MIRA
INFORM REPORT
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Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ALLCARGO LOGISTICS LIMITED (w.e.f. 29.07.2011) |
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Formerly Known
As : |
ALLCARGO GLOBAL LOGISTICS LIMITED |
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Registered
Office : |
6th Floor, Avashya House, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.08.1993 |
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Com. Reg. No.: |
11-073508 |
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Capital
Investment / Paid-up Capital : |
Rs.252.800
Millions |
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CIN No.: [Company Identification
No.] |
L63010MH2004PLC073508 |
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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 is engaged in providing integrated logistics solutions and
offers specialized logistics services across Multimodal Transport Operations,
Inland Container Depot and Container Freight Station Operations and Project
and Engineering Solutions. |
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No. of Employees
: |
1318 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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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 47005000 |
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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 part of the Allcargo Group. It is a well-established and reputed company having a fine track
record. Financial position of the company appears to be sound. directors are reported to be
experienced and respectable businessmen. 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. NOTE: Company has
changed its accounting year from 15 months period ended 31st March
2012 to 12 months period ended 31st March 2013. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
AA- [Long Term] |
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Rating Explanation |
High credit quality and low credit risk. |
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Date |
11.11.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
A1+ [Short Term] |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
11.11.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
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Name : |
Mr. Nitin Agarwal |
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Designation : |
VP Finance Department |
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Contact No.: |
91-22-26675830 |
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Date : |
12.12.2013 |
LOCATIONS
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Registered Office : |
6th Floor, Avashya House, |
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Tel. No.: |
91-22-26675830 |
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Fax No.: |
91-22-66798195 |
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E-Mail : |
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Website : |
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Head / Corporate Office : |
5th
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Tel. No.: |
91-22-66798100 |
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Fax No.: |
91-22-66798195 |
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Branch Office : |
Located At: · Mumbai · Uran · Ahmedabad · Bangalore · Chennai · Cochin · Kolkata · Gurgaon · New Delhi · Tuticorin · Pune · Vadodara · Kanpur · Navi Mumbai · Ludhiana · Jaipur · Nagpur · Hyderabad · Panvel · Goa · Jodhpur |
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Container Freight Stations : |
Located At: ·
Raigad ·
Chennai ·
Kutch ·
Gautam Budh Nagar ·
Pithampur |
DIRECTORS
AS ON 31.03.2013
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Name : |
Mr. Shashi Kiran Shetty |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Akhilesh Gupta |
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Designation : |
Non-Executive Director |
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Name : |
Mr. M.P. Bansal |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Keki Elavia |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Kaiwan Kalyaniwalla |
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Designation : |
Non-Executive Independent Director |
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Name : |
Ms. Arathi Shetty |
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Designation : |
Director |
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Name : |
Mr. Hari Mundra |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Umesh Shetty |
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Designation : |
Whole Time Director |
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Name : |
Mr. Adarsh Hegde |
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Designation : |
Promoter Executive Director |
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Name : |
Mr. J. Ramachandran |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Shailesh Dholakia |
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Designation : |
Company Secretary |
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SENIOR
MANAGEMENT TEAM |
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Corporate Think Tank : |
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Name : |
Mr. Shashi Kiran Shetty |
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Designation : |
Chairman and Managing Director |
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Name : |
Mrs. Arathi Shetty |
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Designation : |
