high rate of interest. 3. The Company had raised Rs 3846.343
million by Global Offering of 16,660,000 Equity Shares of Rs 10 each at a
premium of Rs 220.87 per share in the form of Global Depository Receipts (GDRs)
each representing one Share at an Offer price of USD 5.10 per GDR on December
15, 2005. The purpose of issue of Equity Shares and actual utilisation of funds
till June 30, 2006 is given below: Expand, upgrade and enhance our existing
facilities to acquire or construct CFS or ICD facilities in other strategic
location in India, to expand the scope of services to include other
logistics-related solution and for general corporate purposes. Projections : Rs
3680.386 million Actuals : Rs 776.261 million Offer Expenses ( as specified in
prospectus) Projections: Rs 165.957 million Actuals : Rs 165.957 million Above
funds have been invested in short term fixed deposits & liquid funds
pending deployment in business during the quarter ended June 30, 2006 and
amount of Rs 59.949 million has been earned as income on this investment and
accounted under 'Other Income'. 4. In accordance with Accounting Standard
17-'Segment Reporting' issued by the Institute of Chartered Accountants of
India, the Company has determined its business segment as 'Container Freight
Station'. Since 100 % of the Company's business is from Container Freight
Station, there are no other primary reportable segments. There is no secondary
reportable segment relating to the Company's business. 5. The above unaudited
results for the quarter ended June 30, 2006 were taken on record at the meeting
of the Board of Directors held on July 20, 2006.
200609
Quarter 2 –
Tax Indicates Provision for taxation (including Deferred
Tax) EPS is Basic Status of Investor Complaints for the quarter ended September
30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter 35 Complaints disposed off during the quarter 35
Complaints unresolved at the end of the quarter Nil 1. CFS, Kochi : During the
quarter ended September 30, 2006, the Company (GDL) singed a Joint Venture
Agreement with Chakiat Agencies to form a subsidiary named ' Gateway
Distriparks ( Kerala) Private Limited for setting up a Container Freight
Station on 17 acres of land near Kochi. 2. Rail Business' Gateway Rail Freight
Private Limited (GRFPL), fully owned subsidiary of GDL, has acquired 66 cres of
land at Asaoti, Faridabad District, Haryana. Ministry of Commerce &
Industry, vide letter dated October 12, 2006, has approved GDL's proposal for
setting up an ICD at Asaoti. GDL launched the container train services in May
2006 at Garhi Harsaru, Gurgaon. The number of trains carrying Import &
Exports containers from / to JNPT & other Gateway Ports has increased
progressively from 2 trains in May 2006 to 14 trains in September 2006,
carrying 811 TEUs out of the total 1,580 TEUs handled by the ICD in September
2006. 3. The Board of Directors, in their meeting held on October 13, 2006,
proposed Interim Dividend of 15% on the Equity Capital ( Rs 1.50 per Equity
shares) aggregating Rs 138.521 million for the year ended on March 31, 2007.
Tax on Dividend distribution is payable by the Company on the Interim Dividend.
4. The Company had raised Rs 3846.343 million by Global Offering of 16,660,000
Equity shares of Rs 10 each at a premium of Rs 22.087 per share in the form of
Global Depository Receipts (GDRs) each representing one Share at an Offer price
of USD 5.10 per GDR on December 15, 2005. The purpose of issue of Equity shares
and actual utilisation of funds till September 30, 2006 is given below Expand,
upgrade and enhance our existing facilities, to acquire or construct CFS or ICD
facilities in other strategic locations in India, to expand the scope of
Services to include other logistics related solutions and for general corporate
purposes : Projections Rs 3680.386 million, Actuals : Rs 1066.690 million.
