MIRA
INFORM REPORT
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Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
ARSHIYA TECHNOLOGIES INTERNATIONAL LIMITED |
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Registered Office : |
3rd Floor, Plot No.
61, Road No. 13, MIDC, Andheri (East), Mumbai – 400093, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.07.1981 |
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Com. Reg. No.: |
11-24747 |
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CIN No.: [Company
Identification No.] |
L27320MH1981PLC024747 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI05518C |
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PAN No.: [Permanent
Account No.] |
AAACI2679A |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Subject’s principal activity is to provide end-to-end services and
solutions in logistics and supply chain management |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 19000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed Company having fine track.
Financial Position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Ms. Ashwini |
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Designation : |
Accounts Department |
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Date : |
29.12.2010 |
LOCATIONS
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Registered Office : |
3rd Floor, Plot No.
61, Road No. 13, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-40485300 |
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Fax No.: |
91-22-40495777/40485399 |
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E-Mail : |
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Website : |
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Corporate Office : |
301 Ceejay House, Level 3,Shiv Sagar
Estate, F-Block, Dr. Annie Besant Road, Worli, Mumbai 400018, Maharashtra,
India. |
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Tel No.: |
91-22-42305500 / 1/ 2 |
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Fax No.: |
91-22-42305555 |
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Overseas Offices : |
ARSHIYA
LOGISTICS LLC
#1502, 15th Floor, Al Musalla Tower, Khalid Bin Waleed Street, P.O.
Box 115246, Bur Dubai, Dubai, United Arab Emirates Tel: 971 4397
2652/3/4/5/6/7 UAE Branch
Office ARSHIYA
LOGISTICS LLC
Jebel Ali Free Zone, ARSHIYA
LOGISTICS WLL
6th Floor , Al ARSHIYA
LOGISTICS LLC
C/O Mustafa Sultan Enterprises, |
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Divisions : |
·
BDP ·
Cyber log Technologies India |
DIRECTORS
As On 31.03.2010
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Name : |
Mr. Ajay S Mittal |
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Designation : |
Chairman and Managing Director |
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Qualification : |
Commerce Graduate and M.B.A. from |
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Profile : |
He is the driving force behind Arshiya group and provides
vision and strategic direction. |
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Name : |
Mrs. Archana A Mittal |
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Designation : |
Whole Time Director |
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Qualification : |
Arts Graduate |
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Profile : |
She is the promoter of Arshiya International Limited and
an active member of the core strategy team. She is also one of the promoters
of Bhushan Steel and Strips Limited |
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Name : |
Mr. Richard Bolte Jr. |
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Designation : |
Director (ipto 30.06.2009) |
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Qualification : |
Science Graduate from |
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Profile : |
He currently serves as Chief Executive Officer and
President of BDP International one of |
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Name : |
Mr. Francis X Bolte |
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Designation : |
Director (upto 30.06.2009) |
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Qualification : |
Arts Graduate in Accounting and Economic From |
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Profile : |
He currently serves as Chief Financial Officer at BDP
International, |
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Name : |
Mr. James Beltran |
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Designation : |
Independent Director |
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Qualification : |
Law Graduate from |
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Profile : |
He holds Certificate of Legal Practice and is Certified
Financial Planner from |
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Name : |
Mr. Rishabh Shah |
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Designation : |
Independent Director |
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Qualification : |
Arts and Law Graduate |
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Profile : |
His legal acumen and advise is always valuable and sought by
the company. |
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Name : |
Mr. Ashish Bairagra |
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Designation : |
Independent Director |
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Qualification : |
Commerce Graduate and Chartered Accountant |
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Profile : |
His valuable advice in these area is of immense benefit to
the Company. |
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Name : |
Prof. G Raghuram |
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Designation : |
Independent Director |
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Qualification : |
PhD (Northwestern University) and PGDM (IIM-A) |
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Profile : |
He is a professor in Indian Institute of Management (IIM),
Ahmedabad. He is a member if various Boards and Government Committees related
to infrastructure and logistics. He has taught at |
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Name : |
Mr. V Shiv Kumar |
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Designation : |
Director, Corporate Affairs and Legal |
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Qualification : |
Science and Law Graduate and an Associate Member of The |
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Experience : |
30 Years |
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Profile : |
In business administration, corporate secretarial
functions, corporate governance, legal, finance and human resource
development. He looks after corporate, legal and secretarial matters. |
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Name : |
Mr. Sandesh Chonkar |
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Designation : |
Director Finance and Chief Financial Officer |
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Qualification : |
Commerce Graduate and a Chartered Accountant |
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Experience : |
17 Years of Senior Management experience in financial, commercial,
logistics, trading and operational area.
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Profile : |
He is currently involved in financial control, strategic planning and
business process development. |
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Name : |
Mr. N Venkateshwaran |
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Designation : |
Director (HR and Admin) |
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Name : |
Capt. Bishwajit Chakravarty |
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Designation : |
Chief Executive Officer – FTWZ |
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Date of Birth/Age : |
52 Years |
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Qualification : |
Master Mariner |
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Experience : |
33 Years |
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Profile : |
He has held senior management positions in the shipping agency houses,
international logistics companies. He is in charge of FTWZ activities of the
Company. |
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Name : |
Mr. Soumendra Nath Chakraborty |
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Designation : |
Director – HRD |
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Qualification : |
Arts Graduate with Economic and MBA from Xavier Institute. |
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Experience : |
19 Years |
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Profile : |
He possesses multi-cultural, multi-regional and multi-industrial
experience acquired during his tenure with various organizations. He is in
charge of human resources and administration functions. |
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Name : |
Mr. Mukesh Kacker |
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Designation : |
Independent Director |
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KEY EXECUTIVES
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Name : |
Mr. Rahul Neogi |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. Michael Christensen |
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Designation : |
Chief Executive Officer – International Logistics and Supply Chain
Management |
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Name : |
Captain Kapil Anand |
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Designation : |
Chief Executive Officer – (Operations) |
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Name : |
Major Suhas Tahkar |
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Designation : |
Director – Infrastructure Implementation |
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Name : |
Mr. Flemming Jensen |
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Designation : |
Chief Executive Officer – |
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Name : |
Mr. V Shiv Kumar |
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Designation : |
Corporate Affairs and Secretary and Chief Compliance Officer |
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Name : |
Dr. Frank Jurgen Richter |
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Designation : |
Member |
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Name : |
Dr. Yoram (Jerry) Wind |
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Designation : |
Member |
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Name : |
Mr. William P. Adamopoulos |
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Designation : |
Member |
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Name : |
Mr. Paul W Bradley |
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Designation : |
President |
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Qualification : |
MBA in International Management |
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Profile : |
He was elected as a Fellow of the Chartered Institute of Logistics and
Transport. He was recently selected by the World Economic Forum as one of the
forty “New Asian Leaders”. He was designated as the “Asian Supply Chain
Manager of the Year” by Lloyds FTB publications in 2004. He was served on a
number of government advisory committees. He has written many articles and is
frequent speaker at global conferences.