Executive Director (upto 31.03.2012) |
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Name : |
Mr. Adarsh Hegde |
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Designation : |
Executive Director |
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Name : |
Mr. Umesh Shetty |
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Designation : |
Executive Director |
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Name : |
Mr. P.P. Shetty |
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Designation : |
HR Advisor |
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Group Functional Leaders : |
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Name : |
Mr. S. Suryanarayanan |
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Designation : |
Director - Finance (Group) |
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Name : |
Mr. C. Michael Fernandes |
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Designation : |
Director - Human Resources (Group) |
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Name : |
Mr. Jatin Chokshi |
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Designation : |
Group Chief Investment Officer |
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Name : |
Mr. Hrushikesh Joshi |
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Designation : |
Group Chief Information Officer |
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Name : |
Mr. Mukundan K.V. |
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Designation : |
Chief Assurance and Risk Executive |
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Business Leaders : |
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Name : |
Mr. Kris De Witte |
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Designation : |
Managing Director - |
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Name : |
Mr. Marc Stoffelen |
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Designation : |
Chief Executive Officer - ECU |
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Name : |
Mr. Deepal Shah |
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Designation : |
Chief Executive Officer - Hindustan Cargo Limited |
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Name : |
Mr. Armin Kalyaniwalla |
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Designation : |
Chief Executive Officer - Project Division |
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Name : |
Mr. Simon Bajada |
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Designation : |
RCEO - North and West Europe, |
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Name : |
Mr. Tim Tudor |
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Designation : |
RCEO - |
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Name : |
Mr. Mike Dye |
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Designation : |
RCEO - |
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Name : |
Ms. Shantha Martin |
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Designation : |
RCEO - ISC and |
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Name : |
Capt. Ashok Kumar Shrivastava |
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Designation : |
Chief Executive Officer - Shipping Division |
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Name : |
Mr. Ajay Rao |
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Designation : |
President - Strategy and BD (Warehousing and 3PL Division) |
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Name : |
Mr. Pramod Kokate |
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Designation : |
Senior Vice President - CFS/ICD (Sales and Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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|
87320900 |
69.07 |
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3813125 |
3.02 |
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|
3813125 |
3.02 |
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|
91134025 |
72.09 |
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Total shareholding of Promoter and Promoter Group (A) |
91134025 |
72.09 |
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(B) Public Shareholding |
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387 |
0.00 |
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196289 |
0.16 |
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14938891 |
11.82 |
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|
15135567 |
11.97 |
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|
521820 |
0.41 |
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|
1890317 |
1.50 |
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|
712076 |
0.56 |
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17022448 |
13.47 |
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|
33241 |
0.03 |
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|
114569 |
0.09 |
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|
16735400 |
13.24 |
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67528 |
0.05 |
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71710 |
0.06 |
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|
20146661 |
15.94 |
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Total Public shareholding (B) |
35282228 |
27.91 |
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Total (A)+(B) |
126416253 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
126416253 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
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No. of Shares
held |
As a % of |
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1 |
Shashi Kiran Shetty |
