MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRANSPORT CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered Office
: |
Q No.306/307, 3rd Floor, 1-8-271-273 and 301, Ashok Bhoopal
SP Road, Secunderabad-500003, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.01.1995 |
|
|
|
|
Com. Reg. No.: |
01-019116 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 145.177 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L70109AP1995PLC019116 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDT00628F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT7966R |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. Company’s Shares are Listed to the
Stock Exchange |
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|
|
|
Line of Business
: |
Subject is engaged with Transport, Shipping and Logistics Services |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 126000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
General financial position is good. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Q No.306/307, 3rd Floor, 1-8-271-273 and 301, Ashok Bhoopal
SP Road, Secunderabad-500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27840104 |
|
Fax No.: |
91-40-27840163 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
TCI House, 69 Institutional Area, Sector- 32, Gurgaon-122 207,
Haryana, India |
|
Tel. No.: |
91-124-2381603 / 07 |
|
Fax No.: |
91-124-2381611 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. S. M. Datta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. D. P. Agarwal |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr. S. N. Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. S. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. O. Swaminatha Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. V. Raghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vineet Agarwal |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Chander Agarwal |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. M.P. Sarawagi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Prabhakar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A.K. Bansal |
|
Designation : |
Group CFO and Company Secre |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Category of
Shareholder |
No. of Shares |
% of total No.
of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
16,193,962 |
22.27 |
|
Bodies Corporate |
33,994,634 |
46.75 |
|
Sub Total |
50,188,596 |
69.02 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
50,188,596 |
69.02 |
|
|
|
|
|
(1) Institutions |
|
|
|
|
500 |
- |
|
Financial Institutions / Banks |
23,430 |
0.03 |
|
Foreign Institutional Investors |
4,778,391 |
6.57 |
|
Sub Total |
4,802,321 |
6.6 |
|
|
|
|
|
Bodies Corporate |
3,055,659 |
4.2 |
|
Individuals |
|
|
|
Individual shareholders holding nominal
share capital up to Rs. 0.100 millions |
8,245,112 |
11.34 |
|
|
1,731,735 |
2.38 |
|
Any Others
(Specify) |
4,691,767 |
6.45 |
|
Non Resident Indians |
1,354,933 |
1.86 |
|
Overseas Corporate Bodies |
2,030,965 |
2.79 |
|
|
7,494 |
0.01 |
|
Hindu Undivided Families |
1,298,375 |
1.79 |
|
Sub Total |
17,724,273 |
24.37 |
|
Total Public
shareholding (B) |
22,526,594 |
30.98 |
|
Total (A)+(B) |
72,715,190 |
100 |
|
|
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
(2) Public |
- |
- |
|
Total
(A)+(B)+(C) |
72,715,190 |
- |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged with Transport, Shipping and Logistics Services |
|
|
|
|
Products : |
Transport, Shipping and Logistics Services |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Wind Mill Project |
MWH |
11.50 |
|
Generation of Energy |
Units |
15772466 |
|
Sale of Energy |
Units |
15772466 |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India Limited ·
HDFC Bank Limited ·
HSBC (Hongkong and Shanghai Banking Corporation
Limited) ·
Citi Bank N.A. ·
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Statutory Auditors : |
|
|
Name : |
R. S. Agarwala and Company Chartered Accountant |
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|
|
|
Associates : |
·
TCI Global Logistics Limited ·
Bhoruka Finance Corporation of India Limited ·
TCI Industries Limited ·
Bhoruka International Private Limited ·
TCI Airways Private Limited ·
TCI Properties (Guj) – Partnership firm ·
TCI Properties (Delhi) – Partnership firm ·
TCI Developers Limited ·
TCI Properties (West) Limited ·
TCI Exim Private Limited ·
XPS Cargo Services Limited ·
Etralog.com Solutions Limited ·
TCI India Limited ·
TCI Warehousing (MH) – Partnership firm ·
TCI Properties (South) – Partnership firm ·
TCI Properties (NCR) – Partnership firm ·
TCI Infrastructure Limited |
|
|
|
|
Subsidiaries : |
·
PT TCI Global, Indonesia ·
TCI Global (Thailand) Company Limited, Thailand ·
TCI Global Pte Limited, Singapore ·
TCI Global (Sanghai) Company Limited, China ·
TCI Holdings Asia Pacific Pte. Limited, Singapore ·
TCI Global Netherlands B.V., Netherlands ·
TCI Scan Denmark ApS, Denmark ·
TCI Global Holdings (Mauritius) Limited,
Mauritius ·
TCI Distribution Centres Limited ·
TCI Properties (Pune) Limited ·
Infinite Logistics Solutions Private Limited ·
TCI Global (HKG) Limited, Hong Kong ·
TCI Developers Limited (previous year) ·
TCI Global Logistik Gmbh, Germany ·
Transport Co of India (Mauritius) Limited, Mauritius ·
TCI Express Pte. Limited, Singapore ·
TCI Global (Malaysia) Sdn Bhd, Malaysia ·
TCI Global Brazil Logistica Limtied, Brazil ·
TCI Holdings Netherlands B.V., Netherlands ·
TCI Infrastructure Limited(previous year) ·
TCI Properties (West) Limited (previous year) |
|
|
|
|
Joint Ventures : |
·
Ann-Sofie Scan ApS, Denmark ·
Transystem Logistics International Private
Limtied |
CAPITAL STRUCTURE
AFTER 27.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 2/- each |
Rs. 200.000 Millions |
|
500000 |
Preference Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital : Rs. 145.430 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 2/- each |
Rs. 200.000 Millions |
|
500000 |
Preference Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
Equity Shares of Rs.2 each fully paid up : |
|
|
|
21,142,285 |
Shares paid in cash |
Rs.2/- each |
Rs. 42.284
Millions |
|
51,446,335 |
Shares allotted for
consideration other than cash as per the Schemes of Arrangement/Amalgamation
duly approved by the Hon'ble Andhra Pradesh High Court |
Rs. 2/- each |
Rs. 102.893
Millions |
|
|
Total |
|
Rs. 145.177 Millions |
Note: During the year 60,375