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Name : |
Dr. John L. Gattorna |
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Designation : |
Member |
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Name : |
Mr. Michael Proffitt |
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Designation : |
Member |
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Name : |
Mr. Flemming Jacobs |
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Designation : |
Member |
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Name : |
Mr. Ashutosh Varshney |
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Designation : |
Member |
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Name : |
Mr. Richard Taffet |
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Designation : |
Member |
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Name : |
Mr. Anthony Barnes |
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Designation : |
Head-Global Integrated Sales |
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Name : |
Mr. G. Hariharan |
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Designation : |
Group Legal Counsel and Head-Corporate Governance |
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Name : |
Mr. Hasmukh Daftary |
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Designation : |
Chief Commercial Officer |
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Name : |
Capt. Kapil Bhalla |
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Designation : |
Ceo-Arshiya Ftwz and Logistics |
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Name : |
Mr. Nitin Kolhatkar |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Nijay N Nair |
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Designation : |
Head-Strategic Initiatives |
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Name : |
Mr. Oz Ozturk |
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Designation : |
Chief Technology Officer |
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Name : |
Mr. Sajal Mittra |
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Designation : |
Ceo-Arshiya Rail Infrastructure |
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Name : |
Major Suhas Thakar |
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Designation : |
Chief Infrastructure and Regulatory Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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24,976,751 |
42.51 |
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24,976,751 |
42.51 |
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1,397,495 |
2.38 |
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1,397,495 |
2.38 |
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Total shareholding of Promoter and Promoter Group (A) |
26,374,246 |
44.89 |
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(B) Public Shareholding |
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2,258,645 |
3.84 |
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75,500 |
0.13 |
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9,808,931 |
16.70 |
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12,143,076 |
20.67 |
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5,679,516 |
9.67 |
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2,412,463 |
4.11 |
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6,130,217 |
10.43 |
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6,013,304 |
10.23 |
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22,614 |
0.04 |
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443,855 |
0.76 |
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1,145,000 |
1.95 |
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4,334,682 |
7.38 |
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47,445 |
0.08 |
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19,708 |
0.03 |
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20,235,500 |
34.44 |
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Total Public shareholding (B) |
32,378,576 |
55.11 |
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Total (A)+(B) |
58,752,822 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
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Total (A)+(B)+(C) |
58,752,822 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject’s principal activity is to provide end-to-end services and
solutions in logistics and supply chain management |
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Product : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
(a) Long Term loans from Banks: (i) Rs. 1923.661 Millions (Rs. Nil) Secured by First Charge on all the present and future movable and immovable assets including Plant and machinery, spares etc. except assets for Khurja Project, Cuttack Project and Nagpur Project. Further secured by first mortgage and charge on existing
and future receivables arising out of the operations relating to the project
at (ii) Rs. 40.472 millions (Rs. Nil) Secured by exclusive charges over the assets financed viz interiors, furnitures and fixtures, office equipments at MIDC office. (iii) Rs. 499.988 millions (Rs. Nil) Secured by equitable mortgage of land in the name of company at Khurja, near Noida, U.P. (iv) All the above loans are secured by personal guarantee of the Promoter Directors i.e. Mr Ajay Mittal and Mrs. Archana Mittal. (v) Rs. 500.000 milions (Rs. Nil) Secured by equitable mortgage of land admeasuring 108.87 acres situated at village Buti Bori, District Nagpur. This loan is secured by personal guarantee of the Promoter Director i.e. Mr. Ajay Mittal. (b) Short Term loans from Banks: (i) Rs. NIL (Rs. 300.000 millions) by hypothecation of land situated at village Bori near Buti railway station Taluk Nagpur Grameen, Nagpur District and personal guarantee of two directors of the Company. (ii) Rs. NIL (Rs. 175.000 millions) by first charge on equitable mortgage of land situated at Khurja district Bulandshar, U.P., term deposit of Rs. 17.500 milions and personal guarantee of two directors of the Company. (c) Working Capital loan from banks: Rs. 93.228 millions (Rs. 62.876 millions) Hypothecation of current assets, receivable arising out of the operations of the JNPT Andheri (East), Mumbai, immovable properties pertaining to FTWZ project in JNPT, term deposit of Rs. 5.000 millions and personal guarantee of two directors of the Company. (d) Loan from Finance Company: (i) Rs. Nil (Rs. 250.000 millions) Hypothecation of rights under project agreements/documents, Rights under Insurance contracts/policies, specific assets including rail rakes. This loan is being utilised by wholly owned subsidiary, namely, Arshiya Rail Infrastructure Limited and these rakes are also in name of the aforesaid subsidiary. (ii) Rs. 2.790 millions (Rs. 2.039 millions) Hypothecation of leased vehicles.
(i) Rs. 299.995 millions (Rs.
Nil) is against the personal guarantee of the Promoter Directors i.e. Mr Ajay
Mittal and Mrs. Archana Mittal. (ii) Rs. 200.000 millions (Rs.
Nil) is against the security of shares of quoted company held by a promoter
director. |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
MGB and Company Chartered Accountants |
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Address : |
Jolly Bhawan – 2, 1st Floor, New Marine Lines, Mumbai –
400020, |
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Associates : |
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Subsidiaries : |
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Subsidiaries of Subsidiary companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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75000000 |
Equity Shares |
Rs.2/- Each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
58752822 |
Equity Shares |
Rs.2/- Each |
Rs. 117.506
Millions |
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The above includes:
- 22627500 (previous year 22627500) equity shares issued as fully paid
bonus shares by capitalisation of share premium account.
- 1560000 (previous year 1560500) equity shares allotted to the
shareholders of BDP (
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- Each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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58817262 |
Equity Shares |
Rs.2/- Each |
Rs. 117.634
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SHAREHOLDERS FUNDS |
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1] Share Capital |
117.506 |
117.506 |
114.009 |
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2] Share Application Money |
0.000 |
0.000 |
17.485 |
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3] Reserves & Surplus |
4839.050 |
4753.565 |
4452.349 |
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4] Employee stock options outstanding |
11.829 |
29.905 |
5.927 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4968.385 |
4900.976 |
4589.770 |
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LOAN FUNDS |
|
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|
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1] Secured Loans |
3064.114 |
789.916 |
3.342 |
|
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2] Unsecured Loans |
529.995 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
3594.109 |
789.916 |
3.342 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.811 |
|
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|
|
|
|
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|
TOTAL |
8562.494 |
5690.892 |
4593.923 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
175.904 |
96.513 |
34.144 |
|