Offer Expenses (as specified in Prospectus) : Projection : Rs 165.957 million ,
Actuals : Rs 165.957 million As on September 30, 2006, GDL had balance/ Fixed
Deposits with Banks and Investments with Liquid Funds, amounting to RS 3187.696
million, consisting of un-utlised proceeds from the GDR issue Rs 2613.696
million & internal accruals from Business Rs 574.00 million. During the
quarter ended September 30, 2006, an amount of Rs 56.207 million ( Year
-to-date : Rs 116.246 million ) has been earned as income from this investment
and accounted under other Income. 5. In accordance with Accounting Standard 17
' Segment Reporting 'Issued by the Institute of Charted Accounts of India, the
Company has determined its business segment as 'Container Freight Station'
Since 100% of the Company's business in from Container Freight Station, there
are no other primarily reportable segments. There is no secondary reportable
segment relating to the Company's business. 6. With effect from April 01, 2006
the Company has revised the estimate of useful life of Rail Siding from 5 years
to 20 years. Consequently, the Company has provided depreciation on Rail Siding
aggregating Rs 1,714,506 for the half year ended September 30, 2006 to Profit
& Loss Account. Had the previous basis of depreciation been followed,
depreciation for the six months ended September 30, 2006 would be higher by Rs
5,571,846and the Profit before Taxation and Net Book Value of Fixed Assets
would have been lower by an equivalent amount. 7. The unaudited Consolidated
financial results for the quarter ended September 30, 2006 are given below.
consolidation has been made by applying Accounting Standard 21 ' Consolidation
of Accounts' issued by the Institute of Chartered Accountants of India. The
Subsidiaries considered in the Consolidated results are Gateway East India
Private Limited and Gateway Distriparks (South) Private Limited 8. The above
unaudited results for the quarter ended September 30, 2006 were taken on record
at the Meeting of the Board of Directors held on October 31, 2006.
200612
Quarter 3 –
1. The Company has acquired 41,251,000 equity shares (50.1 %
shareholding) of Snowman Frozen Foods Limited (SFFL) at aggregate cost of Rs.
481.163 Millions. SFFL is engaged in the business of cold chain logistics on a
nation-wide basis. The Company entered into share subscription and shareholders
agreement with SFFL and its present shareholders, Mitsubishi Corporation,
Mitsubishi Logistics Corporation and Nichirei Logistics Group Inc., (who
continue as substantial shareholders of SFFL with an aggregate 48.69%
shareholding in SFFL post-acquisition). Other expenditure include professional
fees of Rs. 21.183 Millions incurred in connection with above acquisition. 2.
On January 12, 2007, Punjab State Container and Warehousing Corporation Limited
('Conware') has entered into agreement with the Company to operate and manage
Conware's Container Freight Station (CFS) situated at Dronagiri Node, Navi
Mumbai. The agreement will be effective for a period of 15 years from February
1, 2007. On signing the contract, the Company has paid one time upfront fee of
Rs. 350 Millions. Further, annual fee of Rs. 100 Millions is payable to
Conware, to be escalated annually at the wholesale price index of April 1 every
year. 3. The Company had raised Rs. 3846.343 Millions by Global Offering of
16,660,000 Equity Shares of Rs. 10 each at a premium of Rs. 220.87 per share in
the form of Global Depository Receipts (GDRs) each representing one share at an
offer price of USD 5.10.per GDR on December 15, 2005. The purpose of issue of
Equity Shares and actual utilisation of funds till December 31, 2006 is given
below: Rs. in Millions Particulars Projections Actuals Expand, upgrade and
enhance our existing facilities, to acquire or construct CFS or ICD facilities
in other strategic locations in India, to expand the scope of services to
include other logistics-related solutions and for general corporate purposes 3680.386
Offer Expenses (as specified in Prospectus) 165.957 Total 3846.343 The Company
has placed Fixed Deposit with a bank aggregating Rs. 1813.693 Millions and
invested in Liquid Mutual funds aggregating Rs. 100.000 Millions. Above funds
have been invested in short term fixed deposits and liquid funds, pending
deployment in business. During the nine months ended December 31, 2006, an
amount of Rs. 167.433 Millions (quarter ended December 31, 2006: Rs. 51.187
Millions) was earned as income from this investment and accounted under other
income. 4. In accordance with Accounting Standard) 17 -'Segment Reporting'
issued by the Institute of Chartered Accountants of India, the Company has
determined its business segment as 'Container Freight Station'. Since 100% of the
Company's business is from Container Freight Station, there are no other
primary reportable segments. There is no secondary reportable segment relating
to the Company's business. 5. Effective April 1, 2006, the Company has revised
the estimate of useful life of Rail Siding from 5 years to 20 years.