8,16,23,390 |
64.57 |
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2 |
Shashi Kiran Shetty as trustee for Shloka Shetty Trust |
38,13,125 |
3.02 |
|
3 |
Arathi Shetty |
37,59,720 |
2.97 |
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4 |
Umesh Kumar Shetty |
9,50,770 |
0.75 |
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5 |
Adarsh Hegde |
9,50,770 |
0.75 |
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6 |
Shubhashini Shetty |
10,875 |
0.01 |
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7 |
Asha Shetty |
10,875 |
0.01 |
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8 |
Shobha Shetty |
10,875 |
0.01 |
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9 |
Usha Shetty |
3,625 |
0.00 |
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TOTAL |
9,11,34,025 |
72.09 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
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No. of Shares
held |
As a % of |
|
|
|
|
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1 |
Blackstone GPV Capital Partners Mauritius V-A Limited |
5593035 |
4.42 |
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2 |
Blackstone GPV Capital Partners Mauritius V-K Limited |
5577255 |
4.41 |
|
3 |
Blackstone GPV Capital Partners Mauritius V-L Limited |
4792105 |
3.79 |
|
4 |
New Vernon Private Equity Limited |
3757425 |
2.97 |
|
5 |
Acacia Partners I P |
3420000 |
2.71 |
|
6 |
Blackstone GPV Capital Partners Mauritius V-M Limited |
2297145 |
1.82 |
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7 |
Acacia Institutional Partners LP |
2160000 |
1.71 |
|
8 |
Acacia Conservation Fund LP |
1842000 |
1.46 |
|
9 |
Acacia Banyan Partners |
1440000 |
1.14 |
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TOTAL |
30878965 |
24.43 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC”
AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
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|
No. of Shares
held |
As a % of |
|
|
|
|
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|
1 |
Blackstone GPV Capital Partners Mauritius V A Limited along with
Persons Acting in Concert (PAC) |
18708975 |
14.80 |
|
2 |
Acacia Partners LP along with Persons Acting in Concert (PAC) |
9096000 |
7.20 |
|
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TOTAL |
27804975 |
21.99 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing integrated logistics solutions and offers
specialized logistics services across Multimodal Transport Operations, Inland
Container Depot and Container Freight Station Operations and Project and
Engineering Solutions. |
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Services: |
Shipping |
GENERAL INFORMATION
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No. of Employees : |
1318 (Approximately) |
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Bankers : |
· Axis Bank Limited, Fort, Mumbai, Maharashtra, India · HDFC Bank Limited, Fort, Mumbai, Maharashtra, India · Yes Bank Limited, Lower Parel, Mumbai, Maharashtra, India · Citibank NA · DBS Bank Limited · Hong Kong and Shanghai Banking Corporation Limited · ING Vysya Bank Limited · Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name 1 : |
Appan and Lokhandwala Associates Chartered Accountants |
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Address : |
402, Shiv-Ahish, plot
No.10, 19th Road, Chembur, Mumbai – 400 071, |
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Name 2 : |
B.S.R. and Company Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalaxmi, Mumbai – 400 011, |
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Internal Auditor : |
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Name: |
Mr. Mukundan K.V. |
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Solicitors and Legal Advisors: |
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Name: |
Maneksha and Sethna Solicitors, Advocates and Notary |
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Address: |
8, Ambalal Doshi Marg, |
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Subsidiaries : |
·
Hindustan Cargo Limited ·
Contech Transport Services Private Limited ·
Ecu Line (India) Private Limited ·
Allcargo Shipping Company Private Limited ·
South Asia Terminals Private Limited ·
Southern Terminals and Trading Private Limited ·
AGL Warehousing Private Limited ·
Allcargo Logistics Park Private Limited ·
Ecu International (Asia) Private Limited ·
Comptech Solutions Private Limited ·
Amfin Consulting Private Limited ·
Transindia Logistic Park Private Limited ·
MHTC Logistics Private Limited ·
Combi Line Indian Agencies Private Limited ·
HC Logistics Limited ·
Credo Shipping Agencies (I) Private Limited ·
Ecu Line Abu Dhabi LLC ·
Ecu-Line Algerie sarl ·
Ecu Logistics SA ·
Ecu-Line Australia Pty. Limited ·
Ecuhold NV ·
Allcargo Belgium N.V. ·
Ecubro N.V. ·
Ecu International N.V. ·
Ecu-Tech BVBA ·
Ecu-Line N.V. ·
Ecu-Logistics N.V. ·
AGL N.V ·
HCL Logistics nv ·
Ecu Global Services NV ·
Ecu Logistics do Brasil Ltd.a ·
Flamingo Line do Brazil Ltd.a ·
Ecu Line Bulgaria EOOD ·
Ecu-Line Canada Inc. ·
Ecu Line Chile S.A. ·
Cargo Freight Station S.A. ·
Flamingo Line Chile S.A ·
Ecu Line Guangzhou Limited ·
Ecu Line De Colombia S.A. ·
Conecli International S.A. ·
Ecu Line Middleeast LLC ·
Eurocentre FZCO ·
Ecu Line Del Ecuador S.A. ·
Flamingo Line Del Ecuador S.A. ·
Ecu Line Egypt Limited ·
Flamingo Line El Salvador SA de CV ·
Ecu-Line Germany GmbH ·
ELWA (Ghana) Limited ·
Flamingo Line Guatemala S.A. ·
Ecu-Line Hong Kong Limited ·
Ecu International Far East Limited ·
Ecu Line Italia srl ·
Ecu Line Cote d’lvoire Sarl ·
Ecu Line Japan Limited ·
Jordan Gulf for Freight Services ·