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Capital work-in-progress |
6058.122 |
3446.337 |
1940.171 |
|
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INVESTMENT |
1138.304 |
1126.751 |
1458.874 |
|
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DEFERREX TAX ASSETS |
0.572 |
1.715 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
914.498
|
574.546
|
338.148
|
|
|
Cash & Bank Balances |
433.057
|
279.696
|
811.626
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1937.934
|
774.646
|
220.434
|
|
Total
Current Assets |
3285.489
|
1628.888 |
1370.208
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
844.759 |
270.407 |
|
|
|
Other Current Liabilities |
1166.323
|
262.875
|
152.637
|
|
|
Provisions |
84.815
|
76.030
|
56.837
|
|
Total
Current Liabilities |
2095.897
|
609.312
|
209.474
|
|
|
Net Current Assets |
1189.592
|
1019.576
|
1160.734
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8562.494 |
5690.892 |
4593.923 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
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|
|
|
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Income |
2736.078 |
2568.085 |
2019.138 |
|
|
|
Other Income |
93.298 |
99.388 |
61.558 |
|
|
|
TOTAL (A) |
2829.376 |
2667.473 |
2080.696 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
2227.568 |
2149.677 |
|
|
|
|
Personnel Cost |
155.297 |
93.072 |
|
|
|
|
Administrative and Other Expenses |
152.111 |
117.912 |
|
|
|
|
TOTAL (B) |
2534.976 |
2360.661 |
1888.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
294.400 |
306.812 |
191.896 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.158 |
8.194 |
7.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
249.242 |
298.618 |
184.653 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.984 |
15.639 |
6.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
231.258 |
282.979 |
178.228 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
77.262 |
98.126 |
54.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
153.996 |
184.853 |
123.624 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
220.833 |
109.455 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.400 |
18.485 |
NA |
|
|
|
Dividend Tax |
9.758 |
7.988 |
|
|
|
|
Proposed Dividend |
58.753 |
47.002 |
|
|
|
BALANCE CARRIED
TO THE B/S |
290.918 |
220.833 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from logistics operations and related services |
357.100 |
317.776 |
|
|
|
|
Dividend |
317.776 |
0.000 |
|
|
|
TOTAL EARNINGS |
674.876 |
317.776 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
33.769 |
1.556 |
NA |
|
|
TOTAL IMPORTS |
33.769 |
1.556 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.62 |
3.18 |
2.63 |
|
|
|
- Diluted |
2.62 |
3.18 |
2.57 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
926.990 |
1062.520 |
|
Total Expenditure |
|
860.110 |
974.860 |
|
PBIDT (Excl OI) |
|
66.880 |
87.660 |
|
Other Income |
|
33.660 |
41.920 |
|
Operating Profit |
|
100.540 |
129.580 |
|
Interest |
|
22.210 |
38.010 |
|
Exceptional Items |
|
00 |
0.000 |
|
PBDT |
|
78.330 |
91.570 |
|
Depreciation |
|
8.120 |
9.570 |
|
Profit Before Tax |
|
70.210 |
82.000 |
|
Tax |
|
23.870 |
25.170 |
|
Provisions and contingencies |
|
00 |
0.000 |
|
Profit After Tax |
|
46.340 |
56.830 |
|
Net Profit |
|
46.340 |
56.830 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.44
|
6.93
|
5.94
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.45
|
11.02
|
8.83
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.68
|
16.40
|
12.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.06
|
0.04
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
0.29
|
0.05
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
2.67
|
6.54
|
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Due to Micro and small enterprises |
0.000 |
0.000 |
NA |
|
- Capital goods |
357.551 |
0.150 |
NA |
|
- Others |
487.208 |
270.257 |
NA |
|
Total |
844.759 |
270.407 |
NA |
MANAGEMENT:
Ajay S Mittal
Chairman and
Managing Director
Education: M.B.A. (
Experience: Mr. Mittal has over 17 years of experience in senior
management positions spanning international marketing, commodities, trading,
manufacturing, financial services, information technology, logistics and supply
chain management. His vision to develop a new Indian multinational business
model resulted in the creation of Cyberlog Technologies, Arshiya Logistics and
Gulf, Arshiya Supply Chain Management and Arshiya International Limited as
Holding Company.
Archana A Mittal
Whole Time
Director – Projects
Education: Bachelor of Commerce (
Experience: Mrs. Mittal has been involved in marketing and
administration in various business activities during the past 10 years. She is one
of the promoters of Bhushan Steel and Strips Limited, leading company engaged
in the business of manufacturing wire rods, cold rolled coils and sheets.
Ashish Bairagra
Independent
Director and Chairman of the Audit Committee
Education: Chartered Accountant, Bachelor of Commerce (
Experience: Mr. Bairagra is currently a partner with M.L. Bhuwania and
Company, Chartered Accountants. He has extensive experience in handling
internal audits, statutory audits, management audits, and business advisory
assignments. His areas of specialisation include international taxation,
transfer pricing, international business planning and business consulting.
Rishabh P. Shah
Independent
Director
Education: Bachelor of Arts (
Experience: Mr. Rishabh is a practicing legal counsel in the High Court
at Mumbai with specialisation in corporate law. He has over 12 years of
experience representing major corporations as legal counsel.
James Beltran
Independent
Director
Education: L.L.B. (
Experience: Mr. Beltran currently serves as Chairman, MAA International
(
Prof. G. Raghuram
Independent
Director
Education: PhD (Northwestern University), PGDM (IIMA)
Experience: Prof. Raghuram is a professor in the Indian Institute of
Management, Ahmedabad. His specialization is in logistics and supply chain
management, infrastructure and transportation systems, services management,
operation research and operations management. His research, consultancy, case
studies and publications focus includes railways, ports and shipping, road
sector, service organizations and issues in logistics and supply chain
management. He had also taught at
Dr. Jerry (Yoram)
Wind
Professor: MBA
courses in marketing Strategy.
Marketing Methods
and Applications for Business Consulting.
Professor Jerry Wind is internationally known for pioneering research on
organizational buying behaviour, market segmentation, Conjoint analysis and
marketing strategy and has lectured in over 50 universities world wide.
Professor Wind is the founding editor of Wharton School Publishing.
He is the recipient of numerous academic awards, including the three
major marketing awards, The Charles Coolidge Parlin Award, the AMA / Irwin
Distinguished Educator Award, and the Paul D. Converse Award. Professor Wind
teaches MBA courses in Marketing Strategy, Marketing Methods and Applications
for Business Consulting and a new course in creativity. Professor Wind received
his PhD from
Dr. Frank – Jurgen
Richter
President of
Horasis: The Global Visions Community a investment and advisory firm.
Through Horasis, he is a Senior Advisor to the leadership of corporation
from Asia, Europe and
Under his leadership, the Forum’s Summits in Asia and the
William P
Adamopoulos
President and
Publisher: Forbes
William Adamopoulos serves as President and Publisher, Forbes Asia. He
is responsible for all Forbes Media LLC business interests in Asia Pacific and
the Middle East, including Forbes Asia, local partnership Forbes
Prior to Forbes, Adamopoulos was publisher and Managing Director of The Asian Wall Street Journal. He also held
the posts of President of Dow Jones Publishing Company (Asia), President of Dow
Jones Printing Company (Asia), Managing Director of Dow Jones Interactive (
Dr. John L
Gattorna
Chairman and
Advisory Board, Institute for Logistics and Supply Chain Management and
Visiting Prfessor,
John has taught and researched at several universities around the world,
consulted to many major multinational corporations; and published widely on
emerging subject of supply chain.
John is regarded as one of the worlds thought leaders in the supply
chain management. He is one of the co-developers of “Strategic Alignment”
concept. This is renamed now to “Dynamic Alignment” applying to design
management of supply chains. He has written many books and articles.
Richard Taffet
Partner, Bingham
McCutchen LLP and Co-Chair, Bingham’s Intellectual Property Litigation and Patent
Prosecution Group.
Richard Taffet is co-chair of Bingham’s Intellectual Property Litigation
and Patent Prosecution Group. He serves as lead counsel in a wide range of
intellectual property, anti-trust and commercial litigation mater’s.
He represents clients before federal agencies including Department of
Justice, Federal Trade Commission, the United States Trade Representatives
Office and the Consumer Products safety Commission.
Michael Proffitt
Director Supply
Chain and Logistics Group –
Member Cranfield
Centre for Logistics Supply Chain Management Advisory Board.
Member
Michael Proffitt has been involved with Logistics and Supply Chains on a
global basis for well over 25 years and has held a number of senior management
positions, including Logistics Director for Danzas based in Switzerland, main
Board Director of Logistics for Hay in the UK and CEO of Dubai Logistics City
after successfully developing the value proposition and positioning Dubai, and
Dubai Logistics City, as the new global logistics hub.