Consequently, the Company has provided depreciation on Rail Siding aggregating
Rs. 2.572 Millions for the nine months period ended December 31, 2006 (quarter
ended December 31, 2006 Rs. 0.857 Millions) to Profit and Loss Account. Had the
previous basis of depreciation been followed, depreciation for the nine months
period ended December 31, 2006 would have been higher by Rs. 8.358 Millions
(quarter ended December 31, 2006 by Rs. 2.786 Millions) and Profit before
Taxation and Net Book Value of Fixed Assets would have been lower by an
equivalent amount. 6. Status of shareholder complaints received during the
quarter ended December 31, 2006: Pending at the beginning of the quarter _ NIL.
Received and Disposed off during the quarter . 15 Unresolved at the end of the
quarter NIL 7. The unaudited consolidated financial results for the Quarter
ended December 31, 2006 are given below. Consolidation has been made by
applying Accounting Standard 21 - 'Consolidation of Accounts' issued by The
Institute of Chartered Accountants of India.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity
Ratio |
0.14 |
0.40 |
0.24 |
|
Long
Term Debt-Equity Ratio |
0.14 |
0.39 |
0.24 |
|
Current
Ratio |
5.97 |
1.85 |
0.67 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
0.72 |
0.66 |
0.50 |
|
Inventory |
0.00 |
0.00 |
0.00 |
|
Debtors |
18.97 |
14.37 |
13.98 |
|
Interest
Cover Ratio |
33.00 |
9.65 |
13.59 |
|
Operating
Profit Margin(%) |
70.89 |
56.80 |
47.39 |
|
Profit
Before Interest And Tax Margin(%) |
64.45 |
49.85 |
40.66 |
|
Cash
Profit Margin(%) |
62.28 |
44.05 |
39.07 |
|
Adjusted
Net Profit Margin(%) |
55.84 |
37.10 |
32.34 |
|
Return
On Capital Employed(%) |
19.80 |
27.00 |
24.49 |
|
Return
On Net Worth(%) |
19.60 |
28.14 |
24.25 |
STOCK PRICES
|
Face Value |
Rs. 10.00/- |
|
High |
Rs. 150.40/- |
|
Low |
Rs. 146.55/- |
LOCAL AGENCY
FURTHER INFORMATION
History
Gateway Distriparks Limited (GCL) was incorporated in the year
1994. The company is a world class logistics facilitator. The company provides
logistics solutions that fulfill the needs of the international trading
community as well as the shipping industry. GDL is an Indo-Singapore Joint
Venture promoted by Windwill International Pte. Limited, Parameswara Holdings
Limited, Thakral Corporation Limited, Newsprint Trading & Sales
Corporation.
The company has modern Container Frieght Station's (CFS's) at Dronagiri (about
9 kms from the Jawaharlal Nehru Port), Navi Mumbai and New Manali, Chennai
besides an Inland Container Depot (ICD) at Garhi Harsaru (near Delhi), Haryana
and a newly commmissioned CFS at Vishakapatam (a joint venture with Suri
Group).
Gateway East India Private Limited & Gateway Distriparks (South) Private
Limited are the subsidiaires of the company.
In Sepetember 2005 the company has signed an agreement with Container
Corporation of India Limited to work jointly towards busines development for
mutual benfit and to facilitate EXIM trade by providing ICD facility and rail
connectively to various Gateway Ports for Export and Import trade from the
Company's ICD at Garhi Harsaru (Near Gurgaon). The commercial operations is
expected to commence by 2005-06.
