MIRA
INFORM REPORT
|
Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
AQUA LOGISTICS LIMITED (w.e.f. 05.03.2009) |
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Formerly Known as :
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AQUA LOGISTICS PRIVATE LIMITED |
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Registered Office : |
Trade Star, 5th Floor, B Wing, AK Road, Andheri (East),
Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
20.09.1999 |
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Com. Reg. No.: |
11-121803 |
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Capital
Investment / Paid-up Capital : |
Rs.299.950 Millions |
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CIN No.: [Company
Identification No.] |
U63090MH1999PLC121803 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21253B |
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PAN No.: [Permanent
Account No.] |
AADCA0603M |
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Legal Form : |
Public Limited Liability Company. The company’s shares are
listed on the Stock Exchanges. |
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Line of Business : |
Provider of Logistics Solutions |
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No. of Employees
: |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 21000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management non co-operative (Name not Disclose)
LOCATIONS
|
Registered/ Corporate Office : |
Trade Star, 5th Floor, B Wing, AK Road, Andheri (East),
Mumbai – 400 059, Maharashtra |
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Tel. No.: |
91-22-28223557/ 28353976 |
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Fax No.: |
91-22-28353876 |
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E-Mail : |
info@aqualogistics.com satish.ambre@aqualogistics.com tharanath@aqualogistic.com |
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Website : |
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Location : |
Owned |
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Regional Office : |
·
Western Regional
Office A5/120 Ground Floor, Lokbharti Complex,Marol
Maroshi Road, Andheri(East), Mumbai – 400059, Maharashtra, India Tel: 91-22-67770200 Fax: 91-22-28388479 Email : errol@aqualogistics.com ·
Northern
Regional Office White House RZ-B-1/A , Plot No 48,
Masoodpur, Vasant Kunj, New Delhi-
110070, India Tel: 91-11-26125563/ 26125565 Fax: 91-11-26125561 Email : rajeev.chachra@aqualogistics.com ·
Southern
Regional Office 9B Ega Trade Centre, 809 P.H. Road Chennai – 400059, Tamilnadu
India Fax: 91-44-42857994 Email : ranjith.b@aqualogistics.com
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Branch Office : |
·
Oxford Chambers, 202, B wing, Saki Vihar Road,
Powai, Mumbai, Maharashtra, India Tel: 91-22-40293400 Fax: 91-22-40293425 Location : Owned ·
Baroda/Ahmadabad
Branch 416, Race Course Tower, Parshabhai Park,
Nr. Natubhai Circle. Racecourse Baroda/Ahmadabad -390 007, Gujarat India Tel: 91-265-3206539 Fax: 91-265-3206529 Email : kirti.bhosle@aqualogistics.com ·
Pune Branch C- 303, Choice Apartment, Opposite
Millenium Star, Dhole Patil Road, Pune - 411 001 Maharashtra, India Tel: 91-20-40161901 ·
Banglore Branch No.305/A, 7th Main, HAL 3rd Stage,
Bangalore - 560 075, India Tel: 91-80-4245 1400 Fax: 91-80-4245 1415 Email : gopal.rajesh@aqualogistics.com ·
Pondicherry
Branch No.7,1st Floor, Salai Vinayagar Koil
street, Subramaniachari Complex, (45 Feet Road - Anna Salai Junction)
Pondicherry - 605 001, Tamil Nadu, India Tel: 91-413-430 4150 Fax: 91-413-430 4160 Email : chandhra.bose@aqualogistics.com ·
Delhi Office RZ-B-IA,. Ground Floor and 1st
Floor, Masoodpur village, Vasant Kunj, New Delhi – 110070, India ·
Chennai Office :
Office Unit B, 9th floor, WGA
Trade Centre, 809, Poonamallee High Road, Kilpauk, Chennai – 600010,
Tamilnadu, India ·
Kolkata Office :
M.A. Business Centre, 113, Ground Floor, Poddar
Point, Park Street, Kolkata – 700016, India |
DIRECTORS
As on : 31.03.2011
|
Name : |
Mr. Rajesh G. Uchil |
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Designation : |
Director |
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Address : |
1001, Indra Darshan Building, 12 Shree Swami Samarth Nagar, Andheri (west),
Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
05.02.1966 |
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Date of Appointment : |
20.09.1999 |
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Name : |
Mr. Harish Uchil |
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Designation : |
Director |
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Address : |
902, Indra Darshan Building, 12 Shree Swami Samarth Nagar, Andheri
(west), Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
11.08.1969 |
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Date of Appointment : |
20.09.1999 |
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Name : |
Mr. Sayad Mohammad Sabir |
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Designation : |
Director |
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Address : |
805, Indra Darshan Building, 12 Shree Swami Samarth Nagar, Andheri
(west), Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
14.07.1960 |
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Date of Appointment : |
02.09.2006 |
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Other Directorship : |
·
Aqua Specilized Transport Private Limited Director U63090MH2006PTC162702 |
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Name : |
Mr. B.S. Radhakrishnan |
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Designation : |