Mr. Proffitt is also a member of the Cranfield Centre for Logistics and
Supply Chain Management Advisory Board and a member of the Asia Pacific Supply
Chain Advisory Board. He obtained his MBA from the Cranfield School of
Management.
Flemming Jacobs
Mr. Jacobs brings with him over 40years of experience in the Shipping
and Transportation industry, where he was responsible for growth and service
delivery across Europe, Asia and
Furthermore, he is also a trustee of the Sailors’
Paul W Bradley
Vice Chairman of
Supply Chain
Mr. Bradley, involved in international business for almost two decades,
has established new business entities in
HISTORY
Subject is a fast emerging end-to-end service and solution provider in
logistics and supply chain management. The company is an amalgamation of several
strategic verticals such as Free Trade Warehousing Zones, Rail, 3PL, 4PL,
Trucking, Warehousing and IT enabling unparalleled operational expertise and
solution capability across the entire supply chain spectrum.
Subject is rapidly expanding their business capabilities through continuous
internal development and aggressive acquisitions in complimentary space. Their
headquarter is at Mumbai with offices spanning across
Subject was incorporated in the year 1981 as IID Forgings Limited. In the year
2006, the company name was changed into Arshhiya Technologies International
Limited and the name was further changed into Arshiya International Limited
with effect from 28.09.2007.
In April 2006, the company acquired 100% of the share in two companies namely
Cyberlog Technologies Pte Limited, Singapore, a company engaged in the business
of development and marketing of software products and Park Investments Limited,
Hongkong, a company engaged in the business of supply chain logistics. In
January 2006, BDP (
During the year 2007-08, the company incorporated Arshiya Logistics
Infrastructure Limited, Arshiya Western Logistic Infrastructure Limited,
Arshiya Distripark Limited and Flat World Processes Limited. Thus, they became
the subsidiary of the company.
The company is in the process of setting up a Free Trade Warehousing Zone, a
special category SEZ at
The company incorporated a subsidiary namely Arshiya Rail Infrastructure
Limited for containerised rail operations services to the customer for both
domestic and exim cargo movement across the the country. The company estimated
the project outlay of Rs16000 millions for the acquisition of 75 Rakes, break
vans, building of rail siding and other necessary infrastructure across the
country.
NOTE:
Resolved that pursuant to Section 21 of the
Companies act 1956 and Subject to the approval of Central Government, the name
of the Company be charged from “ARSHHIYA TECHNOLOGIES INTERNATIONAL LIMITED” to
“ARSHIYA INTERNATIONAL LIMITED” and consequently the name of Arshhiya
Technologies International Limited, wherever it occurs in the Memorandum and
Articles of Association of the Company be substituted by the new name- “ARSHIYA
INTERNATIONAL LIMITED”.
FINANCIAL
REVIEW
During the year under report, Income from operations, along
with other income has increased by more than 6.07% as compared to the previous
year. The profit before tax recorded a decrease of 18.28% over that of the
previous year and the profit after tax has decreased by 16.69% as against the
previous year.
BUSINESS
AND FUTURE OUTLOOK
With its 10-year legacy in the logistics industry, servicing
over 1,200 customers, Arshiya has a vision to reduce India’s ‘last mile'
logistics and supply chain cost from 14% to 9%, thus targeting the absolute
inefficiency of US$ 50 billion in the country. It leverages Arshiya’s unique
competency of combining ‘Soft Infrastructure’ such as asset-light 3PL, 4PL
services, with innovative ‘Hard Infrastructure’ such as Free Trade and
Warehousing Zones, Rail Infrastructure and Domestic Distriparks, integrated
through customized IT solutions.
With an investment outlay of US$1.5 billion, Arshiya will be
the industry pioneer in development and operations of state-of-the-art
logistics infrastructure solutions across strategic locations in
This year will be an extremely exciting one for Arshiya with
its core business adding momentum, FTWZ becoming operational and additional
trains being added to Arshiya’s rail operations with strategic siding
infrastructure being developed pan India, all while global economic conditions
are improving. Five ‘Domestic Distriparks’ have been planned pan-India,
complementing the FTWZ network. The first of the distriparks will be in Khurja
(near
Arshiya’s model has been instrumental in successfully
securing full financial closure of Rs. 26280.000 millions for the first phase of
its FTWZs, and rail and Domestic Distripark projects. This includes Rs.
5330.000 millions, Rs. 4210.000 millions and Rs. 4920.000 millions for the FTWZ
in Panvel, Khurja and
(I) Arshiya Free Trade and Warehousing Zones (FTWZ)
The FTWZ regulatory framework under the Special Economic
Zone (SEZ) Act of 2005 will give
With FTWZs, the country will be able to leverage ‘Soft
Infrastructure’ such as skilled manpower, cost competitiveness, regulatory
framework IT connectivity, as well as ‘Hard Infrastructure’ such as dedicated
state-of-the-art mega logistics parks, rail connectivity and world class supply
chain management services.
(II) Arshiya Rail Infrastructure
Arshiya Rail Infrastructure started its operations in
February 2009. In FY10, this Company has added 10 trains to its portfolio, with
phase 1 plans for inducting a total of 25 to 30 trains in FY11. The unique
model has resulted in Arshiya Rail being the most profitable private container
rail operator in
(III) Arshiya Domestic Distripark
Arshiya Domestic Distripark is a venture designed to provide
companies with a strategic hub warehousing for domestic consolidation of goods.
This rail-connected mega consolidation hubs promise considerable time and cost
reduction.
The first of Arshiya’s five planned Domestic Distriparks is
strategically located at the confluence of the Eastern and Western freight
corridors at Khurja (near
A Domestic Distripark has dedicated container yards to
process incoming cargo, customized warehousing facilities, state-ofthe-art
cargo handling equipment, skilled manpower, integrated IT services for complete
visibility, road and rail connectivity. Thus greatly aiding in reducing a
company’s capital expenses as a consolidation point in the region and make the
supply chain more profitable. The development of Domestic Distriparks will
generate substantial economic activity and infrastructure development in the
region in terms of employment to the locals, development of roads, schools,
connectivity, housing, trade, etc.
(IV) Arshiya Logistics
With a 10 year legacy in providing integrated logistics
solutions, Arshiya Logistics offers end-to-end Freight Management,
Transportation, Document Management, Customs Clearance and Project Logistics
services, in over 150+ countries world-wide.
(V) Arshiya Supply Chain Management
With a 5 year legacy, Arshiya Supply Chain provides
end-to-end supply and demand chain solutions. Committed to evolving endto- end
strategic and innovative solutions across supply chain management.
(VI) Arshiya Technology
Provides software solutions for supply chain management and
business process outsourcing. Offers a suite of customized web-based
proprietary solutions that work to reduce costs, optimize stock levels and
cycle time while satisfying the need for on-time delivery.