During 2004-05 the company has opened three new facilities each in Gurgaon,
Chennai and Vizag. The Company made an initial public offer of 11 Million
Equity Shares of Rs.10 each at a premium of Rs.62 per share during March 2005
and the company raised Rs.792 Million.
Fixed
Assets
Ø Freehold
Land
Ø Leasehold
Land
Ø Buildings
Ø Electrical
Installations
Ø Rail
Siding
Ø Plant
and Machinery
Ø Yard
Equipments
Ø Office
Equipments
Ø Computers
Ø Furniture
and Fixtures
Ø Vehicles
Management Discussion & Analysis:
Industry structure and developments
Movement
of cargo through containerized mode has been increasing and is growing at a
faster pace than the overall growth in export Import trade. During the last
decade, the export-import trade has grown at a CAGR of 6.9 %, while during the
same period, movement in containerized form has registered a CAGR of I 3.5 %.
The share of containerized cargo to total cargo has also increased from 7.8 %
in 1995 to over 14.3 % in 2005.
JNPT
accounted for more than 50 % of the total containerized traffic handled out of
India. The third Container terminal at JNPT, which has commenced operations in
2006, will increase the capacity of JNPT from 2.40 Million TEUs to 3.70 Million
TEUs. Addition of these capacities will enable JNPT to maintain its dominant
market share, which will also result in the expansion of the CFS Market.
Opportunities and threats
Growth
of container traffic, private sector participation in ports and movement of
containers by rail, liberalization of Government policies and continuous
increase in the country's foreign trade, present the company with new
opportunities for expansion and increase in profitability. The Company
continues to prune its operating costs by owning transport and handling
equipment which are operated by contractors. The revitalization of the Inland
Container Depot and major development of rail siding at Garhi Harsaru, near
Gurgaon were completed in 2005-06. The Company has paid Rs.500 million towards
registration fees to Indian Railways and obtained "In Principle"
approval in Feb 2006 for movement of own container trains on All India basis.
Competition from existing and new entrants and managing the
geographical / capacity expansion
present the company with new challenges.
Segment-wise / Product-wise performance
The Company's entire business is from CFS & ICD
operations. There are no other primary / secondary segments in the Company's
business.
Outlook
The
growth in container traffic during 2005-06 is expected to continue during
2006-2007. The construction of new warehouse at CFS at Navi Mumbai will be completed
in 2006-2007, resulting in additional capacity. On 20 April 2006, Northern
Railways issued a circular, notifying the opening of the Rail siding of the
Company at Garhi Harsaru, Gurgaon for inward / outward movement of containers
with immediate effect. The Company had earlier signed an agreement with
Container Corporation of India Limited in Sep 2005 to work jointly towards
business development and to facilitate EXIM trade by providing ICD facility and
road connectivity to various gateway ports
from
the northern hinterland. The first full rake train, carrying containers for
exports rolled out of Garhi Harsaru on 3 May 2006. The expanded capacity of CFS
and the rail project are expected to have positive impact on the Company's
profitability.
Financial / Operational performance
Operations:
The
Company's income from operations & other income grew by 49% from Rs. 949.92
Millions in 2004-2005 to Rs. 1,419.63 Millions in 2005-2006. The company's
throughput grew by 8% from 169,318 TEUs in 2004-2005 to 183,638 TEUs in
2005-2006. The Profit before tax increased from Rs.418.52 Millions in 2004-05
to Rs.812.92 Millions in 2005-06 after providing for interest Rs.23.91 Millions
(2004-05: Rs.45.83 Millions) and depreciation Rs.83.72 Millions (2004-05:
Rs.65.14 Millions).