Independent Director |
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Name : |
Mr. V.S. Narayanan |
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Designation : |
Independent Director |
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Name : |
Mr. Ravi Sharma |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Dogar |
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Designation : |
Head – International Logistics |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2011)
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Individuals / Hindu Undivided Family |
75233000 |
36.46 |
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Bodies Corporate |
2666670 |
1.29 |
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Any Other
(Specify) |
11500000 |
5.57 |
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Directors/Promoters and Their Relatives and Friends |
11500000 |
5.57 |
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Sub Total |
89399670 |
43.33 |
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(B) Public
Shareholding |
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1. Institutions |
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Foreign Institutional Investors |
21544000 |
10.44 |
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Sub Total (B)
(1) |
21544000 |
10.44 |
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2. Non
Institutions |
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Bodies Corporate |
67841216 |
32.88 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
9034840 |
4.38 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
13688999 |
6.63 |
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Any Other Specify) |
4826225 |
2.34 |
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Non Residents |
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Clearing Members |
3268984 |
1.58 |
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Office Bearer |
1373648 |
0.67 |
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Non Resident Indians |
183593 |
0.09 |
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Sub Total (B)
(2) |
95391280 |
46.23 |
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(B) = (B) (1) +
(B) (2) |
116935280 |
56.67 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
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Public |
93656000 |
31.22 |
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Total (A) + (B) +(C) |
299990950 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of Logistics Solutions |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
·
Barclays Bank PLC Ceejay House, Shivsagar Estate, · Canara Bank ·
Bank of Andheri Corporate Banking
Branch, M D I Building, 28, ·
Abhyudaya
Co-operative Bank Limited Administrative Office, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
Anil Nair and Associates Chartered Accountant Address : Tel. No.: 91-44-28194651 |
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Secretarial Auditor
: |
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Name : |
Pankaj and Associates Company Secretaries |
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Address : |
505/panchsheel-4/B, Raheja Township, Malad (East), Mumbai – 400097, Maharashtra, India |
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Enterprises in Which key managerial personnel have significant
influence : |
·
Harapa International Private Limited ·
Aqua Specialized Transport Private Limited ·
Aqua Management Consulting Group Private Limited ·
Trikon Electronics Private Limited ·
Lefworld Private Limited ·
Aqua PCW Private Limited ·
Aqua Star Distribution Logistics Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
300000000 |
Equity Shares |
Rs.1/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
299990950 |
Equity Shares |
Rs.1/- each |
Rs.299.990
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
299.990 |
205.414 |
129.235 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4936.057 |
2064.670 |
445.246 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5236.047 |
2270.084 |
574.481 |
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LOAN FUNDS |
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1] Secured Loans |
397.092 |
296.990 |
397.278 |
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2] Unsecured Loans |
303.694 |
0.108 |
0.617 |
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TOTAL BORROWING |
700.786 |
297.098 |
397.895 |
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DEFERRED TAX LIABILITIES |
63.661 |
51.647 |
30.947 |
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TOTAL |
6000.494 |
2618.829 |
1003.323 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
516.706 |
453.874 |
127.500 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
456.075 |
98.937 |
108.466 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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|
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Inventories |
0.000
|
0.000 |
0.000 |
|
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Sundry Debtors |
1556.318
|
1032.393 |
597.259 |
|
|
Cash & Bank Balances |
2950.872
|
813.654 |
114.946 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
653.522
|
338.198 |
155.891 |
|
Total
Current Assets |
5160.712
|
2184.245 |
868.096 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
132.102
|
105.849 |
65.765 |
|
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Other Current Liabilities |
6.539
|
5.094 |
8.047 |
|
|
Provisions |
34.329
|
46.664 |
41.106 |
|
Total
Current Liabilities |
172.970
|
157.607 |
114.918 |
|
|
Net Current Assets |
4987.742
|
2026.638 |