Ecu Line Kenya Limited ·
Ecu Shipping Logistic (K) Limited ·
Ecu-Line (Johar Bahora) Sdn Bhd ·
Ecu-Line Malta Limited ·
aEcu-Line (Indian Ocean Islands) Limited ·
Ecu Line Meditterranean Limited ·
CELM Logistics S.A. De C.V. ·
Ecu Logistics de Mexico SA de CV ·
Ecu Line Maroc S.A. ·
Ecu-Line Rotterdam BV ·
Ecu Line NZ Limited ·
Ecu-Line de Panama S.A. ·
Ecu-Line Paraguay S.A. ·
Ecu-Line Peru S.A. ·
Flamingo Line Peru S.A ·
Ecu Line Philippines Inc. ·
Ecu-Line Polska Sp. z.o.o. ·
Ecu Line Doha W.L.L. ·
Ecu-Line Romania SRL ·
Rotterdam Freight Station BV ·
Ecu Line Singapore Pte. Limited ·
Ecu Line South Africa (Pty.) Limited ·
Ecu Line Spain S.L. ·
Mediterranean Cargo Centers S.L. ·
Ecu Line (Thailand) Co.Limited ·
Société Ecu-Line Tunisie Sarl ·
Ecu Uluslarasi Tas. Ve Ticaret Limited Sti. ·
Ecu-Line UK Limited ·
Deolix SA ·
DLC ·
ELV Multimodal C.A. ·
Administradora House Line C.A. ·
Consolidadora Ecu Line CA ·
Ecu-Line Vietnam Co., Limited ·
Ecu Line Zimbabwe (Pty.) Limited ·
Ecu Line China Limited ·
Eurocentre Milan SRL ·
Ecu Line Switzerland GMBH ·
Guldary s.a. ·
S.H.E. Maritime Services Limited ·
CCC Limited ·
Star Express Company Limited ·
CCS Shipping Limited ·
CCSS Limited ·
Ecu Line Lanka (Pvt.) Limited ·
PT Eka Consol Utama Line ·
Ecu Line Czeche s.r.o ·
Ecu Line Hungary Kft ·
Translogistik International Spedition GmbH ·
European Customs Brokers N.V. ·
Contech Transport Services (Private) Limited ·
Ecu-Line Saudi Arabia LLC ·
Asia Line Limited ·
Ocean House Limited |
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Associates : |
·
Transworld Logistics and Shipping Services Inc. ·
Sealand Warehousing Private Limited (w.e.f 21
June 2012) ·
Gujarat Integrated Maritime Complex Private
Limited (w.e.f 21 June 2012) |
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Joint Venture : |
·
Sealand Warehousing Private Limited (ceased to be
Joint Venturer w.e.f 20 June 2012) ·
Gujarat Integrated Maritime Complex Private Limited
(ceased to be Joint Venturer w.e.f 20 June 2012) |
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Other Related Parties : |
·
Allcargo Movers (Bombay) Private Limited ·
Allcargo Shipping Services Private Limited ·
Allnet Infotech Private Limited ·
Alltrans Logistics Private Limited ·
Alltrans Port Management Private Limited ·
Avadh Marketing LLP ·
Avash Builders And Infrastructure Private Limited ·
Avash Logistic Park Private Limited (upto 20 June
2012) ·
Avashya Corproation Private Limited ·
Avashya Enterprises Private Limited ·
Avashya Holdings Private Limited ·
Contech Estate LLP ·
India Tourist And Heritage Village Private
Limited (upto 20 June 2012) ·
Indport Maritime Agencies Private Limited ·
Jupiter Precious Gems and Jewellery Private
Limited (formerly Jupiter Machines Private Limited) ·
N.R. Holdings Private Limited ·
Panna Estates Private Limited (Converted into
Panna Estates LLP w.e.f 01 December 2011) ·
Poorn Estates Private Limited ·
Prominent Estate Holdings Private Limited ·
Sealand Crane Private Limited ·
Sealand Ports Private Limited (upto 20 June 2012) ·
SKS Netgate LLP ·
SKS Realty LLP ·
SKS Ventures Private Limited ·
Talentos (India) Private Limited ·
Talentos Entertainment Private Limited ·
Transindia Freight Private Limited ·
Transindia Freight Services Private Limited ·
Sealand Holdings Private Limited ·
Meridien Tradeplace Private Limited ·
Poorn Buildcon Private Limited ·
Beyond Properties Private Limited ·
Panna Infracon Projects LLP V. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
126410873 |
Equity Shares |
Rs.2/- each |
Rs.252.800
Millions |
NOTES:
RIGHTS, PREFERENCES
AND RESTRICTIONS ATTACHED TO EQUITY SHARES:
The Company has a
single class of equity shares. Accordingly, all equity shares rank equally with
regard to dividends and share in the company’s residual assets. The equity
shares are entitled to receive dividend as declared from time to time. During
the year ended March 31, 2013, the Company has proposed final dividend of Rs.
1.50 per equity share (2012: dividend of Rs. 1.50 per equity share including
interim dividend of Re.1.00 per equity share).The voting rights of an equity
shareholder on a poll (not on show of hands) are in proportion to its share of
the paid-up equity capital of the Company.
On winding up of
the Company, the holders of equity shares will be entitled to receive the
residual assets of the
Company, remaining after distribution of all preferential amounts in
proportion to the number of equity shares held.
EMPLOYEE STOCK
OPTIONS:
Terms attached to
stock options granted to employees are described in note 45 regarding employee
share based payments.
PARTICULARS OF SHAREHOLDERS HOLDING MORE THAN 5% OF A CLASS OF SHARES
|
NAME OF EQUITY SHAREHOLDERS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
% OF TOTAL
SHARES IN THE CLASS |
|
Equity shares of
Rs. 2 each fully paid-up held by- - Mr. Shashi Kiran Shetty |
81623390 |
64.57 |
SHARES RESERVED FOR ISSUE UNDER OPTIONS AND CONTRACTS/ COMMITMENTS FOR
SALE OF SHARES/DISINVESTMENT
|
NAME OF EQUITY SHAREHOLDERS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
Under Allcargo
Employee Stock Option plan 2006 (at an exercise price of Rs.2 per equity
share) (2013: Rs. 0.060 Million) |
30000 |
-- |
AGGREGATE NUMBER
OF BONUS SHARES ISSUED, SHARES ISSUED FOR CONSIDERATION OTHER THAN CASH AND SHARES
BOUGHT BACK DURING THE PERIOD OF FIVE YEARS IMMEDIATELY PRECEDING THE REPORTING
DATE:
DURING THE
FIVE-YEAR PERIOD ENDED MARCH 31, 2013 (MARCH 31, 2012)
(i) 19,767
(previous period: 19,767) equity shares of Rs. 2 each , fully paid up have been
allotted as bonus shares by capitalization of general reserve and securities
premium account.
