1. Summary Information
|
|
|
Country |
India |
|
Company Name |
ABG
INFRALOGISTICS LIMITED |
Principal Name 1 |
Mr. Kamlesh Kumar Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Saket Agarwal |
|
|
|
Registration # |
11-031578 |
|
Street Address |
5th Floor, Bhupati Chambers, 13 Mathew Road,
Mumbai - 400 004, Maharashtra, India |
||
|
Established Date |
15.12.1983 |
SIC Code |
-- |
|
Telephone# |
91-22-66563000 |
Business Style 1 |
Service Provider |
|
Fax # |
91-22-23649236 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
- |
|
|
# of employees |
Not Available |
Product Name 2 |
- |
|
Paid up capital |
Rs.
119,669,850/- |
Product Name 3 |
- |
|
Shareholders |
Promoter and Promoter Group - 64.90% Public shareholding - 35.10% |
Banking |
Axis Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
29 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba
(54) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
UK |
ABG Project and Services Limited |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1639,153,000 |
Current Liabilities |
1141,848,000 |
|
Inventories |
0,000 |
Long-term Liabilities |
2045,531,000 |
|
Fixed Assets |
3509,928,000 |
Other Liabilities |
229,892,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3417,271,000 |
|
Invest& other Assets |
638,711,000 |
Retained Earnings |
2250,851,000 |
|
|
|
Net Worth |
2370,521,000 |
|
Total Assets |
5787,792,000 |
Total Liab. & Equity |
5787,792,000 |
|
Total Assets (Previous Year) |
6052,083,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
1457,553,000 |
Net Profit |
110,773,000 |
|
Sales(Previous yr) |
1451,989,000 |
Net Profit(Prev.yr) |
84,227,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABG INFRALOGISTICS LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Bhupati
Chambers, 13 Mathew Road, Opera House, Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.12.1983 |
|
|
|
|
Com. Reg. No.: |
11-031578 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 119.670 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63010MH1983PLC031578 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Subject is operating in Port and Infrastructure facilities, Charter Hire
and Operation of Heavy Duty Cranes, Engineering and Erection activities |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having a good track
record. Financial performance capacity of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of experience promoter, the company can be considered normal
for business dealings at usual trade terms and condition, |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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.
LOCATIONS
|
Registered Office : |
5th Floor, Bhupati Chambers, 13 Mathew Road,
Mumbai - 400 004, Maharashtra, India |
|
Tel. No.: |
91-22-66563000 |
|
Fax No.: |
91-22-23649236 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Kamlesh Kumar Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saket Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B.Com |
|
Experience : |
28 |
|
|
|
|
Name : |
Mr. Haleangadi Panduranga Prabhu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Govindrajpuram Ramasubramanian Gayatrivallabhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravishankar Gopalan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Jagruti Vadhwana |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. C. Babu |
|
Designation : |
Chief Executive Officer |
|
Date of Birth/Age : |
65 Years |
|
Qualification : |
M.Sc. |
|
Experience : |
42 Years |
SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7766947 |
64.90 |
|
|
7766947 |
64.90 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7766947 |
64.90 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
783286 |
6.55 |
|
|
100 |
0.00 |
|
|
533963 |
4.46 |
|
|
1317349 |
11.01 |
|
|
|
|
|
|
415058 |
3.47 |
|
|
|
|
|
|
853965 |
7.14 |
|
|
86280 |
0.72 |
|
|
1527386 |
12.76 |
|
|
8292 |
0.07 |
|
|
18094 |
0.15 |
|
|
1500000 |
12.53 |
|
|
1000 |
0.01 |
|
|
2882689 |
24.09 |
|
Total Public shareholding (B) |
4200038 |
35.10 |
|
Total (A)+(B) |
11966985 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11966985 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
operating in Port and Infrastructure facilities, Charter Hire and Operation
of Heavy Duty Cranes, Engineering and Erection activities |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited ·
Bank of India ·
The Jammu and Kashmir Bank Limited ·
UCO Bank ·
ICICI Bank Limited ·
HDFC Bank Limited ·
YES Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Financial