753.178 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED REVENUE EXPENDITURE |
39.971 |
39.381 |
14.179 |
|
|
|
|
|
|
|
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TOTAL |
6000.494 |
2618.829 |
1003.323 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
|
|
|
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Income |
3808.793 |
3220.120 |
2134.005 |
|
|
|
Other Income |
12.979 |
3.721 |
6.519 |
|
|
|
TOTAL (A) |
3821.772 |
3223.841 |
2140.524 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Fright and Other Direct Expenses |
3267.881 |
2724.242 |
1754.896 |
|
|
|
Personnel Cost |
83.323 |
109.185 |
105.786 |
|
|
|
Administrative Expenses |
104.393 |
62.436 |
49.840 |
|
|
|
TOTAL (B) |
3455.597 |
2895.863 |
1910.520 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
366.175 |
372.978 |
230.002 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
72.500 |
51.664 |
47.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
293.675 |
276.314 |
182.531 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.837 |
14.903 |
11.391 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
254.838 |
261.411 |
171.140 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
223.900 |
205.411 |
111.490 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
30.938 |
56.000 |
59.650 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
205.411 |
111.490 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
223.900 |
205.411 |
111.490 |
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2516.523 |
1948.362 |
452.603 |
|
|
TOTAL EARNINGS |
2516.523 |
1948.362 |
452.603 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.02 |
14.35 |
9.37 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
804.520 |
814.570 |
|
Total Expenditure |
731.540 |
801.960 |
|
PBIDT (Excl OI) |
72.980 |
12.610 |
|
Other Income |
7.620 |
99.610 |
|
Operating Profit |
80.600 |
112.220 |
|
Interest |
23.120 |
25.720 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
57.480 |
86.500 |
|
Depreciation |
11.430 |
9.270 |
|
Profit Before Tax |
46.050 |
77.230 |
|
Tax |
12.470 |
20.440 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
33.580 |
56.800 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
33.580 |
56.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.80
|
1.73 |
2.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.69
|
8.11 |
8.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.95
|
42.75 |
17.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.11 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.16
|
0.20 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
29.83
|
13.85 |
7.55 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors for Suppliers |
132.102 |
105.849 |
51.044 |
|
Sundry Creditors for Expenses |
|
|
14.721 |
|
|
|
|
|
|
Total |
132.102
|
105.849 |
65.765 |
REVIEW OF
OPERATIONS
During the year,
the Company has registered a quantum jump in Sales. Income from operations is
Rs. 3808.793 millions as compared to Rs.3220.121 millions in the previous year
showing increase of 18.28%. The increase in revenue is mainly due to increase
in revenue from freight forwarding services and project logistics. This
increase is mainly attributable to the capability build-up by their company in
the previous years, addition of new clients and the capital infusion to
increase our operations. Profit before Depreciation, Interest and Tax (PBDIT)
has increased from Rs. 327.979 millions for the year ended March 31, 2010 to
Rs. 366.176 millions showing the increase of 11.65%, mainly on account of
increase in operations. During FY 2011, the Company has recorded PBDIT of 9.58%
of the income from operations as against 10.17% during FY 2010. The reduction
in operating margin is due to increase in operating cost. During the year,
Profit after Tax (PAT) has increased from Rs. 205.412 millions for the FY 2010
to Rs. 223.901 millions in FY 2011 due to increase in income from operations.
During FY 2011 the Company recorded PAT margin of 9% as against 6.37% for FY
2010. The Directors of the company are hopeful of earning higher profits margin
in the next year.
BUSINESS AND
FUTURE OUTLOOK
Supply Chain
management is a topic of importance among the logistic managers and researchers
because it is a
consider with the competitive edge. Supply chain management is a topic of
importance among the logistics and supply chain management deals with the
management of materials, information and financial flows in a net work
consisting of suppliers, manufactures, distributors and customers. As an
integrated supply chain services company, the company is providing end to end
logistics and supply chain solutions to across the various industrial vertical.
The logistics business contributes around 13% to India’s GDP. The company is
well equipped to take benefit of the growing potential in logistics industry
and is hopeful of registering better performance in terms of Sales and
Profitability for the Year 2011-2012.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OUTLOOK
The global economic
and financial situation in the last year recovered slowly. The large fiscal
deficits and high debt ratios coupled with slow economic growth, created
unsettling conditions for businesses and had the potential for causing great
volatility in financial markets.GDP growth figures for Q4, 2010-11, highlight
an unmistakable downward trend. While in Q1, 2010-11, GDP grew by 9.3 percent,
in Q4, 2010-11, GDP growth came down to 7.8
percent. While
consumption demand still held, a sharp decline in growth of investments was
seen. Growth in Gross Fixed Capital Formation [GFCF] had dipped from 17.4
percent in Q1, 2010-11 to 0.4 percent in Q4, 2010-11.