(ii) 91,850
(previous period: 91,850) equity shares of Rs. 2 each under Employee Stock
Option Plans for which only exercise price has been recovered in cash.
(iii) During the
year, the Company has bought back and extinguished 4,136,449 equity shares at
an average price of Rs.139.69 per equity share for an aggregate amount of Rs.
581.700 Millions.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
252.800 |
261.100 |
|
(b) Reserves & Surplus |
|
11498.600 |
11140.200 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
11751.400 |
11401.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
2082.900 |
3788.400 |
|
(b) Deferred tax liabilities (Net) |
|
975.600 |
848.300 |
|
(c) Other long
term liabilities |
|
20.500 |
25.700 |
|
(d) long-term
provisions |
|
33.300 |
24.400 |
|
Total Non-current
Liabilities (3) |
|
3112.300 |
4686.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
383.200 |
670.800 |
|
(b)
Trade payables |
|
851.500 |
798.200 |
|
(c)
Other current liabilities |
|
3543.600 |
1927.600 |
|
(d) Short-term
provisions |
|
333.300 |
186.900 |
|
Total Current
Liabilities (4) |
|
5111.600 |
3583.500 |
|
|
|
|
|
|
TOTAL |
|
19975.300 |
19671.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
9801.600 |
9616.600 |
|
(ii)
Intangible Assets |
|
30.600 |
26.900 |
|
(iii)
Capital work-in-progress |
|
112.800 |
419.100 |
|
(iv) Intangible assets under development |
|
15.500 |
13.200 |
|
(b) Non-current
Investments |
|
3996.100 |
3591.800 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2343.500 |
2031.300 |
|
(e) Other Non-current
assets |
|
21.500 |
22.800 |
|
Total Non-Current
Assets |
|
16321.600 |
15721.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
901.500 |
383.200 |
|
(b)
Inventories |
|
89.700 |
110.400 |
|
(c)
Trade receivables |
|
1496.300 |
1313.200 |
|
(d) Cash
and cash equivalents |
|
96.000 |
51.200 |
|
(e)
Short-term loans and advances |
|
561.200 |
1400.200 |
|
(f)
Other current assets |
|
509.000 |
691.700 |
|
Total
Current Assets |
|
3653.700 |
3949.900 |
|
|
|
|
|
|
TOTAL |
|
19975.300 |
19671.600 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
261.034 |
|
|
2] Share Application Money Pending Allotment |
|
|
0.019 |
|
|
3] Reserves & Surplus |
|
|
9516.836 |
|
|
4] Employees’ Stock Option Outstanding |
|
|
12.299 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
9790.188 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2472.521 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
2472.521 |
|
|
DEFERRED TAX LIABILITIES |
|
|
484.262 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12746.971 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
6420.775 |
|
|
Capital work-in-progress ((including Capital Advances) |
|
|
474.557 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1790.714 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
63.291
|
|
|
Sundry Debtors |
|
|
939.859
|
|
|
Unbilled Revenue / Interest Accrued on Investment |
|
|
83.462
|
|
|
Cash & Bank Balances |
|
|
135.111
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
4586.364
|
|
Total
Current Assets |
|
|
5808.087 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1132.170 |
|
|
Other Current Liabilities |
|
|
121.312
|
|
|
Provisions |
|
|
493.680
|
|
Total
Current Liabilities |
|
|
1747.162 |
|
|
Net Current Assets |
|
|
4060.925
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12746.971 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10186.400 |
10950.200 |
7018.038 |
|
|
|
Other Income |
636.900 |
365.500 |
285.871 |
|
|
|
TOTAL (A) |
10823.300 |
11315.700 |
7303.909 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of services rendered |
6376.600 |
5969.700 |
|
|
|
|
Employee benefits expense |
767.300 |
814.600 |
5319.581 |
|
|
|
Other expenses |
961.700 |
930.900 |
|
|
|
|
TOTAL (B) |
8105.600 |
7715.200 |
5319.581 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2717.700 |
3600.500 |
1984.328 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
267.300 |
505.500 |
133.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2450.400 |
3095.000 |
1851.111 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1167.600 |
890.400 |
402.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1282.800 |
2204.600 |
1448.671 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
127.300 |
364.000 |
237.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1155.500 |
