MIRA
INFORM REPORT
|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
6th Floor, 'C' Wing, Twin Arcade, Military
Road, Marol Maroshi, Andheri (East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.07.1981 |
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Com. Reg. No.: |
11-024747 |
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Capital Investment
/ Paid-up Capital : |
Rs.117.659 Millions |
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CIN No.: [Company Identification
No.] |
L27320MH1981PLC024747 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05518C |
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PAN No.: [Permanent Account No.] |
AAACI2679A |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
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Line of Business
: |
Subject operates
in two primary reportable business segments, i.e. Logistics operations and related
services and Free Trade Warehousing Zone (FTWZ) operations. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 22093000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
liquidity of the company is deteriorating due to time and cost overrun on
projects undertaken by the company. The rating also takes into consideration the weak capital structure
and huge external debt. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very
High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: B |
|
Rating Explanation |
Having high risk of default regarding timely servicing of financial
obligation. |
|
Date |
January, 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.
LOCATIONS
|
Registered Office : |
6th Floor, 'C' Wing, Twin Arcade, Military
Road, Marol Maroshi, Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-40485300 |
|
Fax No.: |
91-22-40485199/ 5299/ 5399 |
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E-Mail : |
grv.redressal@arshiyainternational.com
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Website : |
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Corporate Office : |
301, Ceejay House, Level 3, Shiv Sagar Estate, F-Block, Dr. Annie
Besant Road, Worli, Mumbai – 400 018, Maharashtra, India. |
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Tel No.: |
91-22-42305500/ 1/ 2 |
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Fax No.: |
91-22-42305555 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ajay S. Mittal |
|
Designation : |
Chairman and Managing Director |
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Qualification : |
Commerce Graduate and M.B.A. from USA |
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Name : |
Mrs. Archana A. Mittal |
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Designation : |
Joint Managing Director |
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Qualification : |
Arts Graduate |
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Name : |
Mr. Sandesh R .Chonkar |
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Designation : |
Executive Director |
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Qualification : |
Chartered Accountant, Bachelor of Commerce
(India) |
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Name : |
Mr. Ashish Bairagra |
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Designation : |
Independent Director and Chairman of Audit Committee |
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Date of Birth/Age : |
10.02.1979 |
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Qualification : |
B. Com., C.A. |
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Profile and
expertise : |
Experience: Mr.
Bairagra has extensive experience in handling internal audits, statutory audits,
management audits, tax advisory and business advisory assignments. His areas
of specialisation include International Taxation, Transfer Pricing,
Valuation, Due Diligence, PE and VC Funding and Cross Border Business
Structuring. He is a Partner of M. L. Bhuwania and Co., Chartered
Accountants, which is an independent member of Geneva Group International
(GGI). He is also the Regional Chairperson – Asia of the International
Taxation Practice Group (ITPG) of GGI |
|
Other Directorship : |
·
Arshiya Rail Infrastructure Limited ·
Mauve Consultancy Services Limited ·
Morison Bairagra Consulting Limited ·
ACM Shipping India Limited ·
Ashvik Real Estate Private Limited ·
Aquarius Financial Consultants Private Limited ·
Bairagra Properties and Investments Private
Limited ·
Shrikant Real Estates Private Limited |
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Name : |
Prof. G Raghuram |
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Designation : |
Independent Director |
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Qualification : |
PhD (Northwestern University) and PGDM (IIM-A) |
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Name : |
Mr. James Beltran |
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Designation : |
Independent Director |
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Qualification : |
L.L.B. (UK). Certificate of Legal Practice (Malaysia) Admissions to
Malaysia Bar, Bar Council Malaysia Certified Financial Planner, International
CFP Board |
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Name : |
Mr. Rishabh Shah |
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Designation : |
Independent Director |
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Date of Birth/Age : |
17.02.1971 |
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Qualification : |
Arts and Law Graduate |
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Profile and
expertise : |
Mr. Shah is a practicing legal counsel and a legal consultant who advises on several areas of civil law, in particular, commercial documentation, property documentation, various areas of banking, commercial contracts, company restructuring and securities law. Banking and Corporate law and litigation being his areas of specialisation. He has over 18 years of experience representing major corporations as legal counsel. |
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Other
Directorship : |
·
Arshiya Rail Infrastructure Limited |
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Name : |
Mr. Mukesh Kacker |
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Designation : |
Independent Director |
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Qualification : |
Master in Economics (Public Policy) from Harvard University, B Sc.