OUTLOOK 2011 -2012
Economy is
expected to develop at 8.2 percent in 2011-12. Industry grew at 7.9 percent in
2010-11, likely to nurture at 7.1 percent in 2011-12. The global economic and
financial situation is not likely to improve according to the outlook. The
expected growth rate of 8.2 percent, although inferior to the earlier year,
must be treated as high and respectable, given the current world situation.
INDIAN LOGISTICS
INDUSTRY
STRUCTURE AND SIZE
Logistics in India
involves a complex chain of activities, spread across multiple modes of
transportation and infrastructure points. The complexity of the logistics
network is further exacerbated by the fact that the industry is
highly fragmented,
with several small and mid-sized players dispersed across multiple regional
pockets, asset types and services, and with very few if any, players in India
able to offer customers true end to end services. Also, in many key
logistics-intensive sectors such as agriculture, oil and gas, engineering,
consumer products, retail – the source and destination points for cargo are
often multiple and located in regions with poor access by any mode of
transport. Globally, the logistics industry is valued at US$ 3.5 trillion. The
U.S., which contributes to over 25% of the global industry value, spends close
to 9% of its GDP on logistic services. The Indian logistics Industry is presently
estimated at US$ 90 billion. (CII) The industry has generated employment for 45
million people in the country in comparison with the IT and ITeS sector which
employs approximately 4.3 million people. It is forecast to grow at a Compound
Annual Growth Rate (CAGR) of approximately 8% over the next three to five
years. Third Party Logistics (3PL) Solutions, is slated to grow at a compound
annual growth rate (CAGR) of over 16% from 2007-10. Consequently, 3PL service
providers are expected to corner an increased share of the Indian Logistics
pie, from 6% in FY06 to 13% in FY11, at a CAGR of 25% (CII).
GROWTH DRIVERS
The primary growth
drivers of this industry are as under:
● Investments
in the Power and infrastructure sector – There are planned investments of
upto US$ 350 billion in these sectors which mean an increase in the logistics
business.
● Streamlining
of the indirect tax structure - The introduction of Value Added Tax (VAT)
and the proposed introduction of a singular Goods and Services Tax (GST) are
expected to significantly reduce the number of warehouses that manufacturers
are required to maintain in different states. This will result in a substantial
increase in demand for integrated logistics solutions.
● Good
trade growth - Strong economic growth and liberalization have led to
considerable increase in domestic and international trade volumes over the past
five years. Consequently, the requirement for transportation, handling and
warehousing is growing at a good pace and is driving the demand for integrated
logistics solutions.
● Globalization
of manufacturing systems - Globalization of manufacturing systems added to
the advancements in technology are increasingly compelling companies across
verticals to concentrate on their core competencies and thus avail the cost
saving potential of outsourcing. This is expected to contribute to an increase
in the need for integrated logistic solutions, which is the niche of every
Third Party Logistics service (3PL Services) provider.
GROWTH OPPORTUNITIES
AND FUTURE INDUSTRY PROSPECTS GROWTH IN INDIAN ECONOMY, KEY LOGISTICS SECTORS
AND EXPORTS – IMPORTS (EXIM)
The growth in
India’s GDP directly translated into the growth in the Logistics sector, there
being a 2x relation between the growth in GDP and the logistics industry. The
post recession resurgence of domestic sectors like retail and manufacturing is
expected to drive volume growth again.
RISING OUTSOURCING
AND CONSOLIDATION
Companies in India
currently outsource an estimated 52% of logistics, but many more companies are
increasingly
considering
outsourcing and third party logistics (3PL) models as they seek to reduce costs
and focus on their core businesses.
RAPID SUPPLY SIDE
CHANGES ARE HELPING TO DRIVE AWARENESS AND DEMAND
Considerable
private investments in modern warehousing and a significant improvement in
transportation systems – along with the widespread adoption of warehouse
management systems, GPS-enabled trucks and other technology – is leading to
many more logistics end users moving away from ‘store and transport’ mindsets
to true supply chain management with a focus on cost and efficiency. As more
multinational companies and logistics service providers increase their scale of
operations in India, there is a rising demand for world class logistics
infrastructure and services – even among domestic corporate.