shares of Rs. 2 each have been issued on vesting of employees' stock
options. The company has granted options
under the Employees' Stock Options Scheme and 315,600 options are outstanding
as on 31st March 2011. Of these 132,400 options, 103,200 options and 80,000
options will vest in the year 2011-12, 2012-13 and 2013-14 respectively.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
145.177 |
145.056 |
145.011 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3007.779 |
3085.067 |
2714.546 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3152.956 |
3230.123 |
2859.557 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2254.496 |
2480.691 |
2223.026 |
|
|
2] Unsecured Loans |
756.826 |
235.656 |
105.993 |
|
|
TOTAL BORROWING |
3011.322 |
2716.347 |
2329.019 |
|
|
DEFERRED TAX LIABILITIES |
309.198 |
292.192 |
283.028 |
|
|
|
|
|
|
|
|
TOTAL |
6473.476 |
6238.662 |
5471.604 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3234.299 |
2943.503 |
2863.463 |
|
|
Capital work-in-progress |
66.782 |
149.403 |
119.341 |
|
|
|
|
|
|
|
|
INVESTMENT |
291.138 |
357.110 |
185.666 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item |
0.000 |
(2.317) |
10.276 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.068
|
8.471 |
9.498 |
|
|
Sundry Debtors |
2994.606
|
2469.069 |
2066.266 |
|
|
Cash & Bank Balances |
98.361
|
205.094 |
106.689 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
800.353
|
1108.831 |
862.850 |
|
Total
Current Assets |
3907.388
|
3791.465 |
3045.303 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
587.688
|
484.936 |
327.666 |
|
|
Other Current Liabilities |
131.059
|
108.458 |
87.902 |
|
|
Provisions |
307.384
|
407.108 |
336.877 |
|
Total
Current Liabilities |
1026.131
|
1000.502 |
752.445 |
|
|
Net Current Assets |
2881.257
|
2790.963 |
2292.858 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6473.476 |
6238.662 |
5471.604 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Freight |
16819.570 |
13767.032 |
12255.194 |
|
|
|
Sales and Services |
758.261 |
739.097 |
724.302 |
|
|
|
Other Income |
20.726 |
40.058 |
64.723 |
|
|
|
TOTAL (A) |
17598.557 |
14546.187 |
13044.219 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Gods Sold |
0.000 |
147.605 |
229.993 |
|
|
|
Operating Expenses |
14369.609 |
11661.866 |
10201.079 |
|
|
|
Personnel Expenses |
795.021 |
718.004 |
674.020 |
|
|
|
Administrative Expenses |
725.166 |
606.874 |
653.782 |
|
|
|
Repairs and Maintenance Expenses |
333.454 |
272.288 |
295.388 |
|
|
|
Exceptional Items |
0.000 |
29.255 |
40.000 |
|
|
|
TOTAL (B) |
16223.250 |
13435.892 |
12094.262 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1375.307 |
1110.295 |
949.957 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
254.229 |
195.610 |
240.677 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1121.078 |
914.685 |
709.280 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
320.594 |
267.631 |
259.827 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
800.484 |
647.054 |
449.453 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
241.406 |
212.564 |
166.033 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
559.078 |
434.490 |
283.420 |
|
|
|
|
|
|
|
|
|
|
Taxes for
Earlier Years |
(45.844) |
(4.680) |
(0.231) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
75.355 |
75.816 |
72.135 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
420.000 |
350.000 |
212.607 |
|
|
|
Interim Dividend paid |
29.036 |
29.011 |
0.000 |
|
|
|
Proposed Dividend |
36.294 |
29.011 |
43.507 |
|
|
|
Tax on Dividend |
10.758 |
9.749 |
7.394 |
|
|
|
Tonnage Tax Reserve |
10.000 |
12.500 |
16.000 |
|
|
BALANCE CARRIED
TO THE B/S |
82.501 |
75.355 |
75.816 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Freight Income |
120.763 |
74.792 |
97.070 |
|
|
|
Interest Income |
0.938 |
0.279 |
0.000 |
|
|
|
Dividend Income |
0.000 |
23.738 |
0.000 |
|
|
|
Others |
0.885 |
0.483 |
7.381 |
|
|
TOTAL EARNINGS |
122.586 |
99.292 |
104.451 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Imported |
6.257 |
8.225 |
1.337 |
|
|
|
Indigenous |
25.930 |
34.067 |
30.994 |
|
|
TOTAL IMPORTS |
32.187 |
42.292 |
32.331 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.07 |
5.93 |
3.91 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
4159.400 |
4529.700 |
|
Total Expenditure |
3815.700 |
4163.300 |
|
PBIDT (Excl OI) |
343.700 |
366.400 |
|
Other Income |
0.800 |
0.900 |
|
Operating Profit |
344.500 |
367.300 |
|
Interest |
69.500 |
86.600 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
275.000 |
280.700 |
|
Depreciation |
87.900 |
86.200 |
|
Profit Before Tax |
187.100 |
194.500 |
|
Tax |
52.700 |
57.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
134.400 |
137.500 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
134.400 |
137.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.18
|
2.99 |
2.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
105.57
|
87.55 |
62.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.21
|
9.61 |
7.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.20 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
1.24 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.81
|
3.79 |
4.05 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
On standalone basis,
the Company posted total revenue of Rs.17,598.5 millions as compared to
Rs.1,456.2 millions in the previous year registering a growth of 20.98% over
the last year. The profits before tax but after exceptional item at a growth of
23.71 % stood at Rs.800.5 millions against Rs.647.1 millions of the last year.
TCI Group, on a
consolidated basis achieved total revenue of Rs.18,567.2 millions during the
year under review against Rs.15,247.2 millions in the previous year.
Consolidated profit before tax but after exceptional items of the group for the
FY 2010-11 was Rs.818 millions while it was Rs.652.2 millions during the
previous year.
The consolidated
financial statements are prepared in compliance with the Accounting Standards
and listing Agreement as prescribed by the SEBI and include financial
information of its subsidiaries and joint venture companies.
INCREASE IN SHARE
CAPITAL
During the year,
we issued 60,375 Equity Shares on the exercise of stock options under Employee
Stock Option Scheme 2006 Part-I and Part -II. Due to this, the outstanding
issued, subscribed and paid up equity share capital stands increased from
Rs.145,056,490 to Rs.145,177,240 as at March 31, 2011.