1840.600 |
1211.259 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4621.900 |
3193.900 |
2442.364 |
|
|
|
|
|
|
|
|
|
|
PROFIT FROM DEMERGED ENTITY |
NA |
NA |
123.807 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
115.600 |
185.000 |
125.000 |
|
|
|
Interim Dividend |
0.000 |
130.500 |
68.090 |
|
|
|
Tax on Interim Dividend |
0.000 |
21.200 |
11.320 |
|
|
|
Proposed Dividend |
188.300 |
65.300 |
326.323 |
|
|
|
Tax on Dividend |
32.000 |
10.600 |
52.938 |
|
|
BALANCE CARRIED
TO THE B/S |
5433.200 |
4621.900 |
3193.759 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Multi-Modal Transport Operations |
787.200 |
1028.900 |
175.473 |
|
|
|
Project & Engineering Solutions |
187.100 |
79.600 |
83.415 |
|
|
|
Third Party Logistics |
2.900 |
0.000 |
0.000 |
|
|
|
Business Support Charges |
49.300 |
39.400 |
22.497 |
|
|
|
Management Fees |
10.500 |
12.300 |
9.035 |
|
|
TOTAL EARNINGS |
1037.000 |
1160.200 |
290.420 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
9.500 |
35.600 |
4.521 |
|
|
|
Capital Goods |
257.300 |
2666.500 |
2539.252 |
|
|
TOTAL IMPORTS |
266.800 |
2702.100 |
2543.773 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
9.00 |
14.10 |
9.40 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2373.700 |
2456.800 |
|
Total Expenditure |
|
1901.500 |
2020.900 |
|
PBIDT (Excl OI) |
|
472.200 |
435.900 |
|
Other Income |
|
109.600 |
89.900 |
|
Operating Profit |
|
581.800 |
525.800 |
|
Interest |
|
60.900 |
55.700 |
|
PBDT |
|
520.900 |
470.100 |
|
Depreciation |
|
244.800 |
224.900 |
|
Profit Before Tax |
|
276.100 |
245.200 |
|
Tax |
|
78.700 |
69.100 |
|
Profit After Tax |
|
197.400 |
176.100 |
|
Net Profit |
|
197.400 |
176.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
|
PAT / Total Income |
(%) |
10.67
|
16.27 |
16.58
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.59
|
20.13 |
20.64
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.09
|
14.09 |
11.85
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.19 |
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21
|
0.39 |
0.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71
|
1.10 |
3.32
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
|
|
RS. IN MILLIONS |
||
|
|
|
||
|
Current maturities of long-term borrowings |
2250.000 |
1130.700 |
NA |
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10440699 |
31/07/2013 |
3,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA,
INDIA |
B81171324 |
|
2 |
10435201 |
28/06/2013 |
7,515,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B78908258 |
|
3 |
10435626 |
15/06/2013 |
1,000,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, ANDHERI 102, NATRAJ, 1 |
B79095378 |
|
4 |
10416330 |
05/02/2013 |
3,228,232.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA,
INDIA |
B72174832 |
|
5 |
10396322 |
15/12/2012 |
14,926,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA,
INDIA |
B65655987 |
|
6 |
10390628 |
01/12/2012 |
25,500,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B63595961 |
|
7 |
10391723 |
29/11/2012 |
15,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA,
INDIA |
B64031743 |
|
8 |
10386229 |
08/11/2012 |
7,032,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA,
INDIA |
B62006259 |
|
9 |
10383716 |
25/10/2012 |
16,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA,
INDIA |
B61001756 |
|
10 |
10383714 |
18/10/2012 |
2,755,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA,
INDIA |
B61001012 |
|
* Date of charge
modification |
||||||
REVIEW OF
OPERATIONS:
The year was
challenging and opportunistic for the Company as macroeconomic environment continued
to remain unstable and volatile and slow down of the Indian as well as global
economy. In-spite of all odds and adversities, the Company has achieved the
growth which is grossly attributable to Company’s customer-centric approach and
its ability to innovate customer specific solutions, focus on pricing and
aggressive marketing strategy, disciplined project executions, focused
management approach, prudent financial and human resources management and
ensuring better control over cost. Overall, the company is on a strong growth
path and its efforts to improve efficiency, productivity and profitability will
improve overall returns. Members are requested to refer Management Discussion
and Analysis Report annexed to this report for detailed segment wise performance.