SUBSIDIARY COMPANIES AND
CONSOLIDATED FINANCIAL RESULTS:
The Company
has the following subsidiaries as at 31.03.2010:
Arshiya Domestic Distripark
Limited and its following Subsidiaries:
Arshiya
Northern Distripark Limited
Arshiya
Southern Distripark Limited
Arshiya
Eastern Distripark Limited
Arshiya
Western Distripark Limited
Arshiya
Central Distripark Limited
Arshiya Logistics Infrastructure
Limited and its following subsidiaries:
Arshiya
Northern Logistics Infrastructure Limited
Arshiya
Southern Logistics Infrastructure Limited
Arshiya
Central Logistics Infrastructure Limited
Arshiya
Eastern Logistics Infrastructure Limited
Arshiya
Western Logistics Infrastructure Limited
Arshiya
Rail Infrastructure Limited
Arshiya
Supply Chain Management Private Limited
Arshiya Hongkong Limited and its
following subsidiaries:
Arshiya
Logistics LLC,
Arshiya
Logistics LLC,
Arshiya
Logistics WLL,
Cyberlog Technologies
International Pte Limited and its following subsidiaries:
Cyberlog
Technologies Hongkong Limited
Cyberlog
Technologies Inc.(
Cyberlog
Technologies (
Cyberlog
Technologies (UAE) FZE
Arshiya International Singapore
Pte Limited
As
required under the listing agreements with Stock Exchanges, a consolidated
Financial Statement of the Company and all its subsidiaries prepared in accordance
with Accounting Standards 21 and 23 issued by the Institute of Chartered
Accountants of India (ICAI) giving details of financial resources, assets,
liabilities, income, profits, etc., of the Company, its associates and
subsidiaries, after elimination of minority interest as a single entity, is
annexed.
Ministry
of Corporate Affairs, Government of India, vide letter ref
no.47/417/2010-CL-III dated 18.05.2010, has granted exemption to the Company
from the applicability of the provisions of Section 212(1) of the Companies
Act, 1956, with regard to attaching the balance sheet, profit and loss account,
etc., of the Subsidiary Companies to the Annual Accounts of the Company for the
financial year 2009-10. Accordingly, annual accounts of the Subsidiary Companies
are not being attached with the Annual Report of the Company.
The
Annual Accounts of the above referred subsidiaries as at 31.03.2010, and the
related detailed information will be made available to any member of the
Company/its subsidiaries seeking such information at any point of time and the
same will also be available for inspection by any Member of the Company/its
subsidiaries at the Registered Office of the Company and will be available on
the website of the Company. In addition, the annual accounts of the said
subsidiaries will be made available for inspection at the Registered Office of
the respective subsidiary companies.
During
the year under report, Arshiya Rail Infrastructure Limited, the wholly owned
subsidiary of the Company incorporated two wholly owned subsidiary Companies,
namely Arshiya Rail Sidings and Transport Limited, and Arshiya Transport and
Handling Limited.
The
Accounts of these step down subsidiaries would be made upto 31.03.2011 for the
first time, and therefore it was not required to seek exemption under Section
212(1) of the Companies Act, 1956, in respect of the aforesaid step down
subsidiaries.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL
MACRO ECONOMIC OVERVIEW
The
Global Economy, which took a severe hit over the past few years, is slowly
starting to recover. With recovery, the business community is looking to
reinvest in innovative solutions to meet their unique needs. Companies are
acutely aware of the risks involved with doing business on a global scale.
While they are willing to start spending, it is even more crucial that the
investments made are prudent. With global growth projected at 4½ percent in
2010, leveraging specific global positions is the only way businesses will be
able to fully rebound and benefit from this growth.
Output
growths in key emerging Asian economies are averaging near 10% from Q2-Q4 of
2009, exceeding expectations of the economy. For example,
The
global economy over the last two years has witnessed one of the most
challenging environments for growth. Recession supported by weak business
sentiments were the most common macro economic variables responsible for
shaking the foundation of developed as well as developing markets of the world.
In contrast,
As per
the Finance Ministry,
Although
On a
US$ 1 trillion GDP; this represents absolute value of inefficiency of over US$ 50
billion. This inefficiency is reflected on all products being manufactured,
consumed, warehoused and traded in
world
shortfall with an average Indian age of 29 years. Comparative average
population age of other geographies at that time will be:
The
present logistics industry is highly unorganised, with a large number of
players providing individual services, across the value chain. The fragmented
nature of the industry leads to customers having to deal with various service
providers, thus putting a strain on their logistics costs. As unorganised
players compete on costs, at the expense of service quality and customer
delight, it indirectly results in higher per unit cost due to wastage and
higher inventory costs. As per government estimates, the overall Indian
logistics spend in the year 2008 – 2009, was Rs. 2.7 trillion which included
only primary transport modes and infrastructure, growing at a CAGR of 11%, to
reach revenues of Rs. 4.6 trillion by 2013-14. The unorganized segment's share
is estimated to account for 75-80 % of the market across logistics segment.
Transportation
has the largest share of over 75% in the industry. The infrastructure segments,
such as warehousing, ICD (In-land Container Depot) and CY (Container Yard) are
expected to grow from Rs. 312 billion in 2008-09, to around Rs. 498 billion by
2013-14, with a CAGR of 9.8%.
These
underlying industry dynamics provide a strong growth opportunity for organised
and integrated players providing end-toend services through innovative
logistics infrastructure solutions, such as Free Trade and Warehousing Zones
(FTWZ), Domestic Distriparks, Customised Rail Containers and dedicated Rail
Sidings, across strategic locations in
As the
second-fastest-growing major economy in the world,
On the
domestic front, lack of logistics infrastructure directly affects the
efficiency of product movement across the hinterland of
- Less than 8% of India Inc.
(manufacturing and services) outsources its logistics while in the
developed world the outsourcing is done by more than 45% of companies –
indicating the level of sophistication that is required to be brought
about in this space and the tremendous opportunities present in the form
of core growth and efficiency improvement.
- The dominant road transport sector in
- At present over 60% of container
freight traffic entering or leaving
- The average time taken to clear import
and export cargo at ports is about 19 days in
- Compared to European countries, rail
transportation in
- World Bank's 2010 report on Logistics
Performance Index ranks
- It is reported that, as a country
- Logistics costs account for 45-55% of
other costs in the pharmaceutical value chain.
- The delay in reaching medicinal drugs
to the market costs companies around US$ 1 million per day in
- Even if
At the
present levels of logistics spends vs GDP, even if
ARSHIYA
INTERNATIONAL'S PERSPECTIVE FOR CAPITALIZING ON
To
make
- Free Trade and Warehousing Zones
(FTWZs)
- To
enable EXIM cargo Consolidation, Value Addition, to allow
- Domestic Distriparks
- For
Domestic cargo value addition and consolidation for Rail transportation to
remove dependency on road
lRail
Infrastructure Solutions
- To
comprise innovative Customized Containers for specific product types, Service
Level agreements on timeline and delivery with Key Performance Indicators
-
State-of-the-art Rail Terminals, at strategic locations across
loading/unloading
and churn
- Integrate Logistics Infrastructure with
Global Logistics, Domestic Supply Chain Management and Information
Technology (IT)
-
Global ocean and air logistics, domestic forward and reverse supply chain
management with ownership on reduction of working capital and product
visibility and control, through technology
SUBJECT:
‘Integrated Supply Chain and Logistics Infrastructure Solutions’
With
its 10-years legacy in the logistics industry, servicing over 1,200 customers,
Arshiya has a vision to reduce India's 'last mile' logistics and supply chain
cost from 14% to 9%, thus targeting the absolute inefficiency of US$ 50 billion
in the country. It leverages Arshiya's unique competency of combining 'Soft
Infrastructure' such as asset-light 3PL, 4PL services, with innovative 'Hard
Infrastructure' such as Free Trade and Warehousing Zones, Rail Infrastructure
and Domestic Distriparks, integrated through customized IT solutions.