REGULATORY CHANGES
ARE HELPING TO DRIVE PRIVATE PARTICIPATION AND EFFICIENCY IMPROVEMENTS
Key regulatory
changes in recent years are creating an enabling environment for growth in
logistics industry. The
impending
introduction of goods and service tax (GST) aimed at bringing in a uniform tax
regime across all India’s
states, is
expected to lead to widespread rationalization of warehousing space in India
and is likely to result in fundamental structural changes in the industry.
Government incentives to infrastructure developers – in the form
of tax breaks and
incentives – are expected to further improve supply-side efficiencies. The
privatization of the container rail segment and private –public partnership
programs in key sectors have opened up new logistics segments for private
participation.
UN-AUDITED
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2011
(Rs.
In millions)
|
Particulars |
Quarter Ended 30.09.2011 (Reviewed) |
Six Month Ended 30.09.2011 (Reviewed) |
|
(a) Net Sales/ Income from
operation |
814.573 |
1619.089 |
|
(b) Other Operating Income |
0.000 |
0.000 |
|
Total Income |
814.573 |
1619.089 |
|
2. Expenditure |
|
|
|
a. Fright and Operation Expenses |
773.148 |
1466.882 |
|
b. Personnel Cost |
16.677 |
37.296 |
|
c. Administrative, Selling and General Expenses |
12.128 |
29.318 |
|
d. Depreciation |
9.273 |
20.703 |
|
g. Total |
811.226 |
1554.199 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
3.347 |
64.890 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
99.610 |
107.231 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
102.957 |
172.121 |
|
6. Interest |
25.724 |
48.839 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
77.233 |
123.282 |
|
8. Exceptional Items |
0.000 |
0.000 |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
77.233 |
123.282 |
|
10. Tax Expenses |
20.250 |
29.435 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
56.796 |
90.377 |
|
12. Extraordinary Items |
0.000 |
0.000 |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
56.796 |
90.377 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
299990950 |
299990950 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
4936.058 |
4936.058 |
|
16. Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
0.19 |
0.30 |
|
b) Basic and diluted EPS after extraordinary items for the period,for the
year to date and for the previous year (not
annualised) |
0.19 |
0.30 |
|
17. Public Shareholding |
|
|
|
Number of Shares |
210591280 |
210591280 |
|
% of Share holding |
70.20 |
70.20 |
|
18. Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
50650010 |
50650010 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
56.66 |
56.00 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
16.88 |
16.88 |
|
b) Non-encumbered |
|
|
|
- Number of shares |
38749660 |
38749660 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
43.34 |
43.34 |
|
- Percentage of shares (as a %
of the total share capital of the
company) |
12.92 |
43.52 |
1. The above results for the quarter ended on Sep 30, 2011 were reviewed by the Audit Committee and thereafter were approved and taken on record by the Board of Directors in its meeting held on November 14, 2011.
2. The Consolidated Financial statements include un-reviewed results of the subsidiary companies
3. The statutory auditors have carried out a limited review of the standalone half yearly Financial Statements pursuant to clause 41 of the Listing Agreement.
4. The Company is mainly engaged in the business of 3rd Party Logistics Service Provider, delivering end -to-end solutions in the Logistics and Supply chain domain and has also placed bids for different projects for which the outcome of bids are awaited.
5. The Consolidated Financial Results for the quarter ended on September 30, 2011 have been prepared in accordance with principles and procedures as set in the AS- 21 on “Consolidated Financial Statements”.
6. Unrealized Gain on account of exchange fluctuation on investments is held in foreign currency translation adjustment account.
7. With effect from 4th October 2010, the company subdivided the face value of equity shares from Rs. 10/- per share to Re. 1/- share. Consequent to the subdivision of equity shares the earnings per share is
8. The Company successfully completed a 608 issue of 41,12,000 608’s, each 608 representing 23 equity shares during February 11, 2011.
9. The paid up capital of the Company consequent to the above issue stands at 299,990,950 equity shares of face value Re. 1/- each as on September 30, 2011.
10. Other Income for the quarter ended 30 Sep 2011, includes gain arising out of restatement of accounts held in foreign currency
11. The previous quarter’s / half year’s / year’s figures have been regrouped / rearranged wherever necessary to make it comparable with the current quarter / half year.