AMALGAMATION OF
MHTC LOGISTICS PRIVATE LIMITED:
The Board of
Directors at its meeting held on February 14, 2012 had approved de-merger of
the Project Division of MHTC Logistics Private Limited, the wholly owned subsidiary
of the Company, in favour of the Company effective from April 01, 2012, subject
to necessary approvals of the stake holders and the Hon’ble Bombay High Court.
However, the Board of Directors of the Company at its meeting held on August 7,
2012 reconsidered its earlier decision of de-merger and approved amalgamation
of MHTC Logistics Private Limited with the Company effective from April 01,
2012 (“The Appointed Date”), subject to obtaining necessary approvals of the
stake holders and the Hon’ble Bombay High Court.
The Company has
obtained the approval of the Members to the Scheme of Arrangement at the Court
convened general meeting held on February 25, 2013. Pending the approvals of
the Hon’ble Bombay High Court and other statutory and regulatory authorities,
the effect of the Scheme of Arrangement has not been given in the audited
financial statements for the year.
The year was very
special for the Company as it has received many awards and recognitions for the
significant contribution made by the Company in development and growth of the
logistic industry.
·
Mr. Shashi Kiran Shetty, the Chairman and Managing
Director of the Company, felicitated as the Global Indian Maritime Personality
by Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA); Hall of
Fame for being the First Indian Global Forwarder by FFFAI; Crowned as the News
Maker of the Year - MALA Awards 2012
·
“Most Well Diversified Business Enterprise” – Citi
Commercial Bank and Economic Times.
·
LCL CONSOLIDATOR OF THE YEAR AWARD at the South
East CEO Conclave and Awards 2012
·
Winner of HEAVY LIFT Mover of the YEAR 2012 – MALA
Awards 2012
·
Outstanding Contribution in Logistics
(Infrastructure Category) Award by EPC World Awards 2012
·
Freight Forwarder of the Year- Project Cargo award
at 4th CONquEST 2013.
·
Allcargo Shipping Co. Pvt. Ltd, the wholly owned
subsidiary of the Company, adjudged ‘Best Shipping Line of the Year – Break
Bulk Operator’ at the Gujarat Star Awards
·
“Leadership and Innovation” category award by
International Women Leadership Forum (IWLF) Award to Ms. Shantha Martin
(Individual capacity)
The Company
believes that winning of such recognitions was due to the hard work, passion
and spirit of team work of the employees and thoughtful leaders, whose novel
thinking and innovative approach have led them to attain excellence in their
field. These awards are a testimony to the commitment to the stakeholders of
the Company and seamless integrated logistics solutions.
MANAGEMENT
DISCUSSION AND ANALYSIS:
ECONOMIC OVERVIEW
Four years after
the eruption of the global financial crisis, the world economy is still
struggling to recover. During 2012, global economic growth weakened further. A
growing number of developed economies fell into a double-dip recession. Those
in severe sovereign debt distress moved even deeper into recession, caught in
the downward spiraling dynamics from high unemployment, weak aggregate demand
compounded by fiscal austerity, high public debt burdens, and financial sector
fragility. Growth in the major developing countries and economies in transition
has also decelerated notably, reflecting both external vulnerabilities and
domestic challenges. The prospects for the next two years continue to be
challenging, fraught with major uncertainties and risks slanted towards the
downside. The UN has forecasted a growth of World Gross Product (WGP) of 2.4
per cent in 2013 and 3.2 per cent in 2014.
India is likely to
remain one of the faster-growing nations in the world, although the expected
pace takes a step back from the very high growth rates achieved in the late
2000s. The year 2012 has been challenging for the Indian economy. Growth fell
to 5.4 percent during the first half of 2012 – 13 because of adverse external
factors especially recession in the Euro zone and a weak recovery of the US
economy and internal unfavorable domestic environment with delayed monsoons and
lack of policy reforms. With the global economy continuing to grow at such a
muted pace, India’s growth will be largely shaped by domestic factors.
The UN expects
India to grow at a 6.4 per cent pace in 2013, outpacing the 6 per cent
expansion in developing Asia-Pacific economies in the same period. The Reserve
Bank of India (RBI) sees a modest pick-up in economic activity in 2013-14,
pegging the GDP growth rate at 5.7 per cent. The central bank’s outlook is
significantly lower than the finance ministry’s forecast of 6.1 to 6.7 per cent
growth. In its annual monetary policy review for 2013 – 14, RBI has assessed
that activity will remain subdued during the first half of this year with a
modest pick-up in the second half.