Institution: |
·
GE Money Financial Services Private Limited · L and T Infrastructure Finance Company Limited · SREI Infrastructure Finance Limited |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Chaturvedi and Company Chartered Accountants |
|
Address : |
24 Atlanta, Nariman Point, Mumbai 400 021, Maharashtra, India |
|
|
|
|
Subsidiaries : |
·
ABG Project and Services Limited - UK ·
ABG Kolkata Container Terminal Private Limited ·
ABG Kandla Container Terminal Limited ·
ABG Ports Private Limited ·
Haldia Bulk Terminals Private Limited ·
ABG-LDA Bulk Handling Private Limited ·
ABG Turnkey Private Limited ·
ABG Container Handling Private Limited ·
ABG-LDA Marine Private Limited ·
Tuticorin Coal Terminal Private Limited ·
West Quay Multiport Private Limited |
|
|
|
|
Companies in which KMP/relatives of KMP can exercise significant
influence: |
·
ABG Shipyard Limited ·
PFS Shipping (India) Limited ·
Tirupati Landmark Private Limited ·
Agbros Leasing and Finance Private Limited ·
Oblique Trading Private Limited ·
South West Port Limited ·
ABG Power Private Limited ·
ABG Cranes Private Limited ·
ABG Cement Limited ·
Tagus Engineering Private Limited ·
Aspen Material Handling Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11966985 |
Equity Shares |
Rs.10/- each |
Rs. 119.670 Millions |
|
|
|
|
|
Reconciliation of Equity Share Capital
|
Particulars |
31st
March 2012 No. of Shares |
31st March 2011 No. of Shares |
|
Equity Shares at the beginning of the year |
1,19,66,985 |
1,28,20,200 |
|
Less : Shares bought back during the year |
----- |
8,53,215 |
|
Equity Shares at the end of the year |
1,19,66,985 |
1,19,66,985 |
Details of shareholders holding more than 5% shares in the company
|
Particulars |
31st March 2012 |
31st March 2011 |
||
|
|
No. of shares |
% holding |
No. of shares |
% holding |
|
Equity shares of Rs. 10 each fully paid |
|
|
|
|
|
Mr. Saket Agarwal |
77,11,000 |
64.44% |
77,11,000 |
64.44% |
|
PSA India Pte. Ltd. |
15,00,000 |
12.53% |
15,00,000 |
12.53% |
|
ICICI Prudentials Dynamic Plan |
6,06,887 |
5.07% |
---- |
- ---- |
|
ICICI Prudentials Equity Opportunities Fund |
---- |
---- |
6,06,887 |
5.07% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
119.670 |
119.670 |
128.202 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2250.851 |
2204.474 |
2384.672 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2370.521 |
2324.144 |
2512.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2045.531 |
2499.500 |
3505.430 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2045.531 |
2499.500 |
3505.430 |
|
|
DEFERRED TAX LIABILITIES |
226.759 |
184.421 |
140.788 |
|
|
|
|
|
|
|
|
TOTAL |
4642.811 |
5008.065 |
6159.092 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3509.928 |
3953.503 |
4485.277 |
|
|
Capital work-in-progress |
183.421 |
178.591 |
177.279 |
|
|
|
|
|
|
|
|
INVESTMENT |
455.290 |
434.565 |
294.514 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
503.204
|
472.472 |
500.735 |
|
|
Cash & Bank Balances |
76.308
|
95.078 |
163.618 |
|
|
Other Current Assets |
100.038
|
907.125 |
0.000 |
|
|
Loans & Advances |
959.603
|
10.749 |
1000.213 |
|
Total
Current Assets |
1639.153
|
1485.424 |
1664.566 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
74.976
|
67.318 |
84.271 |
|
|
Other Current Liabilities |
1066.872
|
975.305 |
316.547 |
|
|
Provisions |
3.133
|
1.395 |
61.726 |
|
Total
Current Liabilities |
1144.981
|
1044.018 |
462.544 |
|
|
Net Current Assets |
494.172
|
441.406 |
1202.022 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4642.811 |
5008.065 |
6159.092 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation |
1457.553 |
1451.989 |
1370.041 |
|
|
|
Other Income |
95.859 |
44.044 |
188.940 |
|
|
|
TOTAL (A) |
1553.412 |
1496.033 |
1558.981 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
102.601 |
86.976 |
81.234 |
|
|
|
Other Expense |
469.133 |
487.214 |
455.751 |
|
|
|
Prior period expense/ Income |
(3.121) |
1.323 |
0.000 |
|
|
|
TOTAL (B) |
568.613 |
575.513 |
536.985 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
984.799 |
920.520 |
1021.996 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
402.129 |
366.092 |
396.866 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
582.670 |
554.428 |
625.130 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
429.558 |
451.954 |
465.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
153.112 |
102.474 |
159.431 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
42.339 |
18.197 |
55.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