12. No. of Complaints received from investors? Shareholders for the quarter ended September 30, 2011
(Rs. In Millions)
|
Summary of Assets and Liabilities |
30.09.2011 |
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
Capital |
299.991 |
|
Reserves & Surplus |
5100.196 |
|
LOAN FUNDS |
726.716 |
|
DEFERRED TAX LIABILITIES |
66.450 |
|
|
|
|
TOTAL |
6193.353 |
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
INVESTMENT |
531.906 |
|
CURRENT ASSETS, LOANS & ADVANCES |
1255.309 |
|
Sundry Debtors |
1502.599 |
|
Cash & Bank Balances |
2336.379 |
|
Loans & Advances |
753.790 |
|
|
4592.768 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Liabilities |
174.217 |
|
Provisions |
47.413 |
|
|
221.630 |
|
MISCELLANEOUS EXPENSES |
35.000 |
|
|
|
|
TOTAL |
6193.353 |
BUSINESS DESCRIPTION
Subject is formerly Aqua Logistics Private Limited, is a third-party logistics service provider. The Company is engaged in delivering end-to-end solutions in the logistics and supply chain domain to its customers. It provides supply chain consulting, logistics execution and project logistics. The Company operations and consulting teams, deliver logistics solutions, to its clients by aligning the strategic and the operational perspectives. Its services include international logistics, multimodal transportation, contract logistics, regulatory compliance, warehousing and project logistics. It delivers specific logistics requirements in a range of industry verticals, such as power, heavy engineering, pharmaceutical, telecom, retail, sports and events. In June 2010, it acquired 60% interest in three Hong Kong-based companies, CIT Logistics Limited, TAG Logistics Limited and AGI Logistics Limited. In May 2011, the Company incorporated Aqua Logistics (L) Limited For the nine months ended 31 December 2010, Aqua Logistics Limited's revenues totaled RS3.96B. Net income totaled RS252.4M. Results are not comparable as the Company has not given prior year consolidated financials. The Company is engaged in the business of specialized heavy and over dimensional cargo transportation, loading, unloading of goods and materials. Aqua Logistics is an Indian Based Company
Rajesh G. Uchil -
Executive Chairman of the Board – Chairman
Mr. Rajesh G. Uchil is Executive Chairman of the Board of Aqua Logistics Limited He holds a Bachelors Degree in Commerce from the University of Mumbai. He began his career in logistics. In the year 1989, he started his entrepreneurial career by establishing his firm Rajesh G. Uchil and Company to act as a custom house agent. He has over 20 years experience in the logistics industry. Under his Chairmanship and guidance, the Company made a mark in the business of providing third party logistic support and has thereafter emerged as a provider of multimodal transportation services, supply chain consulting. His vision and experience is of vital importance and is crucial for further growth and expansion of the Company. He serves as Director of Aqua Management Consulting Group Private Limited, Aqua Specialized Transport Private Limited, Harapa International Private Limited, Trikon Electronics Private Limited, Lefworld Private Limited and Aqua PCW Private Limited
M. S. Sayad -
Executive Vice Chairman of the Board - Vice-Chairman
Mr. M. S. Sayad serves as Executive Vice Chairman of the Board of Aqua Logistics Limited A commerce graduate from Rajasthan University. Mr. Sayad has two decades of experience in the field of operations, finance and strategy across sectors such as steel, engineering and electronics. He plays a vital role in the financial management for the Company, and has been instrumental in streamlining the financial and accounting systems and controls within the organization. He oversees the business strategies of the Company
V. S. Narayanan -
Non-Executive Independent Director - Director/Board Member
Mr. Ravi Sharma is Non-Executive Independent Director of Aqua Logistics Limited Mr. Ravi Sharma holds a Master Degree in Commerce from the University of Rajasthan and has a Post Graduate Diploma in Management from Institute of Management Development and Research, Pune. He has over 6 years of experience in the financial services sector and has worked on fund raising through various modes like Private Equity, IPO, Debt Syndication and structured products. He has also worked on cross border merger and acquisition deals. His previous employment includes A. K. Capital Services limited and Wizarth Advisors Private Limited. Currently, he is working as an independent financial consultant
Harish Gopalkrishna
Uchil - Chief Executive Officer, Managing Director, Executive and
Non-Independent Director - Director/Board Member
Mr. Harish Gopalkrishna Uchil is Chief Executive Officer, Managing Director, Executive and Non-Independent Director of Aqua Logistics Limited He holds a Bachelors Degree in Engineering from the University of Pune. Mr. Harish started his career in the telecommunication products industry. In 1991, he joined the business of Freight Forwarding. Prior to taking up the responsibility of Managing Director and CEO, he served as the Chief Operating Officer of Aqua Logistics and was involved in strategic decision making and business development. Operations of the Company are spearheaded by him
Bhupendra N. Shah -
Compliance Officer, Company Secretary - Company Secretary
Mr. Bhupendra N. Shah is Compliance Officer, Company Secretary of Aqua Logistics Limited He holds a Bachelors degree in Commerce from Mumbai University and is a qualified Company Secretary. He has also done his ICWA and CAIIB. Prior to joining the company in he has worked with Kilburn Engineering Limited and The Standard Batteries Limited amongst others. He has 37 years of work experience and has been associated with the company since November 2008. Mr. Shah is overall incharge of secretarial matters and is also the Compliance Officer for the Company.