JOINT VENTURES
Transystem International Private Limited (TLI): TLI is a joint
venture between TCI and Mitsui and Company Limited, which is the sole logistics
partner for Toyota Kirloskar Motors Limited, in India.
Infinite Logistics Solutions Private Limited
(ILSPL): A Joint Venture company with CONCOR for bulk multi-modal logistics
solutions by rail and road.
TCI Ann Sofie Scan ApS: This is a joint
venture between TCI and Scan Trans Denmark, running a single ship based out of
Denmark.
AWARDS AND
ACCOLADES
·
TCI is part of the World Economic Forum’s Community
of Global Growth Companies
·
TCI-SCS named Best Supply Chain Company by ELSCC
for four consecutive years from 2007 to 2010
·
Received the Annual Inc. India 500 Award
Certificate of Excellence for its 329th position among India's 500 best
performing, mid-sized enterprises
·
Received the Amity Corporate Excellence Award for
Logistics Service with highest focus on quality and safety
·
Won the Jamnalal Bajaj Council for Fair Business
Practices in the services Category
·
TCI awarded the Information Week EDGE award for
pioneering in-house development of its Express Management System (EMS)
·
Won the Wockhardt Foundation award for Outstanding
CSR in the Logistics sector
·
Received the Reid and Taylor Award for Effective
Retail Through Supply Chain at Asia Retail Congress
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL LOGISTICS INDUSTRY
The global
logistics industry is estimated at over USD 3.5 trillion. The largest market
(the US) accounts for about a third of the world market.
INDIAN LOGISTICS INDUSTRY
Even as the Indian
logistics industry was catalysed by increased domestic consumption, retail boom
and increase
in trade, the
industry is fragmented. The annual logistics cost in India is estimated at 12
per cent of the GDP, which translates into USD 150 billion size (assuming the
GDP of India to be USD 1.4 trillion).
While outsourced
logistics account for 54 per cent of the total logistics spending in India,
organised players account for a mere 10 per cent share. Road transportation
accounts for the largest portion (60-65 per cent) of the
country’s
logistics spending; 10-15 per cent of operators own a single vehicle and 70
percent of operators own 5-20 trucks; in outsourced warehousing, 92 per cent of
the players are unorganized
CATEGORIES
The Indian logistic
industry is divided across the following categories:
Express cargo: Cost and time
efficiency combined with expected growth in document shipments and high value
products have
created the need for a high-speed express segment using road and air network.
This segment is growing at 15-20 per cent-plus a year.
Warehousing: Warehouses and
cold chains emerged as critical components of supply chain networks in India.
Considerable growth is expected in the area of airport-based warehouses, inland
container depots, freight stations, custom-bonded warehouses, specialized
warehouses and cold storage. As high as 92 per cent (of the overall 433 mn sq.
ft.) of the Indian warehousing industry is unorganised and characterised by
medium to low-quality infrastructure and services.
3PL: A single logistics
service provider manages the entire logistics function for a company. Japan
(80%) accounts for a high proportion of 3PL to the overall logistics activity
compared with India (9%) according to Indiastat Database, KPMG Analysis. Global
sourcing and growing competition among manufacturers have made the material
movement complex, giving rise to third party logistics players. India’s 3PL
market is projected to witness a CAGR of around 26 per cent in 2011-2013,
resulting in a revenue opportunity of nearly USD 4.6 billion by 2013.
Air cargo: India is set to
emerge as a hub for global aviation companies as no other country provides a
360-degree evolution ecosystem. The total air freight traffic increased from
1,959.70 thousand tonnes in 2009-10 to 2,348.36 thousand tonnes in 2010-11.
India’s air cargo movement is expected to grow, owing to rapid international
air cargo traffic growth, fuelled further by a growth in export of gems and
jewellery, special chemicals and high-value pharmaceuticals, among others.
Ocean cargo: The Indian
shipping industry is the backbone of the country’s international trade. With 12
major and 187 minor ports as well as a 7,500-km coastline, ocean freight is an
important economy driver. Container cargo traffic at India’s 12 major
government-owned ports grew in 2010-11, bolstered by strong demand for shipping
raw material and the export of finished goods in the world’s second-fastest
growing economy. The surging Asian and Indian economies containerised vessel
demand in recent years.
Railways: With the
fourth-largest network in the world and a total track length of more than
64,000 kms, the Indian railways catalyse socio-economic growth. On an average,
around 220 km of new lines are added annually in the country. During the year
2011-12, as per the Rail Budget, 1,300 km new lines, 867 km doubling, 1,017 km
gauge conversion are targeted. Rail transportation accounts for more than 30.8
per cent of inland transportation of goods.
Roads: The Indian road network
(over 3.34 million kms) is the second-largest in the world and carries more
than 85 per cent of passenger and 61 per cent of freight traffic. The transport
sector accounts for about 6.4 per cent of
India’s GDP, of
which road transport alone accounts for 4.5 per cent. The size of the road
freight segment is USD 10 billion. As per the World Bank, national highways
aggregating a length of around 70,748 kms, constitute a mere two per cent of
the road network but carries about 40 per cent of India’s total road traffic.
During the financial year 2011-12, about 5,926 kms of the National Highways are
to be improved, along with the construction / rehabilitation of 130 bridges and
10 bypasses at an estimated cost of Rs.1,96,000 million.