110.773 |
84.277 |
104.317 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
499.153 |
489.272 |
455.753 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.100 |
10.000 |
11.000 |
|
|
|
Dividend |
64.396 |
64.396 |
51.281 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
8.517 |
|
|
BALANCE CARRIED
TO THE B/S |
534.430 |
499.153 |
489.272 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
88.088 |
0.000 |
28.673 |
|
|
|
Stores & Spares |
3.023 |
3.460 |
6.557 |
|
|
TOTAL IMPORTS |
91.111 |
3.460 |
35.230 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.26 |
6.62 |
8.14 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 (1st
quarter) |
30.09.2012 (2nd
quarter) |
|
Net Sales |
|
272.300 |
194.000 |
|
Total Expenditure |
|
120.500 |
89.100 |
|
PBIDT (Excl OI) |
|
151.800 |
104.900 |
|
Other Income |
|
1.400 |
8.500 |
|
Operating Profit |
|
153.200 |
113.400 |
|
Interest |
|
80.000 |
81.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
73.200 |
32.400 |
|
Depreciation |
|
106.300 |
84.100 |
|
Profit Before Tax |
|
(33.100 |
(51.700) |
|
Tax |
|
(10.700) |
(16.800) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(22.400) |
(34.900) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(22.400) |
(34.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.13
|
5.63 |
6.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.50
|
7.06 |
11.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.97
|
1.88 |
2.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.52 |
1.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.42 |
3.60 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATING RESULTS AND BUSINESS
During the year, the
Company recorded the Gross Receipts of `Rs.1553.400 Millions vis-a-vis Rs. 1496.000 Millions in the previous year. The
company has earned a net profit after tax at Rs. 110.773 Millions as compared to Rs. 84.277 Millions in the previous financial year
thus registering an increase of 31.44%.
During the year, the subsidiaries of the Company have received following
two letters of award of contracts:
·
A subsidiary of the Company, ABG Ports Private
Limited has received a Letter of Award from the Jawaharlal Nehru Port Trust for
the development of 4th Container Terminal at Jawaharlal Nehru Port on Design,
Build, Finance, Operate and Transfer ("DBFOT") Basis.
·
A step down subsidiary of the Company has received
a Letter of Award from Visakhapatnam Port Trust for the installation of
Mechanised Fertiliser Handling Facilities at EQ 7 berth in inner harbour on
DBFOT Basis.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
Development of
Infrastructure continues to be the priority of the Government of India. The
Government in Union Budget 2012-13 has proposed measures which are expected to
achieve the economic growth in the medium term.
Pace of growth has
slowed down and GDP growth rate is estimated at 6.9% in 2012-13 as per World Bank
notwithstanding problems like policy uncertainties, fiscal deficit and
inflation. India is still growing at a rapid pace in comparison to other
countries in the world; it is necessary to use this opportunity to push through
further reforms, create infrastructure and generate economic opportunities. The
infrastructure sector mainly comprises assets and services such as urban
infrastructure, road transport, ports, airport and other utilities. India needs
to grow in these areas to exploit its potentials. The 12th Five Year Plan,
which has doubled the projected investment in infrastructure over the five year
period 2012-17 to $1 trillion, taking annual investment in infrastructure from
the current level of 6% of GDP to over 10%, also presents a golden opportunity
for the industrial sector. With increasing financial as well as trade
integration of the Indian economy with the global economy, the potential for
achieving sustained growth is high.
Under Indian
Budget 2012-13, it was announced that investment in infrastructure would go up
to Rs.500.000 Millions with half of this expected from private sector. The
Investment in Infrastructure to go up to Rs. 50 Lakh Millions under Public
Private Partnership ("PPP") projects. The government has already launched
first infrastructure debt fund with an initial size of ` 80.000 Millions. To
boost infrastructure development, tax free bonds would be doubled in the coming
year to ` 600.000 Millions. For
financing infrastructure projects in 2012-13. All these measures will help in
removing ambiguity in the policy and regulatory domain and encourage investment
in the infrastructure sector.