With
an investment outlay of US$1.5 billion over the first phase, Arshiya will be
the industry pioneer in development and operations of state-of-the-art logistics
infrastructure solutions across strategic locations in
- 5 FTWZs – Rail Connected, Planned
Pan-India Spanning:
- WEST
: 165-acres in
-
NORTH: 135-acres park in Khurja, UP - near
- CENTRAL:
110-acres in
-
SOUTH: To be announced in FY11
-
EAST: To be announced in FY12
- 5 Domestic Distriparks - Planned
Pan-India, Complementing the FTWZ Network
-
130-acres adjoining the FTWZ in Khurja, UP near
-
Others following the FTWZ footprint pan-India
- 75-Train Rail Infrastructure Operations
Pan-India
-
Providing customized solutions to marquee customers with long term contracts.
-
Inducted 10 trains in FY10, since Arshiya Rail Infrastructure’s operational
inception in February 2009.
-
Pan-India Rail Terminal Network complementing each FTWZ, Domestic Distriparks
and Rail Operations and thus accelerating cargo distribution through
aggregation.
v
The first of which being a 50-acre Rail
Terminal in Khurja, UP near
ARSHIYA’S
FREE TRADE AND WAREHOUSING ZONE: ‘the game changer in FY11’
The FTWZ
regulatory framework will give
With
FTWZs the country will be able to leverage ‘Soft Infrastructure’ such as
skilled manpower, cost competitiveness, regulatory framework, IT connectivity,
as well as 'Hard Infrastructure' such as dedicated state-of-the-art mega
logistics parks, rail connectivity and world class supply chain management
services. Immediate benefits that the economy will see through FTWZ are as
below:
- Broaden the scope of India’s economy
from its present Manufacturing-and-Service-centric model, to include
Trading, Warehousing, Value Additions and Consolidations, thus opening the
market for more investments which were directed to neighbouring Asian and
Middle East economies, due to lack of infrastructure setup in India.
- Boost
- Each zone will directly employ in
excess of 5,000 people and will indirectly create employment for over
10,000 people in terms of development of surrounding economy and
facilitating the growth of support services industry.
Overall
Arshiya’s FTWZ is a state-of-the-art integrated logistics infrastructure, with
Rail Terminal connectivity, Integrated Inland Container Depot (ICD) / Container
Yard (CY) infrastructure, 24-hour uninterrupted water and power supply
(inclusive of 100% backup), facilities including common essential services
(Insurance, Banking, Travel, Courier etc.), Business Centre, Exhibition Centre,
Fuel Stations, Security Services, Cafeteria Facilities, all of which will
facilitate ease of trade.
UNIQUE
BENEFITS OF FTWZS: 'imports, exports, re-exports and value addition'
- Importing
products into the FTWZ will allow companies the flexibility of
end-distribution in
- Services like
value addition (packaging, re-packaging, labelling, etc.) and other
services (including procurement of materials for the purpose of value
addition) availed by companies inside FTWZ will be exempt from local taxes
and they will also enjoy income tax exemptions on re-export of imported
products.
- Products from
- A FTWZ will
allow companies to consolidate, value-add and conduct quality control on
these products before end distribution world-wide, thus increasing supply
chain efficiencies (forward and reverse) while enhancing capital cash
flow; all contributing to reducing cost of sourced products.
- Ability to
leverage
- 24/7 Customs
clearance for the first time in
- Quality
control capability prior to duty-payment and hassle-free re-exports.
- Local Tax
Exemption (e.g. CST, Sales Tax, Excise and VAT).
- Service tax
exemption on all activities conducted inside the FTWZ including rentals
and labour.
- Ability to
conduct business in free currency.
ARSHIYA
RAIL INFRASTRUCTURE – 'FY10 and Beyond'
Arshiya’s
strategy with the container rail business is to capitalize on the untapped
domestic opportunity by partnering with the Indian Railways in increasing
market share for rail in the Indian freight transportation system. As
background, the Indian freight transport system currently carries approximately
2.8 billion MT; of which the road transport system has 60 -65%, rail 30-32% and
coastal shipping 6-7% market share. With demand expected to grow considerably
over the next decade, it is imperative for
- Investing in
the creation of the required rolling stock (total of 75 rakes, with the
induction of 30 trains in Phase 1) in order to acquire dedicated business
from large corporations
- Making phased
investments in private railway terminal infrastructure at strategic
locations across the country
- Invest in
customized containers that can carry heavy and light cargo, thus adding
value to Arshiya's customers
- Provide and
integrate a total end-to-end logistics solution along with its rail
offering including Supply Chain, Freight Forwarding and IT solution
capability.
Adding
to the 10 trains and strategic Rail Terminals already operational in FY10,
Arshiya Rail Infrastructure intends to strengthen its Rail Terminal footprint
with the beginning of operations of its key Rail Terminal siding in Khurja.
This Rail terminal will be connected to the company’s FTWZ and Domestic
Distripark in Khurja, UP that also falls along the Western and Eastern Freight
Corridors – providing Arshiya Rail Infrastructure the unique opportunity to
provide Rail connectivity for its captive EXIM and Domestic Cargo. Along with
its already strong domestic cargo movement business which will continue to
expand, Arshiya Rail Infrastructure stands well positioned to capitalize on the
movement across Arshiya’s hubs to re-enforce its position as the strongest
private container rail operator in the country. It anticipates to take its
total strength to 25 - 30 trains in FY11.
ARSHIYA'S
CORE BUSINESSES LEVERAGING FROM THE INFRASTRUCTURE (FTWZ, RAIL and DOMESTIC
DISTRIPARK) INVESTMENTS
– 'The
true value and game changer'
As
Arshiya International continues its investments into creating innovative
logistics infrastructure, it creates a stronger positioning for its core supply
chain, freight forwarding and IT services portfolio – all getting a captive
customer base to offer its tried and tested service offerings. The Arshiya
Logistics and Supply Chain businesses are asset-light servicing in excess of
1,200 customers on a standalone basis that will now offer core logistics and
supply chain support for customers of its infrastructure solutions of FTWZ,
Domestic Distriparks and Rail Infrastructure to bring about a seamless, and
first of its kind, end-to-end integrated supply chain and logistics
infrastructure solutions capability in India. With the recovery of global
economies, expansion of the Rail Infrastructure business and launch of the
FTWZs, Arshiya stands at a unique position to capitalize on a truly phenomenal
market opportunity. Towards strengthening its integrated offering to its customers,
while remaining focused on its key priorities, Arshiya has entered into an
agreement with aurionPro Solutions Limited for the sale of marketing rights
along with all existing customers and hosting infrastructure in FY10. Under the
deal, in addition to a cash payment and percentage of license sale, Arshiya
will continue to own the product suite for its integrated operations enabling
Arshiya to continuously enhance the platform and bring in global best practices
to the benefit as we will be getting all product updates at no cost.