GROWTH DRIVERS
The key reasons
for the projected growth in the country’s logistics sector are derived from the
following factors:
·
India ranks as the fourth-most favourable business
destination after China, Central Europe and Western Europe
·
India is the only economy projected to grow at over
5 per cent annually through to 2050
·
India's overall retail sector is expected to grow
at a 10 per cent CAGR to USD 833 billion by 2013 and USD 1.3 trillion by 2018
·
A number of Japanese, French and American
automobile companies have established manufacturing bases in India for onward
export
·
Many foreign players — Wal-Mart, Marks and Spencer
and Carrefour SA, among others — are exhibiting an interest in entering India
·
Indian Railways allocated a Rs.2,300-billion plan
outlay for the Eleventh Five Year Plan including the creation of dedicated
freight corridors for Rs.220 billion
·
The National Maritime Development Programme
envisaged a USD 15 billion investment for infrastructure upgradation at major
ports and a USD 5 billion investment for minor ports
·
India expects to invest USD 60 billion in national
and state highway improvement across ten years
OUTLOOK
A progressive
reduction in logistics spending from 12 per cent of GDP to 5 per cent of GDP will
require a significant investment to improve infrastructure, leading to a
smoother flow of traded goods through roads, railways, shipping ports and
airports. A reduction in logistics costs by even 1per cent of GDP will
translate into savings of over USD 14 billion. A World Bank study states that a
0.5 per cent reduction in logistics costs could potentially lead to a 2 per
cent growth in GDP. The Indian logistics industry is expected to grow at 15-20
per cent annually, reaching revenues worth USD 300-450 billion by 2015. This
growth will result from an expansion in the organised retail, manufacturing and
infrastructure sectors.
DIVISIONAL OVERVIEW ONE
TCI FREIGHT
STRENGTHS
Scale: With over five decades of cargo management
experience in diverse terrains, TCI Freight is India’s leading surface
transport entity with more than 700 company-owned offices across India and 26
transhipment hubs and a very large customer base. The division’s extensive
office network is proximate to diverse raw material sources, manufacturing
plants or downstream customers.
One-stop: This division provides comprehensive
multimodal transport solutions for cargo of any dimension or product segment.
Strong infrastructure: The division
possesses a large and modern fleet for all kinds of cargo movements. For the
FTL (bulk) and LTL (small) cargo movement, the division has containerised
vehicles. For ODC (over dimensional cargo) movement, it owns hydraulic
trailers, prime movers and high bed, semilow bed and low-bed trailers. The division
also responds to unexpected demand spikes through truck outsourcing.
Technologically advanced: The division has
computerised and interconnected offices with its own ERP, supported by
GPS-enabled vehicles.
Wide customer base: The division
addresses the growing need of customers in the FMCG, textiles, engineering,
pharma and chemical sectors, among others.
Customer support: The division offers 24x7 online tracking
and tracing support; a dedicated customer care cell ensures that queries and issues
are addressed effectively and quickly.
OVERVIEW, 2010-11
·
TCI Freight is the dominant revenue contributor of
the TCI Group. The segment’s contribution was 46.01% in 2010-11.
·
Topline grew 12% but bottomline grew by only 6%,
owing to an increase in interest cost by over 38% and increase in depreciation
by over 24% (on account of investment in ODC equipment including axles and
prime movers).
·
The marketing team engaged in market surveys and
mapping, and customer meets were organized every month in different locations.
·
During the year, the focus was on Over Dimensional
Cargos (ODC) and railways.
·
TCI commissioned a weekly dedicated train from
South to North East India (Bengaluru to Guwahati), resulting in a reduction in
average transit time from 10-12 days by road to five days by rail. The result
was TCI’s presence in the rail freight segment for seamless and costeffective
multimodal transportation of cargo.
OUTLOOK
Going ahead, the
thrust of the TCI Freight division will be in the area of ODC business and
railways, an attractive hedge against a fragmented and price-competitive
trucking business. This division expects to grow 10-15%, benefiting from the
organic growth in demand and gradual shift to the organized sector.
TCI XPS
STRENGTHS
Diverse customer
portfolio: The division’s customers are drawn from diverse sectors (electronic
computer peripherals, automobile, engineering, pharmaceuticals, chemicals,
consumer goods and high-value products, among others).
Technologically advanced: The ISO 9001:2008-certified
division utilises GPS-enabled vehicles, online track and trace, e-delivery and
a dedicated customer care centre at all regions.
Strategic location: The division’s
operational backbone comprises 19-strategically located hubs where cargos are
collected, sorted and despatched. The division possesses the capability to
reach or deliver to 13,000 locations across India.
Fast delivery: The division ensures rapid cargo delivery
through a fixed transit schedule, check points every 250 km and across well-connected
routes. Consequently, TCI XPS Air has the ability to deliver to all major
metros within 24 hours, TCI XPS Courier delivers within 24-48 hours and TCI XPS
Surface delivers within 72 hours by road and within 36-72 hours by rail.
Priority Express Service: The division
offers a unique service, backed with a money back guarantee. In Priority
Express Service, shipments are delivered within 24 and 48 hours across 140
destinations in India.
OVERVIEW, 2010-11
·
Grew topline by 19% against the industry growth of
16%; correspondingly, increased its contribution to 26.08% of the Company’s
revenues. Growth was derived from the telecom and engineering goods movement
·
Repeat business constituted over 87% of the
division’s revenue
·
Reduced the credit days (calculated on its credit
business)
·
Centralised collections and payments; implemented
the Sweep In facility which improved cash flow
·
Strengthened its handling systems; introduced the
bar code scanning system, which helped standardize processes and accelerate
workflow
·
Increased training programmes for employees
·
Decentralised the customer care department,
reducing the language barrier between executives and customers
·
Organised customer meets in Class A and B cities,
to increase customer interaction
·
Initiated advertisement campaigns in business
magazines and newspapers to enhance awareness
·
Launched a new priority product backed by a
money-back guarantee scheme wherein freight charge is refunded in the event of
delayed delivery.
OUTLOOK
The Company
foresees the possibility of a difficult year in terms of the industry. The
Company is however optimistic of turning it into a positive year. The major
focus will remain on customer interaction, scaling the bar code system to make
the process faster and error free and become a customer-oriented organisation.
The Company is hopeful of out performing industry growth.
TCI SUPPLY CHAIN SOLUTIONS
STRENGTHS
Service provider for diverse industries: TCI SCS provides
specialised services to critical sectors like auto, retail and consumer
products, hi-tech, telecom, health care and cold chain. Cold Chain Services
include controlled temperature logistics for perishable goods and product
movement across life sciences and healthcare,
dairy, food and
confectionary and speciality chemicals.
Complete services bouquet: TCI SCS offers a
complete range of service offerings from supply chain consultancy, inbound
logistics, warehousing/distribution centre management to outbound logistics.