C. R. Karikal Valavan
- Chief Financial Officer - Finance Executive
Mr. C. R. Karikal Valavan is Chief Financial Officer of Aqua Logistics Limited He holds a Bachelors degree in Science (Mathematics) from the University of Madras. He has 16 years of experience in the field of accounts and finance. Prior to joining the company in May 2007, Karikal served in companies like City and Guilds (South Asia) Private Limited, Bax Global Limited, Geologistics Limited amongst others. At Aqua Logistics, he is in charge of the finance, accounting and taxation related matters.
PRESS RELEASE
Accord Fintech (India)
28 September 2011
India,
Sept. 28 -- Indian equity indices are trading on a weak note paring off gains
in absence of buying by investors as they fail to see concrete evidence of a
strategy to tackle the Euro-zone crisis. Market participants were seen piling
up the positions in IT, FMCG and Realty sector while selling was witnessed in
Capital Goods, Metal and Consumer durables sector. Stocks like Tilak Finance,
Banas Finance, JSL Industries, Hindoostan Mills, Sharp Trading, Suave Hotels,
Esaar India, PFL Infotech, Charteted Logistics and PG Electroplast hit new high
while stocks like Indowind Energy, Parle Software, Tanla Solutions, Excel
Infoways, India Bulls Power, Aqua Logistics, Nitesh Estate, Sudar Garments and
Brooks Laboratories hit new low. Coromandel International and Excel Crop Care
are trading firm ahead of the Supreme Court's decision on Friday, September 30,
2011, on allowing exports of unused stock of pesticide endosulfan manufactured
in India. State-run oil-marketing companies like HPCL, BPCL and IOC were in red
after crude oil prices jumped more than 5% on the New York Mercantile Exchange.
In other scrip specific development, TCS, Infosys, HCL Tech and Mphasis were
trading in green on upbeat earnings and forecast from Accenture PLC, the
world's second-largest technology consulting company. JSW Steel continued its
southward journey, extending yesterday's fall triggered by the company's
announcement of cut in steel production at its Vijayangar plant in Karnataka to
30% of its capacity. Cairn India gains as ONGC approves Cairn Energy-Vedanta
deal. NTPC is trading firm on its subsidiary receiving Rs 2,3410.000 millions
loan from a consortium of banks for its 390-MW Muzaffarpur thermal power
project in Bihar. Gemini Communication jumped after the board of directors
provided final approval for the buyback of equity shares of the company. Ashok
Leyland is in green as it expects its joint venture with Japan's Nissan to sell
55,000 light commercial vehicles in the first year of its launch. Eon Electric
is trading firm in green after the company announced buyback of 4.5 lakh
shares.Hectic activity was noticed along with heavy volumes in counters of
Shekhawati Poly-Yarn, Hexaware Technologies, Godrej Properties, Futura
Polyesters and Rama Paper Mill due to fund based activity as of yesterday.
Nayan Impex bought 500,000 shares of Shekhawati Poly-Yarn while H K B Share and
Stock Broking sold 500,000 shares. Elder Hides and Leather sold 5,200,000
shares of Hexaware Technologies while Elder Venture LLP bought 5,200,000
shares. Godrej Industries sold 790,000 shares of Godrej Properties while Godrej
Investments bought 790,000 shares. Matsyagandha Investment andFinance sold 4,435,106
shares of Futura Polyesters while R Raheja Properties bought 4,435,106 shares.