THE
YEAR
As the
global economy recovered in 2009-10, from the downturn in previous year,
- Arshiya Rail
Infrastructure added 10 rakes since operational inception in Feb, 2009
Khurja FTWZ (near Delhi) notification was secured along with financial
tie-ups Formal approval received for Nagpur FTWZ from the Ministry of
Commerce and notification process is in progress For Domestic Distripark
in Khurja financial tie-ups was secured Arshiya was honoured with
prestigious awards for its contribution to the logistics industry in
India:
- Face
of the Year - Express Logistics and Supply Chain Awards,
-
Visionary of the Year - Supply Chain Asia
-
Supply Chain Innovation - Supply Chain Asia
-
Logistics Company of the Year - Maritime
-
Employer of the Year - Indira Group of Institutes, Pune for creating employment
for the youth
Financial
highlights 2009-10 – Based on standalone Financials
- Total income
increased by 6.07% from Rs. 2667.500 millions in 2008-09 to Rs. 2829.400
millions in 2009-10
- EBIDTA
decreased by 3.25% from Rs. 304.300 millions in 2008-09 to Rs. 294.400
millions in 2009-10
- EBIDTA margin
decreased from 11.87% in 2008-09 to 10.76% in 2009-10
- Net Profits
decreased by 16.69% from Rs. 184.900 millions in 2008-09 to Rs. 154.000
millions in 2009-10
- Net Profit margins decreased from 7.21% in 2008-09 to 5.63% in
2009-10
THE
PERFORMANCE REVIEW
Despite
the difficult economic conditions world over, the Company has performed
remarkably well registering consolidated revenues of Rs. 5258.900 millions as
against Rs. 5033.800 millions for FY09. Even with sharp drops in freight rates,
Arshiya has been able to leverage the integrated services to grow volumes of
the core businesses. Arshiya has negotiated the economic downturn successfully
by securing full financial closure of Rs. 26280.000 millions for the first phase
of its FTWZs, Rail and Domestic Distripark projects which includes:
- Rs. 5330.000
millions for the Phase 1 of its FTWZ in
- Rs. 4210.000
millions for the Phase 1 of its FTWZ in Khurja, UP (
- Rs. 4920.000
millions for the Phase 1 of its FTWZ in
- Rs. 6260.000
millions for the Phase 1 of its Rail Infrastructure Operations
- Rs. 5560.000
millions for the Phase 1 of its Domestic Distripark in Khurja, UP (
Arshiya’s
first FTWZ in Mumbai (Panvel –
THE
YEAR THAT WILL FOLLOW
Arshiya
International in the upcoming year will focus on operational efficiencies and
service excellence. The management team
alone holds over 250 man years of combined experience within the industry. As
they move forward, they plan to draw upon this experience, while leveraging the
unique competencies of providing soft and hard logistics infrastructure, with
customised IT solutions. Arshiya's Rail Infrastructure, FTWZs and Domestic
Distriparks will provide unprecedented efficiency in movement, storage and
handling of products. The 3PL and 4PL services will provide logistics solutions
globally. Combined, these integrated services will maximize the yield per
customer and differentiate Arshiya as the only end-to-end logistics provider
with true capability to service any business needs.
ORGANIZATIONAL
CULTURE: 'continuous improvement and development of intellectual capital'
Arshiya
actively focuses on creating an organization which nurtures continuous
improvement and innovation in management practices. Due to the fragmented
nature of this industry, Arshiya acknowledges and understands substantial
challenges in attracting young and seasoned professionals. They recognize the
need of this industry to attract best-in-class talent from other industries. At
Arshiya, they aim to recruit developing talent across leading management
colleges, universities and enroll them as management trainees across various
functions, thus giving them a platform to acquire the necessary skill sets
required to excel.
Arshiya
has recently hired 64 Management Trainees from 23 top educational institutions
across
The
Company has adequate internal control systems and procedures in place
commensurate with the size and nature of the business. The effectiveness of the
internal controls is continuously monitored by the Internal Auditors of the
Company.
The
Company has a well defined system of management reporting and periodic review
of businesses to ensure timely decision making. The Internal Auditor’s main
objective is to provide to the Audit Committee and the Board of Directors, an
independent, objective and reasonable assurance of the adequacy and
effectiveness of the organisation’s risk management, control and governance
processes. The Internal Auditor also assesses opportunities for improvement in
business processes, systems and controls and may provide recommendations,
designed to add value to the organisation, and also follows up on the
implementation of corrective actions and improvements in business processes
after review by the Audit Committee and Senior Management.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30.09.2010
Rs. In Millions
|
Particulars |
Quarter ended 30.09.2010 (Unaudited) |
Half year ended 30.09.2010 (Unaudited) |
|
Net Sales / Income from Operations |
1062.523 |
1989.510 |
|
Total Operating Income |
1062.523 |
1989.510 |
|
Expenditure |
|
|
|
(a) Purchase (Trading) / Cost of Operations |
857.995 |
1613.435 |
|
(b) Employees Cost |
50.597 |
100.599 |
|
(c) Depreciation |
9.575 |
17.699 |
|
(d) Other Expenditure |
66.270 |
120.926 |
|
Total Expenditure |
984.437 |
1852.659 |
|
Profit From Operations before other Income Interest & Exceptional Items |
78.085 |
136.851 |
|
Other Income |
41.922 |
75.577 |
|
Profit before Interest and Exceptional items |
120.008 |
212.428 |
|
Interest |
38.008 |
60.220 |
|
Profit after interest before Exceptional items |
82.000 |
152.208 |
|
Exceptional Items |
- |
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
82.000 |
152.208 |
|
Tax Expense |
25.171 |
49.036 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
56.829 |
103.172 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
56.829 |
103.172 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
117.506 |
117.506 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
EPS before and after Extraordinary Items (not annualized) |
|
|
|
-Basic |
0.97 |
1.70 |
|
-Diluted |
0.97 |
1.70 |
|
Public Share Holding |
|
|
|
- Number of Shares |
32378576 |
32378576 |
|
- Percentage of shareholding |
55.11 |
55.11 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
4977000 |
4977000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
18.87 |
18.87 |
|
- Percentage of shares(as a % of the total share capital of the company) |
8.47 |
8.47 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
21398248 |
21398248 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
81.13 |
81.13 |
|
- Percentage of Share (as a % of the total share capital of the company) |
36.42 |
36.42 |
UNAUDITED STANDALONE SEGMENTWISE REPORT FOR
THE QUARTER / HALF YEAR ENDED 30.09.2010
Rs. In Millions
|
Sr. No. |
Particulars |
Quarter ended 30.09.2010 (Unaudited) |
Half year ended 30.09.2010 (Unaudited) |
|
1 |
Segment Revenue |
|
|
|
|
Logistics |
1062.253 |
1989.510 |
|
|
Free trade warehousing zones / distripark |
- |
- |
|
|
Software |
- |
- |
|
|
Unallocated |
- |
- |
|
|
Total |
1062.253 |
1989.510 |
|
2 |
Segment results |
|
|
|
|
Profit before tax and interest |
|
|
|
|
Logistics |
175.078 |
324.810 |
|
|
Free trade warehousing zones / distripark |
- |
- |
|
|
Software |
- |
- |
|
|
Unallocated |
(55.070) |
(112.382) |
|
|
Total |
120.008 |
212.428 |
|
|
Less: Interest |
38.008 |
60.220 |
|
|
Profit before
tax |
82.000 |
152.208 |
|
3 |
Capital
employed |
|
|
|
|
Logistics |
311.973 |
311.973 |
|
|
Free trade warehousing zones / distripark |
1871.234 |
1871.234 |
|
|
Unallocated |
2888.360 |
2888.360 |
|
|
Total |
5071.567 |
5071.567 |
STATEMENT OF ASSETS AND LIABILITIES AS AT
30.09.2010 (UNAUDITED)
Rs. In Millions
|
Particulars |
Standalone Half year ended 30.09.2010 (Unaudited) |
|
Shareholders
funds: |
|
|
a) Capital |
117.506 |
|
b) Reserves and surplus |
4942.222 |
|
c) Employee stock option |
11.839 |
|
Total Net Worth |
5071.567 |
|
Loan Fund |
5608.916 |
|
Total |
10680.483 |
|
Fixed Assets |
7308.800 |
|
Investment |
1134.909 |
|
Deffered Tax Assets (Net) |
2.536 |
|
Current Assets,
Loans and Advances |
|
|
a) Sundry Debtors |
601.501 |
|
b) Cash and Bank Balances |
1199.986 |
|
c) Loans and Advances |
3161.096 |
|
Less: Current
Liabilities and Provisions |
|
|
a) Liabilities |
2634.735 |
|
b) Provisions |
93.520 |
|
Total |
10680.483 |
Notes to
Standalone Results:
1) The above Unaudited Financial Results for the quarter ended 30.09.2010 have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 15.11.2010.