Strong fleet: The division has a strong customised owned
fleet and attached fleet from dedicated vendors with a high level of tracking
to ensure predictability despite infrastructure constraints prevalent in the
country.
Brand-enhancing clients: TCI-SCS enjoys an
association with brand enhancing clients – Bajaj, General Motors, Hindustan
Unilever, JCB, Tata Motors, Samsung, TAFE and Toyota to name a few.
Professional team management: The strong Key
Account Management (KAM) team is responsible for single-window services. The
division possesses a domain know-how of highly-skilled individuals.
Adequate safety measures: The division
conducts several hazard prevention training programmes in collaboration with
other companies at all TCI fleet centres.
OVERVIEW, 2010-11
·
Reported the highest revenue growth of 59% among
the group’s divisions; profits after tax grew by 77% owing to better operating
practises and scale of operations
·
Focused on improving service quality and stronger
internal systems
·
Organised knowledge-driven workshops and seminars
on supply chain effectiveness
·
Initiated strategies to enhance supply chain
performance; improvised IT systems and linkages for managing 24x7 information
flow between suppliers, customers and intermediaries
·
Increased warehousing space from 8.5 million sq. ft
to 9.1 million sq. ft
·
Faster growth from non auto Verticals
OUTLOOK
The growing need
of large corporates to outsource, and the need for customised solutions will
continue to catalyse growth in this business segment. Focus on other industry
verticals other than auto continues to be a priority for the division.
TCI GLOBAL
STRENGTHS
Single-window advantage: The products are
picked from the customer’s doorstep and delivered across the world. The one-roof
solution comprises the following: customs clearance, international inbound and
outbound freight handling (air and sea), primary and secondary warehousing/
redistribution, third party logistics, multimodal (air, surface and sea)
services as well as heavy, ODC movements and project cargo.
Global presence: TCI Global has offices in India, China,
Singapore, Hong Kong, Indonesia, Malaysia and Thailand.
Diverse product and customer mix: The division
possesses the ability to handle all kinds of cargo (perishable, valuables,
odd-size and general) and products (documents, automobiles, pharmaceuticals,
consumer goods, power equipment, garments, agricultural and non agricultural
goods, among others).
Licensing and certification: The division holds
required licenses to provide end-to-end global logistics solutions. It holds
licenses at eight different ports for custom clearance and is tied up with
agents in over 157 countries worldwide. TCI Global possesses the IATA
certification, ensuring reliable, internationally-benchmarked services.
Client portfolio: The division has a brand enhancing , robust
customer base.
OVERVIEW, 2010-11
·
The division is yet to turn positive though the
quantum of loss has been reduced over the previous financial year.
·
Aimed to tap international customers at a time when
a number of Indian companies were going global
·
Participated in various forums and advertised its
services in international trade directories
·
Forayed into small break bulk shipments, owing to
the increasing demand of single window dealing for all kinds of cargo
transportation services and door-to-door distribution of time-committed, high
value cargo
·
Established a new branch office in Shenzhen (South
China) in addition to existing offices in India, Singapore, Hong Kong,
Indonesia, Thailand, Malaysia and China.
OUTLOOK
The division plans
to extend its services to several other countries in 2011-12, focus on
high-value lanes and attend to projects which facilitate an extension to
different countries. Going ahead, the focus will be on widening vendor
agreements and increasing people strength.
TCI SEAWAYS
STRENGTHS
Dependable: TCI Seaways owns well-equipped ships
catering to coastal cargo requirements to transport container and bulk cargo
from mainland ports to islands and various neighbouring countries along the
East Coast of India.
Services: The division provides ship management,
liner/charter/agency activities, project handing and stevedoring services, thus
providing integrated logistics solutions to any business.
Standards: The division is ISO 9001:2008 certified;
the ships are manned by experienced officers and crew, licensed by the Director
General of Shipping (Government of India) and authorised to trade along the
Indian coast and neighbouring countries; these ships are classed with the
Indian Register of Shipping and maintain strict operational standards.
Diverse cargo handling capability: The Company
transports perishables, food grain, steel, cement, bricks, sand, timber, other
wood products, general goods, defence equipment and vehicles.
Accident-free track record: The division has
maintained accident free operations for 15 years, owing to safety measures
maintained by ship tracking and monitoring systems.
OVERVIEW, 2010-11
·
Grew turnover by 14.31%
·
Operated five domestic ships with a total capacity
of 16,500 DWT
·
Increased container rates to counter fuel price
increase
·
Port Blair was declared as a major port; defence
cargo movement grew, leading to an increase in business from new and existing
customers
·
Enjoyed a presence across routes to Chennai, Port
Blair, Yangoon, Kolkata, Visakhapatnam, Tuticorin, Kakinada, Haldia and
Karaikal
·
Revenues were subdued owing to higher fuel prices
and one ship being sent for dry-docking every quarter
OUTLOOK
The 50:50 JV with
Ann Sofie Scan ApS will be discontinued by July, 2011 and the Company will buy
the related ship operating under the JV. Consequently, capacity will increase
to 20,000 DWT. With new capacities coming in, this division expects to report a
growth of over 20% in 2011-12.
BUSINESS DRIVER
INFORMATION TECHNOLOGY
HIGHLIGHTS, 2010-11
·
Increased IT investments by 50% over the last year.
·
Developed Automail generated reports, a push system
which made it possible to send all reports at the end of the day to respective
mail boxes
·
Implemented barcoding for divisions wherever needed
·
Centralised and automated the payment system,
wherein payments are directly transferred to vendor accounts
·
Trained employees through regular training
programmes on a monthly basis
IMPORTANCE OF INFORMATION TECHNOLOGY
With
internationally-benchmarked multivariate services, operations are consolidated,
improving the overall operational efficiency and decision making. ERP helped
create a central information repository, which led to quicker data processing
and timely provision of standard reports. Interdepartmental information flow is
automated, resulting in faster processing of financial transactions and improved
customer servicing. IT-enabled services resulted in process standardization
across departments and information processing transparency, enabling better
process and data control.