Finance:
In
March 2004, a consortium of 4 banks consisting of HDFC Bank Limited, DBS Bank
Limited, State Bank of Mauritius Limited & Global Trust Bank Limited
extended Term loan facility of Rs.240 Million at interest rate of 8.5%,
repayable in 12 quarterly installments of Rs.20 Million from July 2004. This
loan was availed in April 2004 to acquire the Inland Container Depot (ICD) at
Garhi Harsaru, near Gurgaon and for up-gradation of the same. During the year,
an amount of Rs.80.01 Million was repaid and the balance as on 3 I March 2006
was Rs.91.64 Million. Apart from the above loan, the company has availed loans
from banks for purchase of transport and handling equipment. Loan of Rs. 170
Million, availed from Infrastructure Development Finance Company Limited (IDFC)
is being repaid in 24 equal quarterly installments of Rs.7.08 Million from
January 2002. Eighteen installments of the loan were repaid till April 2006.
The rate of interest on the loan was I 1.5% w.e.f. April 2003. The balance of the
loan amounting to Rs.42.50 million was prepaid in May 2006, with the consent of
IDFC, without any additional charges.
The
amount of Rs. 260 Million, received by the Company during July 2001 from IDFC
for 22% equity stake in the company has been utilized in full for the
construction of Phase 3 of CFS at Navi Mumbai.
Short-term loan of Rs 30 Million was availed from ICICI Bank
Limited in October 2004. This was repaid in April 2005.
Short-term
loan of Rs.370 Million was availed from IDFC in December 2004 towards acquiring
Indev Warehouse Container Services Private Limited & for capital
expenditure at Navi Mumbai & Garhi Harsaru. This was repaid in fuil in
April 2005 out of the proceeds from the initial public offer of the company.
Deployment of IPO/GDR Funds:
The
Company has raised Rs. 792 Million by Initial Public Offer of I I Million
Equity Shares of Rs. 10 each at a premium of Rs. 62 per share in March 2005.
The
Company had raised Rs. 3,846.34 million by Global Offering of 16.66 million Equity
Shares of Rs. 10 each at a premium of Rs. 220.87 per share in the form of
Global Depository Receipts (GDRs) each representing one Share at an Offer price
of USD 5.10 per GDR in December, 2005.
Subsidiaries:
GATEWAY EAST INDIA PRIVATE LIMITED (GEIPL)
The
Company acquired a 60% stake in GEIPL in November 2004 by contributing Rs. 15
million towards equity capital. The Company has further contributed Rs. 18.3
million towards share application money to increase its shareholding to 74%.
During the Financial year 2005-2006, GEIPL completed construction of a CFS at
Vishakapatnam at total project cost of Rs.91.01 million. The Company has
availed a loan from ICICI Bank Limited for Rs.60 million to meet part of
project cost. After trial runs, the Company commenced commercial operations in
Dec 2005 and achieved income of Rs. 5.65 million and throughput of 1,803 Teus
in the four months ended March 31, 2006. In its initial 4 months of operations,
the company had a net loss of Rs.2.63 million. The operations are expected to
stabilize in 2006-07 leading to realization of higher throughput and better
profitability.
GATEWAY DISTRIPARKS (SOUTH) PRIVATE LIMITED (GDSPL)
In
December 2004, the Company acquired 100 % stake in Indev Warehouse &
Container Services Private Limited which was engaged in the business of running
a CFS at Chennai. The name was changed to Gateway Distriparks (South) Private
Limited in June 2005. GDSPL's Income from operations grew by 18% from Rs 73.58
Million in 2004-05 to Rs.86.78 Million in 2005-06. Profit after tax for the
financial year 2005-06 was Rs. 13.80 million as against Rs. 12.29 Million for
2004-05.
GATEWAY RAIL FREIGHT PRIVATE LIMITED (GRFPL)
The
company acquired 100% shareholding in a subsidiary company which is being
renamed Gateway Rail Freight Private Limited. The company plans to construct
its second Rail linked Inland Container Depot (ICD) on the plot of land
acquired by the subsidiary at Faridabad District, Haryana.
As Per Website
Overview
Promoted
by NTSC, Parameshwara Holdings Limited, Windmill International Private
Limited and Thakral Corporation Limited as a joint venture company to conduct
the business of Warehousing, Container Freight Stations, providing handling and
clearance of sea borne Exim Trade in containerized form.