Blue Peacock Securities bought 118,508 shares of Rama Paper Mill. On the global
front, Asian markets were trading mix while the European markets were trading
in red on pessimistic note. The optimism over Europe's sovereign debt solution
weakened on report that leaders were split over the terms of Greece's latest
bailout. As many as 7 of the euro zone's 17 member nations have opposed to
terms in Greece's second bailout of 109 billion euros, arguing that private
creditors take a bigger write-down on their bond holdings. Back home, the NSE
Nifty and BSE Sensex were trading below their psychological 4,950 and 16,500
levels, respectively. The market breadth on the BSE was negative in the ratio
of 1042:1623 while, 132 scrips remained unchanged. The BSE Sensex is currently
trading at 16,406.04 down by 117.99 points or 0.71% after trading as high as
16,663.26 and as low as 16,372.64. There were 8 stocks advancing against 22
declines on the index. The broader indices were trading on a weak note; the BSE
Mid cap index eased 0.74% while Small cap shed 0.77%. On the BSE sectoral
space, IT up 0.62%, FMCG up 0.57%, Realty up 0.46% and Health Care up 0.11%
were the only gainers while Capital Goods down 2.07%, Metal down 2.04%,
Consumer Durables down 2.03%, Auto down 1.57% and Bankex down 1.44% were the
major losers in the space. DLF up 2.67%, ITC up 1.01%, Infosys up 0.90%, ONGC
up 0.60% and NTPC up 0.45% were the major gainers on the Sensex, while JP
Associates down 4.64%, Hindalco down 3.38%, Maruti Suzuki down 2.89%, L&T
down 2.78% and ICICI Bank down 2.58% were the major losers on the index.
Meanwhile, hinting that the government may review the planned targets of power
generation, the Minister of Heavy Industries and Public Enterprises, Praful
Patel has said that, "A course correction will be taken up by the
Government to avoid a situation where the power generation capacity of units
exceeds the market demand". To review the power generations would involve
the Ministries of Finance, Industry and Commerce and Planning Commission.
Expressing the concern over planned targets Patel said, "my concern is
that our planned targets of power generation have not been achieved. Our own
projects are getting delayed and this is a result of various factors such as
environment clearance, land acquisition and allocation of various
resources." This is creating a situation where, on the one hand, power
generation capacity is getting affected and, on the other hand, all the
equipment which is being manufactured is not finding a market, he added. For
the current five year plan (2007-12) the government has targeted to generate
power around 0.1 millions megawatt,
however, presently, India has not been able to cross even 60,000 megawatt. The
base document "Indian Electrical Equipment Industry Mission Plan
2012-2022" estimates the size of the domestic market in generation
equipment to increase from $5.7 billion to $ 25-30 billion by 2012. The base
document expects the transmission and distribution equipment industry size to
increase from $ 18.5 billion to $ 70-75 billion in coming ten years. The
Mission Plan 2012-12 will be made by the Ernst & Young and it will released
before the start of the 12th plan period, which is starting from next fiscal
year. The base document suggests many strategies to achieve the proposed
targets. However, it also identify three main challenges which are, to increase
the competitiveness of the Indian industry, increase export market share and to
convert latent to real demand. The S and P CNX Nifty is currently trading at
4,930.70, lower by 40.55 points or 0.82% after trading as high as 5,006.05 and
as low as 4,921.80. There were 12 stocks advancing against 37 declines while 1
stock remained unchanged on the index. The top gainers on the Nifty were HCL
Tech up 2.87%, DLF up 2.64%, Ranbaxy up 1.70%, GAIL up 1.36% and ITC up
0.98%.JP Associates down 5.04%, Reliance Capital down 4.96%, Reliance Infra
down 4.52%, Siemens down 4.10% and RCOM down 3.64% were the major losers on the
index.Asian markets traded on a mixed note, Shanghai Composite plunged 0.95%,
Hang Seng sank 0.66%, Straits Times shaved off 0.98% and Seoul Composite
declined 0.73% On the contrary, Jakarta Composite climbed 1.08%, KLSE Composite
added 0.29%, Nikkei 225 rose 0.07% and Taiwan Weighted accumulated 0.80%.The
European markets were trading in red with, France's CAC 40 plunged 1.16%,
Germany's DAX declined 1.58% and Britain's FTSE 100 descended 0.88%.
CONTINGENT
LIABILITY NOT PROVIDED FOR:-
a) Claims against the company not acknowledged as debts Rs. 8.900
millions (Previous Year – Rs. 8.900 millions)
b) Bills discounted and purchased as Rs. 158.000 millions. (Previous
Year – Rs. 96.000 millions )
c) In respect of counter guarantees given to Bankers Rs. 31.000 millions
(Previous Year – Nil)
FIXED ASSETS :
·
Office Premises
·
Plant and Machinery
·
Computer and Software
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
C.H.A. License
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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. 52.22 |
|
|
1 |
Rs. 81.54 |
|
Euro |
1 |
Rs. 69.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.