OPPORTUNITIES AND THREATS
Ports play a vital
role in the overall economic development of the country. About 95% by volume
and 70% by value of the country's international trade is carried out through
maritime transport. India has a total of 187 minor ports and 13 major ports
spread across the nine maritime states. As per the Working Group Report for the
12th Five Year Plan for the Port Sector, traffic to be handled by Major Ports
is estimated at 943.06 MT and at 815.20 MT by Non-Major Ports as against
present level of 560.15 MT handled by Major Ports and about 370.00 MT handled
by Non-Major Ports. In the 12th Five Year Plan, the Government of India has
proposed to invest INR Rs. 737939.500 Millions for development of various
projects in port sector. As per 12th Five Year Plan, the capacity of Major
Ports will be increased to 1229.24 MTPA by the end of March 2017. In the year
2012-13, 25 Projects
have been
identified for award at various Major Ports in the country under PPP mode.
The Ministry of
Shipping intends to award as many as 42 projects for creating 244 million
tonnes of capacity during 2012-13 at an estimated cost of Rs. 145.000 Millions.
The capacity of Indian ports went up to more than Rs. 1200.000 million metric
tonnes by 31.03.2012 from about Rs.1100.000 million metric tones per annum
("MTPA") at the end of the previous financial year. Similarly, the
container volumes in India are expected to witness high growth in the years to
come.
The Indian ports
sector is poised for significant growth driven by growth in exports, increasing
domestic consumption as well as growing energy needs. Increase in containerized
trade coupled with the Government's active initiatives to develop the Indian
ports sector, is expected to further boost this growth. The commissioning of
power projects based on imported coal and the setting up of steel projects and
offshore exploration and production projects are likely to further drive the
Indian ports sector. The bulk of Indian trade is carried by sea routes and the
existing port infrastructure is not adequate to handle trade flows effectively.
The policy of the government is to promote PPP in the ports sector on
build-operate transfer ("BOT") basis, thereby increasing capacity and
enhancing efficiency. This offers enormous scope for private investment, both
in the existing major ports as well as green field ports. The Company is
participating in several PPP bids in container, dry bulk and similar projects.
The vibrant and
growing Indian economy continues to provide opportunities in all sectors, and
more so in infrastructure, which is an requirement of the entire nation and
understandably, the Indian Government is laying special focus on it. With
increasing stress laid on the development of infrastructure, particularly the
energy sector, demand for cranes of all types is bound to increase. Demand for
cranes exists in a variety of infrastructure projects like refinery and gas,
windmills, cement, steel and power. The rental and the pricing of the cranes
would essentially depend upon the demand and the supply. While small size crane
category has already become highly competitive, the flooding of the crane
market by large number of low priced Chinese cranes has a great impact on the
rentals of the existing cranes. Considering the existence of a large number of
cranes in the market and entry of new cranes, there is little likelihood for
higher rentals in the immediate future. As stated earlier, the redeeming aspect
is the prospects in the energy sector. A lot of work is happening in the power
sector and cement plants are expanding, and great business potential is seen in
ship-building/ ship repairing activities too. These activities are sure to
boost the need for cranes.
The Company owns
and is operating Cranes up to 1250 MT capacity. There are plans to further
enhance the fleet of cranes and trailers to meet the growing needs in the
energy, infrastructure and other sectors.