The
company operates container freight stations (CFS) at Navi Mumbai, Chennai,
Vishakapatnam and Inland Container Depot at Garhi Harsaru.
The
CFS at Navi Mumbai, spread over 14 hectares, has a capacity to handle 216,000
TEU’s per annum.
The
CFS at Chennai spread over 7.5 hectares, having a capacity to handle 40000
TEU’s, is situated at a distance of 16km from Chennai Port.
The
CFS at Vishakapatnam, commissioned in August 2005, has a capacity to handle 30000
TEU’s per annum and would cater to the traffic movement at the new container
terminal at Vishakapatnam.
GDL’s
ICD at Garhi Harsaru, is spread over 31 hectares. The ICD is road-linked and
caters to the rich hinterlands of Northern India, including Delhi, Haryana,
Punjab and Rajasthan. The facility has attained a milestone in terms of rail
connectivity with its own rail siding connecting the ICD to the main
Delhi-Jaipur Broad Guage lines. In February 2006, GDL received an in-principle
approval from the Indian Railways, to move container trains in category. The
first full rake train carrying export containers railed out of ICD Garhi,
followed by Import movement into Garhi in May-2006.
The CFS at Mumbai, the ICD at Garhi, CFS at Vizag and the
CFS at Chennai acts as the four hubs of GDL to cater to the demand of
traffic in western, northern, eastern and southern regions of India
respectively. These four facilities make GDL the only private sector CFS
operator with a Pan-India presence.
Milestones
|
1998
: |
Completes phase I development and commences
commercial operations at Navi Mumbai Container handling apacity at 48,000
TEUs/annum |
|
2001
: |
Completes phase II expansion at Navi Mumbai Container handling
capacity increases to 120,000 TEUs/annum IDFC invests Rs. 260 mn into GDL
equity |
|
2003
: |
Completes phase III expansion at Navi Mumbai Container
handling capacity increases to 180,000 TEUs/annum |
|
2004
: |
Acquisition of ICD at Garhi Harsaru, Gurgaon Joint venture
for CFS at Vizag Aranda Investments Pte. Limited (A wholly owned subsidiary
of Temasek Holdings Pte. Limited) acquires 10% equity stake in Gateway
Acquisition of CFS at Chennai Reorganisation of container yard &
construction of warehouse at CFS Navi Mumbai increases capacity to 216,000
TEUs per annum |
|
2005
: |
Approval received from Indian Railways for running bulk
trains Railway siding constructed at ICD, Gurgaon. Listed on the Stock
Exchanges in India on 31 March 2005 |
Infrastructure
Gateway Distriparks Limited uses its state-of-the-art
infrastructure to help deliver superior customer service to its clientele. This
includes:
- Modern
Container Freight Station's at Dronagiri close to Jawaharlal Nehru spread
over 14 hectares with over 5 warehouses and another at New Manali, Chennai
spread over 7.53 hectares with over 3 warehouses.
- An Inland
Container Depot at Garhi Harsaru,near Delhi spread over 21 hectares and 2
lakh sq.ft of covered space.
- A newly
commisioned Container Freight Station at Visakhapatnam(Joint Venture with
Suri Group). The ability to provide Bonded, Field, Buffer storage,
Export/Import Warehousing, Reefer container storage and allied services.
- Over 100
vehicles at its disposal including Reach Stackers, forklifts, hydraulic
cranes, trailers, etc. Efficient dedicated personnel trained in all
aspects of warehousing, transportation and computer related operations.
- State of the
art I.T. hardware and software.
- Uninterrupted
Power supply fully backed by DG sets.
- Fully
furnished estate infrastructure including air-conditioned office
accommodation for customers on chargeable basis.
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 records 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.44.50 |
|
UK Pound |
1 |
Rs.85.86 |
|
Euro |
1 |
Rs.58.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
68 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|