OUTLOOK
The Company will
focus on implementing the barcode system across the Group, starting with
out-scan bar coding in 2011-12. The Company plans data warehousing, which will
help reduce the load on the central server and improve response time. It also
plans to implement a Business Intelligence tool for conducting sophisticated
business modelling and information generation.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30TH
SEPTEMBER 2011
(Rs. in millions)
|
Particular |
Unaudited |
Unaudited |
|
|
Quarter
ended 30.09.2011 |
Half
Year Ended 30.09.2011 |
|
a. Net Sales / Income from Operations |
4526.700 |
8685.800 |
|
b. Other Operating Income |
3.000 |
3.300 |
|
|
|
|
|
Expenditure |
|
|
|
a) (Increase) / Decrease in Stock in Trade and Work In
Process |
-- |
-- |
|
b) Consumption of Raw Materials (Net) |
-- |
-- |
|
c) Purchase of Traded Goods |
-- |
-- |
|
d) Operating Expenses |
3643.700 |
6977.600 |
|
e) Employee Cost |
222.200 |
440.900 |
|
f) Depreciation |
88.200 |
176.100 |
|
g) Other Expenditure |
295.400 |
558.500 |
|
h)
Total Expenditure (a to f) |
4249.50 |
8153.100 |
|
|
|
|
|
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
280.200 |
536.000 |
|
|
|
|
|
Other Income |
0.900 |
1.700 |
|
|
|
|
|
Profit Before Interest and Exceptional Items (3+4) |
281.100 |
537.700 |
|
|
|
|
|
Interest |
86.600 |
156.100 |
|
|
|
|
|
Profit After Interest but before Exceptional Items (5-6) |
194.500 |
381.600 |
|
|
|
|
|
Exceptional Items |
-- |
-- |
|
|
|
|
|
Profit from Ordinary Activities before Tax (7+8) |
194.500 |
381.600 |
|
|
|
|
|
Tax
Expense |
|
|
|
a) Current tax |
57.000 |
109.700 |
|
|
|
|
|
Net Profit from Ordinary Activities after Tax (9-10) |
137.500 |
271.900 |
|
|
|
|
|
Extraordinary Item (net of expense) |
-- |
-- |
|
|
|
|
|
Net Profit for the period (11-12) |
137.500 |
271.900 |
|
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
145.400 |
145.400 |
|
|
|
|
|
Reserves Excluding Revaluation Reserve |
-- |
-- |
|
|
|
|
|
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
1.89 |
3.74 |
|
b) Basic and diluted EPS after extraordinary items |
1.89 |
3.74 |
|
|
|
|
|
Public
Shareholding |
|
|
|
-Number of Shares |
22526594 |
22526594 |
|
- Percentage of Shareholding |
30.98 |
30.98 |
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
50188596 |
50188596 |
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100 |
100 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
69.02 |
69.02 |
Notes:
1.
The above financial results have been reviewed by
Audit Committee and approved by the Board of Directors at its meeting held on 1st
November, 2011.
2.
The Statutory Auditors have undertaken a limited
review of these results.
3.
During the quarter, paid-up Equity Capital of the
Company has increased by Rs. 0.110 Million due to exercise of Rs. 0.055 million
options by Employees under Employees Stock Option Scheme I, II, and III.
4.
Other Expenditure for the Quarter / Half year ended
30th September 2011 includes Rs. 6.400 millions on restatement of
foreign currency loans due on that date.
5.
During the period, TCI Scan Aps, Denmark, wholly
owned subsidiary of the Company’s subsidiary namely TCI Express Pte. Limited,
Singapore, being non operative was liquidated.
6. No Complaints were
received from investors during the quarter, nor there was any complaint pending
at the beginning / end of the quarter.
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2011 |
30.09.2011 |
||
|
|
(Un-audited) |
(Un-audited) |
||
|
1 |
|
Segment Revenue (Net of Excise & Other Taxes) |
|
|
|
|
|
Freight Division |
1972.400 |
3826.000 |
|
|
|
XPS Division |
1220.400 |
2379.600 |
|
|
|
Supply Chain Solution Division |
1070.300 |
1977.800 |
|
|
|
Seaways Division |
232.000 |
447.200 |
|
|
|
Energy Division |
31.100 |
57.100 |
|
|
|
Global Division |
18.400 |
37.500 |
|
|
|
Unallocable and Corporate |
0.600 |
1.300 |
|
|
|
|
|
|
|
|
|
Total |
4545.200 |
8726.500 |
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
14.600 |
35.700 |
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
4530.600 |
8690.800 |
|
|
|
|
|
|
|
2 |
|
Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
|
Freight Division |
46.900 |
91.900 |
|
|
|
XPS Division |
101.900 |
202.100 |
|
|
|
Supply Chain Solution Division |
83.600 |
150.500 |
|
|
|
Seaways Division |
36.000 |
68.600 |
|
|
|
Energy Division |
18.700 |
35.200 |
|
|
|
Global Division |
(6.600) |
(11.900) |
|
|
|
|
|
|
|
|
|
Total |
280.500 |
536.400 |
|
|
|
|
|
|
|
|
|
Less :Interest |
86.600 |
156.100 |
|
|
|
Less : Unallocable Expenses |
(0.600) |
(1.300) |
|
|
|
Net of Unallocable Income |
|
|
|
|
|
Total Profit Before
Tax |
194.500 |
381.600 |
|
|
|
|
|
|
|
3 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
Freight Division |
1632.200 |
163.200 |
|
|
|
XPS Division |
940.800 |
940.800 |
|
|
|
Supply Chain Solution Division |
1384.200 |
1384.200 |
|
|
|
Seaways Division |
901.200 |
901.200 |
|
|
|
Energy Division |
407.000 |
407.000 |
|
|
|
Global Division |
55.600 |
55.600 |
|
|
|
Unallocable and Corporate |
1687.700 |
1687.700 |
|
|
|
Total |
7008.700 |
7008.700 |
STATEMENT OF ASSETS AND
LIABILITIES
(Rs. in millions)
|
SOURCES OF FUNDS |
Half Year Ended 30.09.2011
(Unaudited) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Share Capital |
145.400 |
|
|
2] Share Application Money |
0.000 |
|
|
3] Reserves & Surplus |
3141.100 |
|
|
4] (Accumulated Losses) |
0.000 |
|
|
NETWORTH |
3286.500 |
|
|
LOAN FUNDS |
|
|
|
1] Secured Loans |
2829.500 |
|
|
2] Unsecured Loans |
580.000 |
|
|
TOTAL BORROWING |
3409.500 |
|
|
DEFERRED TAX LIABILITIES |
312.700 |
|
|
|
|
|
|
TOTAL |
7008.700 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
FIXED ASSETS including Capital work-in-progress [Net Block] |
3488.800 |
|
|
|
|
|
|
INVESTMENT |
321.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
24.300 |
|
|
Sundry Debtors |
3180.000 |
|
|
Cash & Bank Balances |
186.400 |
|
|