UNAUDITED FIANCIAL
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2012
|
Particulars |
Three months ended |
Preceding |
Year to date |
|
PART - I |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from
Operations |
|
|
|
|
Net sales / income from
operations (Net of excise duty) |
194.000 |
0.272 |
0.467 |
|
b) Other Operating income |
-- |
-- |
-- |
|
Total income
from operations (net) |
194.000 |
0.272 |
0.467 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Employee benefits expense |
21.800 |
22.700 |
44.500 |
|
Depreciation and amortisation expense |
84.100 |
106.300 |
190.400 |
|
Foreign Exchange Loss/(Gain) |
(5.500) |
9.400 |
3.900 |
|
Royalty to Ports |
-- |
-- |
-- |
|
Sub Contractors' Charges |
44.200 |
47.900 |
92.100 |
|
Other expenses |
23.100 |
40.500 |
63.800 |
|
Total Expenses |
167.700 |
226.800 |
394.500 |
|
|
|
|
|
|
Profit from Operations before
other Income and Interest |
26.300 |
45.500 |
71.800 |
|
|
|
|
|
|
Other Income |
3.000 |
1.400 |
4.400 |
|
|
|
|
|
|
Profit Before Interest and exceptional Items |
29.300 |
46.900 |
76.200 |
|
|
|
|
|
|
Finance Costs |
81.000 |
8.000 |
161.000 |
|
|
|
|
|
|
Profit after interest but before exceptional items |
(51.700) |
(33.100) |
(84.900) |
|
|
|
|
|
|
Exceptional items |
-- |
-- |
-- |
|
|
|
|
|
|
Profit/(Loss) from
ordinary activities before tax |
(51.700) |
(33.100) |
(84.900) |
|
|
|
|
|
|
Tax expense |
|
|
|
|
a) Current tax charge/(credit) |
- |
- |
|
|
b) For
Earlier Year |
|
|
|
|
c) Deferred tax charge/ (credit) |
16.800 |
10.700 |
27.500 |
|
|
|
|
|
|
Net
Profit/(Loss) from ordinary activities after tax |
(34.900) |
(22.400) |
(57.300) |
|
|
|
|
|
|
Extraordinary
items |
-- |
-- |
-- |
|
|
|
|
|
|
Net Profit after tax |
(34.900) |
(22.400) |
(57.300) |
|
|
|
|
|
|
Cash Profit after Tax |
49.200 |
83.900 |
133.100 |
|
Paid-up equity share capital (Face value
Rs. 10.00 per share) |
119.700 |
119.700 |
119.700 |
|
|
|
|
|
|
Reserves excluding Revaluation Reserve as
per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
|
|
|
|
Earnings Per
Share (EPS) (Face value of Rs. 10.00 per share) |
|
|
|
|
a) Basic and Diluted EPS before
extraordinary items |
(2.92) |
(1.87) |
(4.79) |
|
|
|
|
|
|
PART - II |
|
|
|
|
PARTICULARS OF
SHARE HOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
– Number of shares |
4200038 |
4200038 |
4200038 |
|
– Percentage of shareholding |
35.10% |
35.10% |
35.10% |
|
|
|
|
|
|
Promoters and |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the
total hareholding of promoter and promoter group) |
|
|
|
|
- Percentage of shares (as a % of the
total share capital of the company) |
|
|
|
|
b) Non encumbered |
|
|
|
|
- Number of shares |
7766947 |
7766947 |
7766947 |
|
- Percentage of shares (as a % of the
total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of shares (as a % of the
total share capital of the company) |
64.90% |
64.90% |
64.90% |
|
|
|
|
|
|
Investor
complaints |
|
|
|
|
Pending at the beginning |
Nil |
|
|
|
Received during the quarter |
4 |
|
|
|
Disposed off during the quarter |
4 |
|
|
|
Remaining unresolved at the end of the
quarter |
Nil |
|
|
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
30.09.2012 |
|
Equity and Liabilities |
|
|
Shareholders' fund |
|
|
Share Capital |
119.700 |
|
Reserves & Surplus |
2193.500 |
|
|
|
|
Sub total – shareholders fund |
2313.200 |
|
|
|
|
Non current liabilities |
|
|
Long-term borrowings |
1578.500 |
|
Deferred tax liabilities (net) |
199.300 |
|
Other Long term liabilities |
32.900 |
|
Long-term provisions |
1.500 |
|
Sub total Non Current liabilities |
1812.200 |
|
|
|
|
Current liabilities |
|
|
Short-term borrowings |
104.800 |
|
Trade payables |
59.300 |
|
Other current liabilities |
1456.600 |
|
Short-term provisions |
1.700 |
|
TOTAL – EQUITY AND LIABILITIES |
1622.200 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
3320.200 |
|
Capital Work-In-Progress |
186.200 |
|
Non-current investments |
496.000 |
|
Long-term loans and advances |
636.800 |
|
Other Non-Current Assets |
16.800 |
|
|
|
|
Current assets |
|
|
Current investment |
-- |
|
inventories |
-- |
|
Trade receivables |
648.700 |
|
Cash and bank balance |
56.000 |
|
Short-term loans and advances |
334.400 |
|
Other current assets |
52.500 |
|
Sub total Current
assets |
1091.600 |
|
Total Assets |
5747.600 |
FIXED ASSETS
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixture
·
Vehicles
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 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.53.94 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES/ |
|
--LISTED |
YES/NO |
YES/ |
|
--OTHER MERIT FACTORS |
YES/NO |
YES/ |
|
TOTAL |
|
54 |
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.