2) The Statutory Auditors of the company have carried out limited review of the Standalone Unaudited Financial Results for the quarter ended 30.09.2010.
3) Investor complaints for the quarter ended 30.09.2010: Beginning-Nil; Received-Two; Disposed off-Two; Pending-Nil.
4) The previous period/year figures have been regrouped /re-arranged, wherever necessary.
FIXED ASSETS
- Building
- Leasehold
Improvements
- Furniture and
Fixtures
- Computers
- Vehicles
- Office
Equipments
Contingent
liability not provided for in respect of:
(i) Disputed income tax demands – Rs. 6.610 millions (Rs. 21.968
millions).
(ii) Claims against the Company not acknowledged as debts – Rs. 29.702
millions (Rs. 15.542 millions).
(iii) Guarantees issued by banks on behalf of the Company – Rs. Nil (Rs.
0.100 million).
(iv) Guarantees given to banks in respect of loan facilities granted to
wholly owned subsidiaries of the company
– Rs. 4358.800 millions (Rs. 608.800 millions)
(v) Amount outstanding towards Letters of Credit given to bank – Rs.
642.814 millions (Rs. 544.341 millions)
website details:-
Profile:
Subject, a flagship company
of the Arshiya Group, is a listed entity on the Bombay Stock Exchange (Stock
Code: 506074) and National Stock Exchange (Stock Code: Arshiya). Subject is an integrated
supply chain and logistics infrastructure solutions provider headquartered in
Arshiya is a combination of the following strategically integrated
logistics verticals: Free Trade and Warehousing Zones (FTWZs), Rail
Infrastructure, Domestic Distripark, Logistics, Supply Chain Management, and
Information Technology. These verticals enable unparalleled operational
expertise and solution capability across the entire supply chain spectrum.
Arshiya has been accorded the status of “Star Export House” in accordance with
the provisions of the Foreign Trade Policy.
The company has the following key business entities:
Responsible for the implementation and operation of Free Trade and
Warehousing Zones (FTWZs)
Designed to provide pan-India rail freight operations and rail terminal
facilities
Located as strategic hubs for warehousing and domestic rail
consolidation across
Provides logistics solutions including end-to-end freight management and
transportation services in over 150 + countries world-wide
Arshiya Supply Chain Management –
Provides end-to-end supply and demand chain solutions
Arshiya Handling and Transportation –
Focus on providing world class handling and transportation
infrastructure and services
Provides software solutions for supply chain management and business
process outsourcing
Arshiya’s FTWZ –
The Game Changer
One of Arshiya’s biggest achievement has been the development of
Along with FTWZs, the company is also investing in the development of
rail infrastructure to provide pan-India rail freight operations, building Rail
terminals in strategic locations across
partners
· BDP International
· Mustafa Sultan enterprises
· The keihin Company Limited
· Intergroup
award
and appreciation
AMCHAM presents Award of Appreciation to Subject
US Ambassador to
Award of Appreciation
“Best Supplier Award" for outstanding
contribution in Logistics in 2006-07
In the "Annual Supplier Partner Meeting
in 2007" BDP India was presented with the “Best Supplier
Award" for outstanding contribution in Logistics in 2006-07 by M/S Carrier
Airconditioning and Refrigeration Limited .
Best Supplier Award
Certificate of Best Supplier Award
Best Supplier Award
Note of Appreciation for Cyberlog Technologies
International from it’s client BDP International.
In a “Note of Appreciation”, Mr. Michael Loup–Chief Information Officer and Mr. Brian Gallagher–Director, Global Integration from BDP International have acknowledged the significant contributions made by Cyberlog Technologies International’s Onshore and Offshore team to BDP and its client.
Note of Appreciation
BDP
Membership Certificate
BDP Dubai LLC gets the
prestigious membership of NAFL (National Association Of Freight and Logistics)
UAE.
Note of Appreciation for BDP Gulf from it’s client
The 3D Company FZ-LLC
CSA Air Export Partner Vision Award Presented
to BDP
BDP International every year gives BDP Partner Vision Awards. This year, one hundred and twenty (120) BDP Partner Vision Awards were presented. BDP Houston presented the CSA Air Export Partner Vision Award to BDP India - Chennai Office.
press releases
Arshiya International Q2FY11 Revenue at Rs. 1950.000
Millions, up by 64% Net Profit jumps 44%
Mumbai – 15.11.2010: Arshiya International Limited. (BSE:
506074 and NSE: Arshiya), an Indian supply chain and logistics infrastructure
solutions company, announces a strong set of Q2FY11 numbers with consolidated
total revenue of Rs. 1950.000 millions against Rs. 1180.000 millions in the
corresponding quarter (Q2FY10), registering an increase of 64%.
Consolidated EBIDTA for the current quarter is Rs. 330.000
millions as against Rs. 200.000 millions in the corresponding quarter last
year, registering a 65% increase. Consolidated Net Profit for the quarter also
increased 38% to Rs. 18 millions up from Rs. 130.000 millions in the
corresponding quarter of last year.
For H1FY11 consolidated total revenue is Rs. 3720.000
millions as against Rs. 2190.000 millions in the corresponding period last
year, registering a growth of 70%. The EBITDA for H1FY11 is Rs. 620.000
millions as against Rs. 370.000 millions in the corresponding period last year,
registering a 64% increase; while consolidated net profit is Rs. 350.000
millions as against Rs. 250.000 millions, an increase of 36% over the same
period last year.
Arshiya Rail Infrastructure - Arshiya’s subsidiary operated
14 trains generating revenues of approximately Rs. 40 millions during the
second quarter of FY11.
Commenting on the results Mr. Ajay S Mittal – Group Chairman
and Managing Director of Arshiya International Limited said, “With Arshiya
launching
About
Arshiya International Limited:
Arshiya International Limited (AIL), is a flagship company
of the Arshiya Group Listed on the Bombay Stock Exchange (Stock Code: 506074)
and National Stock Exchange (Stock Code: Arshiya) and is an
The company has following key business entities and
subsidiaries:
- Arshiya FTWZ - Involved in implementation and operation of Free
Trade and Warehousing Zones (FTWZs)
- Arshiya Rail Infrastructure - Designed to provide pan-India rail
freight operations and providing rail terminal facilities
- Arshiya Domestic Distripark - Providing strategic hub warehousing
for domestic rail consolidation
- Arshiya Logistics - Provides logistics solutions including
end-to-end freight management and transportation services in over 150+
countries world-wide
- Arshiya Supply Chain Management – Provides end-to-end supply and
demand chain solutions
- Arshiya Technology – Provides software solutions for supply chain
management and business process outsourcing
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.44.81 |
|
|
1 |
Rs.69.28 |
|
Euro |
1 |
Rs.59.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.