Other Current Assets |
428.800 |
|
|
Loans & Advances |
595.800 |
|
Total
Current Assets |
4415.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Other Current Liabilities |
921.900 |
|
|
Provisions |
294.500 |
|
Total
Current Liabilities |
1216.400 |
|
|
Net Current Assets |
3198.900 |
|
|
|
|
|
|
TOTAL |
7008.700 |
|
FIXED ASSETS
·
Land
·
Building
·
Ships
·
Motor Trucks
·
Vehicles
·
Plant and Machinery
·
Computers
·
Containers
·
Furniture and Fixtures
·
Equipments
WEB SITE DETAILS
BUSINESS DESCRIPTION
Subject is an
integrated supply chain and logistics solutions provider. The Company operates
in five business divisions: TCI Global, TCI Freight, TCI Seaways, TCI Supply
Chain Solutions and TCI XPS. TCI Global provides global freight forwarding,
custom clearance, express and courier, warehousing, transportation, and supply
chain consultancy. TCI Freight is engaged in providing surface transport
services. TCI XPS is engaged in providing door-to-door service for both
documents, through its surface transport network, air cargo and courier
service. TCI Supply Chain Solutions is a provider of supply chain solutions,
from conceptualizing and designing the logistics network to actual
implementation. TCI Seaways caters to coastal cargo requirements, transporting
container and bulk cargo from islands and ports to neighbouring countries. For
the fiscal year ended 31 March 2010, Transport Corporation of India Limited's
revenues increased 12% to RS15.25B. Net income increased 24% to RS412.7M.
Revenues reflects increased income from Freight Division a rise in other
income. Net income also reflects by decrease in purchase of traded goods,
decrease in provision for depreciation charges, decrease in legal expenditure
and decrease in interest expenses.
MANAGEMENT
SUSIM MUKUL DATTA
Mr. Susim Mukul Datta serves as Non-Executive Independent Chairman of
the Board of Transport Corporation of India Limited with effect from July 22,
2009. Mr. S M Darca has more than 50 years of experience in the engineering and
technology sector. Previously he has served as the Chairman of Hindostan Lever
and all Unilever Group Companies in India and Nepal between 1990-1996. Mr.
Datca Interaha holds various positions in many capacities including as Director
on the Boards of Castrol India, Phillips Electronics India. IL&FS
Investment Managers. BOC India and Zodiac Clothing Company. A Chartered
Engineer, Mr. Darta Is also associated with various management and research
insucutes both in India and abroad.
Education
·
Chemistry, Kolkata University
·
Science and Technology, Kolkata University
D. P. AGARWAL
Mr. D. P. Agarwal serves as Executive Vice Chairman of the Board, Managing
Director of Transport Corporation of India Limited. Mr. Agarwal has been
associated with the transport industry for more than 45 years. He has been
contributing in transforming the unorganised logistics sector Into an organised
one. Mr. Agarwal holds the Directorships of Bhoruka Power Corporation and Jal
Bharat Maruti Lcd, Mr. Agarwal is also associated with various Chambers of
Commerce including CII, FICCI and PHDCCI.
CHANDER AGARWAL
Mr. Chander Agarwal serves as Executive Director of Transport Corporation
of India Limited. Mr. Agarwal has held various finance and management roles in
other group companies like TCI Seaways, TCI XPS etc. His hands-on experience
with Transfreight USA, a 3PL specialising in lean logistics for Toyota Motor
vehicles. USA. has given him unmatched knowledge of the Supply Chain Management
Currently he is spearheading Group TCI’s International expansion
VINEET AGARWAL
Mr. Vineet Agarwal has been appointed as Joint Managing Director,
Executive Director of Transport Corporation of India Limited with effect from
July 28, 2011. He joined the Company In January 1996 and has held various
finance and management roles within the Company In addition to these
responsibilities, Mr. Agarwal Is the Dfrector with Transcorp International and
Chairman in Transystem Logistics International. He has led the Company into
high growth segments like Third Party Logistics and Express Distribution
Services.
Education
·
BS Economics, Carnegie Mellon University
S. N. AGARWAL
Mr. S. N. Agarwal serves as the Non-Executive Director of the Transport
Corporation of India Limited. Mr. Agarwal has over 39 years of experience in
various industries including logistics. Mr. Agarwal also serves as the Chairman
of Bhoruka Gasses Limited and Bhoruka Power Corporation Limited besides being
on the Boards of Kirloskar Electric Company Limited and lruppa Power Private
Limited. He is also a member of the governing body of lIM Bangalore. A magna
cum laude graduate in management from Davenport College of Business. USA, Mr.
Agarwal also holds an Advance Management Program (AMP) certificate from Harvard
Business School. USA.
Education
·
Management, Davenport University
K. S. MEHTA
Mr. K. S. Mehta serves as Independent Non Executive Director of Transport
Corporation of India Limited. Mr. K S Mehta is a Chartered Accountant in
practice. He has approximately 39 years of experience in corporate finance and
restructuring. protect financing, business valuations and tax planning. Mr.
Mehta is the board member of Radico Khaitan. Kotharl Industrial Management
Company, Blue Coast Hotels & Resorts. Ayurvet Lcd, Consafe Mcnulty JV
Limited and Consafe Engineering Services of UK.
R. V. RAGHAVAN
Mr. R. V. Raghavan serves as Independent Non-Executive Director of Transport
Corporation of India Limited. Mr. R V Ragliavan is a professional manager, with
43 years of varied and senior level experience In management in India and
abroad. A Chartered Accountant by background. his career. inter alia. in
Philips, Glaxo and Voltas. of which he was a main Board Director and Chairman
of its publicly traded associates. Wandleside National Conductors, spans over
30 years of exposure to both finance function and general management of
operations.