Further, the
central bank expects inflation to hover broadly around the 5.5 per cent mark in
the current fiscal and will deploy “all instruments at command” to bring it
down to 5 per cent by March next year. India’s headline inflation in March fell
to its lowest in more than three years at 5.96 per cent, but the consumer price
index remained elevated at 10.39 per cent. For India to outperform the
projected economic growth, a focused thrust on improvement of domestic factors
is absolutely critical. Key issues need to be addressed are investment in
infrastructure, focus on high-end manufacturing, increase the investment in
bio-technology and bring in agricultural land reforms that will help farmers
with small holdings get greater access to credit, energy reforms addressing the
power shortage in the country, education amongst many others. The government to
a large extent, has started to take steps to address this. One of the steps
that the government has taken is the continued focus on infrastructure
development in the country. Healthy infrastructure spending holds the key to
facilitating economic growth in India. Hence given the importance of
infrastructure for growth, the 12th Plan period has pegged the investment in
infrastructure at US$ 1 trillion.
AWARDS AND
RECOGNITIONS DURING THE YEAR:
• Awarded the
“Logistics Innovator of the Year” by the Chartered Institute of Logistics and
Transport
• Awarded the
“Freight Forwarder of the Year- Project Cargo” by Conquest 2013
• Awarded the
“Global Indian Maritime Personality” Award by The Maharashtra Chamber of
Commerce, Industry and Agriculture
• Won the MALA
Award in the ‘Heavy Lift Mover of the Year 2012’ category. MALA is a
distinguished Maritime and logistics award platform that honors the dignitaries
of the logistics industry. Allcargo has been proud recipient of MALA awards for
3 years in a row
• Awarded the
“Most Well Diversified Business Enterprise” by Citi Commercial Bank and Economic
Times
• Mr. Shashi Kiran
Shetty, CMD, was awarded the ‘News Maker of the Year’ award – MALA Awards 2012
• Mr. Shashi Kiran
Shetty, CMD, was honored with the “Global Indian Maritime Personality” Award
OUTLOOK:
The economy is likely
to expand by more than 5.0 percent in FY2013. Although the slowing momentum of
economic growth may have bottomed out in the third quarter of FY2013, even a
substantial pickup in the last quarter of the fiscal year is unlikely to lift
the growth rate of real GDP at factor cost much beyond 5.0 percent given the
weakness observed over the previous three quarters. Together with a modest
improvement in investment and some strengthening in the global economic
activity, signs point to a gradual recovery in growth ahead.
Over the long
term, India’s prospects remain very bright. Notwithstanding the current
slowdown in economic growth, India’s long-term prospects remain highly
favorable. India possesses the fundamentals to grow at sustained high rates
over the next several decades on the strengths of its demographic transition,
high savings and investment rates, rising educational attainments, and
increasing agglomeration effects (urbanization and growth of secondary cities).
India is entering
demographic transition much later than many other developing countries, and
will still be a relatively young nation twenty years from now even as its
dependency ratio declines to 49 percent in 2030 from 56 percent today. Even as
economic activity fell to a decade-low pace this year, investment rates did not
decline much below 30 percent; combined with the demographic dynamics and a
rising age-savings profile, India is likely to generate significant volumes of
savings and investment over the coming years.
The average schooling
of the working age population will increase by at least a full year even with
no further improvements in the educational attainment of today’s youth (i.e.,
simply due to the fact that younger cohorts are better educated) and could rise
much faster if further progress is achieved on the education agenda. The
proportion of population living in urban areas is expected to rise to 40
percent in 2030 from around 30 percent today, reinforcing productivity-boosting
agglomeration effects.
Combined, these
effects are likely to form the foundations of India’s strong growth for decades
to come.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
|
|
Rs. In Millions |
|
|
a. Disputed liabilities in Appeal |
|
|
|
Income Tax |
672.900 |
672.900 |
|
Customs |
18.100 |
18.300 |
|
Service Tax |
113.800 |
114.200 |
|
b. Claims against the Company, not acknowledged as debts |
13.200 |
55.200 |
|
c. Corporate Guarantees given by the Company on behalf of its
subsidiaries |
1813.900 |
2322.700 |
|
d. Bank guarantees |
796.000 |
812.900 |
|
TOTAL
|
3427.900 |
3996.200 |
FIXED ASSETS:
Tangible Assets
· Freehold Land
· leasehold Land
· Building
· Plant and Machinery
· Heavy Equipments
· Vehicles - Others
· Office Equipments – Computers
· Furniture and Fixtures
· Leasehold Improvements
Intangible Assets
· Software packages
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 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 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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.