O. SWAMINATHA
REDDY
Mr. O. Swaminatha Reddy serves as Non-Executive Independent Director of
Transport Corporation of India Limited. Mr. 0 S Reddy has over 57 years of
experience as a financial and management consultant. He is currently the
Chairman of the governing body the Indian Institute of Economics, Hyderabad.
Mr. Reddy is associated with the Boards of Sagar Cements, TCI Finance. Sagar
Power, Surana Telecom among others. I-fee is also a member of the management
committee of Federation of A. P Chamber of Commerce and Industry.
M. P. SARAWAGI
Mr. M. P. Sarawagi serves as Non-Executive Director of Transport
Corporation of India Limited. Mr. M. P. Sarawagi has been associated with the
Company for the past 46 years. He possesses experience In the legal and
commercial aspects of the uansport industry. Mr. Sarawagi also serves the
Boards of Bhoruka Finance Corporation of India. Bhoruka Investments, Orissa
Tyres, Calcutta Goods Transport Association, Ail India Motor Union Congress and
several other cultural associations. He is a Graduate in Law from Calcutta
University.
NEWS
'INDIAN
CEOS CAN MAKE GOOD GLOBAL LEADERS'
14 November 2011
Mumbai,
Nov. 14 -- Successful Indian CEOs, characterised by their "vision,
resilience and ability to look at things through a bi-focal lens, with equal
emphasis on the daily cash balance" could make good global leaders, a top
industry official said Monday.
McKinsey's
director (India) Alok Kshirsagar said though India presently has few such CEOs,
but with the rapidly changing economic environment, their numbers are expected
to rise soon.
He
noted that in the rapidly changing economic world, characterised by greater
interconnectivity, collapse of geographical boundaries, diverse business
environments and work cultures, the CEO's role assumes greater importance than
ever before.
Kshirsagar's
observations came at a session on the "Rise of the Indian CEO" at the
27th India Economic Summit, jointly organized by the Confederation of Indian
Industry (CII) and the World Economic Forum here Monday.
Ingersoll
Rand India chairman and president Venkatesh Valluri said the India of the
1980s, 1990s and the early part of the 2000, was very different and the
challenges faced by the CEOs then were also very different as the approach was
productivity-driven and several industries were at a very nascent stage.
Genpact
India senior vice president Harpreet Duggal said at that time, there were huge
pressures on leadership in the ITeS industry since the industry was at a very
nascent stage.
'There
were no clear policies, available talent, a ready market, or infrastructure in
place. The attributes required of a CEO then were vision, ability, and most
importantly tenacity to drive that vision and turn it into a reality,' Duggal
said.
Other
prominent industry leaders who spoke included Joseph Massey, managing director
and CEO, MCX Stock Exchange Limited, India, Vineet Aggarwal, joint managing
director, Transport Corporation of India; and Phanindra Sama, CEO, Pilani Soft
Labs, India.
TCI TO INVEST RS 400.000 MILLIONS FOR FLEET
ACQUISITION
07 November 2011
India, Nov. 07 -- Logistics major, Transport Corporation of India (TCI)
is planning to invest Rs 400.000 millions in the second half of FY12 to acquire
100 trucks and a ship. The company, with a 1,500-strong truck fleet at present,
will add another 100 vessel, as part of the expansion plan. The company is on
track in terms of its plans as it has already invested Rs 680.000 millions in
the last six months. The company has also adopted a strategy of streamlining,
which entails focusing on profitable businesses, due to the present economic
climate.TCI is India's leading integrated supply chain and logistics solutions
provider and a pioneer in the sphere of cargo transportation. Leveraging on its
extensive infrastructure, strong foundation and skilled manpower, TCI offers
seamless multimodal transportation solutions.
DISCLOSURE UNDER INSIDER TRADING REGULATION
10 October 2011
India, Oct. 10 -- Transport Corporation Of India Limited has submitted
to the Exchange a copy of Disclosure under Regulation 13 of SEBI (Prohibition
of Insider Trading (Amendment) Regulations, 2002.
TRANSPORT CORP OF INDIA TARGETS 20% TOPLINE GROWTH
THIS FY
22 September 2011
MUMBAI,
Sept 22Asia Pulse - Leading integrated supply chain and logistics solutions
provider Transport Corporation of India (TCI, BSE:532349) said it is eyeing up
to 20 per cent growth in revenue this fiscal year and plans to invest Rs
1000.000 millions (US$20.7 million) for expansion.
"Our
business is growing, and looking at the present scenario we are expecting about
15-20 per cent growth in revenue in FY12," TCI Joint Managing Director
Vineet Agarwal said on the sidelines of the India Retail Forum here Wednesday.
The
company is also looking at 20 per cent growth in bottom line this fiscal year,
he added.
TCI's
consolidated net profit for 2010-11 stood at Rs 501.200 millions on a revenue
of Rs 18512.600 millions.
The
group has a network of over 1,000 company-owned offices, 9.1 million sq ft of
warehousing space and a team of over 5,000 employees.
TCI
also plans to invest Rs 1000.000 millions to fuel its expansion plans, which
includes new trucks, ships, warehouses and hub centres, he said.
"We
will use Rs 200.000-250.000 millions to acquire a ship from Denmark, Rs
300.000-450.000millions to buy trucks and Rs 300.000-450.000 millions to set up
hubs," Agarwal said.
The
company will increase its warehousing capacity by half-a-million to 1 million
sq ft this fiscal year. It currently has a warehousing facility of 9.5 million
sq ft, of which 6.5 million sq ft is owned by the firm, he added.
TCI,
which is also present in eight South Asian countries, is also looking at
entering a couple of more countries every year, he said. "We are mainly
looking to foray into those geographies where India is trading with."
Earlier,
Agarwal had said TCI will invest up to Rs 3000.000 millions to develop 20
integrated logistics parks, and commercial and residential properties in the
next three to four years.
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. 51.35 |
|
|
1 |
Rs. 80.97 |
|
Euro |
1 |
Rs. 69.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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.