(Physics, Mathematics and Statistics) and M.A. (Political Science) from
Allahabad University. He was an IAS of 1979 batch. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
22870225 |
36.96 |
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|
22870225 |
36.96 |
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Total shareholding of Promoter and Promoter Group (A) |
22870225 |
36.96 |
|
(B) Public Shareholding |
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|
1200000 |
1.94 |
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|
5186657 |
8.38 |
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|
6386657 |
10.32 |
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|
11949654 |
19.31 |
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|
|
|
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|
8706876 |
14.07 |
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|
6692182 |
10.81 |
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|
5273878 |
8.52 |
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|
9780 |
0.02 |
|
|
442727 |
0.72 |
|
|
72956 |
0.12 |
|
|
32278 |
0.05 |
|
|
1480361 |
2.39 |
|
|
2785776 |
4.50 |
|
|
450000 |
0.73 |
|
|
32622590 |
52.72 |
|
Total Public shareholding (B) |
39009247 |
63.04 |
|
Total (A)+(B) |
61879472 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
61879472 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject operates
in two primary reportable business segments, i.e. Logistics operations and
related services and Free Trade Warehousing Zone (FTWZ) operations. |
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Products/ Services : |
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GENERAL INFORMATION
|
Customers : |
·
BHEL ·
Bilt ·
BOSE ·
Cipla ·
Coca-Cola ·
Dow ·
FAG ·
Glenmark ·
GOCCO |
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No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank Limited ·
Bank of India ·
Bank of Baroda ·
Corporation Bank ·
Dena Bank ·
Indian Overseas Bank ·
ING Vysya Bank ·
Karur Vysya Bank ·
Oriental Bank of Commerce ·
Punjab National Bank ·
State Bank of India ·
State Bank of Mysore ·
State Bank of Travancore ·
State Bank of Patiala ·
State Bank of Hyderabad ·
Syndicate Bank ·
The South Indian Bank ·
Tamilnad Mercantile Bank ·
UCO Bank |
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Facilities : |
Notes: LONG TERM
BORROWINGS a) Term Loan
from Banks i) Rs.8791.549
millions (Rs.5303.491 millions) is secured by way of first charge on all the
present and future movable and immovable assets including intangible assets, assignment
of rights and benefits other than project assets for Khurja FTWZ project,
Khurja Distripark Project, Rail Project and Nagpur Project. The loan is also
secured by second charge on companys current assets other than project assets
for Khurja FTWZ project, Khurja Distripark Project, Rail Project and Nagpur
Project. Out of the above, Rs.4779.992 millions (Rs.4871.791 millions) is
repayable in 32 quarterly installments after moratorium period of 8 quarters
from the date of first disbursement i.e. December 31, 2010 along with
interest ranging from 12.25% to 15% p.a. and balance Rs.4011.557 millions
(Rs.31.700 millions) is repayable in 30 quarterly installments after
moratorium period of 8 quarters from the date of first disbursement i.e.
March 17, 2011 and carries interest ranging from 12.25% to 15% p.a. Rs.30.000
millions (Rs.40.000 millions) is secured by way of hypothecation charge over
the assets financed viz leasehold improvements, furniture and fixtures,
office equipments at MIDC, Andheri. The loan carries interest @ 15.25% and is
repayable in 20 equal quarterly installments starting from April 30, 2010. Rs. Nil
(Rs.369.445 millions) is secured by equitable mortgage of land at Khurja,
near Noida, U.P. The loan carries interest @ 14 % and is repayable in six
equal monthly installments after moratorium period of 18 months from
September 1, 2009. Rs. Nil
(Rs.333.242 millions) is secured by equitable mortgage of land situated at
village Buti Bori, District Nagpur. The loan carries interest @ 16% and is
repayable in 24 equal monthly installments commencing from August 31, 2010. Term Loan from
other parties Rs.690.000
millions (Rs. Nil) is secured by first charge on land belonging to company situated
at Village Butibori at Nagpur, Maharashtra. Out of the above, Rs.390.000
millions is repayable in a single installment at the end of 3 years from the
date of disbursement i.e. October 13, 2011 or on exercise of put/call option
after 1 year from the date of disbursement and balance Rs.300.000 millions in
single installment at the end of 3 years from the date of disbursement i.e.
January 02, 2012 or on exercise of put/call option after 1 year from the date
of disbursement. The above loan carries interest @ 15.25% p.a. ii) Rs.373.333
millions (Rs. Nil) is secured by first and exclusive charge by way of
mortgage of land at Khurja near Delhi. Out of the above, Rs.80.000 millions
is repayable in 6 equal monthly installments after moratorium period of 6 months
from the date of disbursement i.e. July 21, 2011 and balance in 12 equal
monthly installments starting from 13th month from the date of
disbursement. The above loan carries interest ranging from 14% to 15% p.a. All the above
loans are also personally guaranteed by two Directors Finance lease obligations are secured by way of hypothecation of
leased vehicles SHORT TERM
BORROWINGS i) Rs.549.980
millions (Rs. Nil) is secured by way of second charge on pari-passu basis on
entire movable and immovable fixed assets of the company. The loan is also
secured by way of personal guarantees of Directors. ii) Rs. Nil
(Rs.109.705 millions) is secured by first charge on all the present and
future movable and immovable assets including intangible assets, assignment
of rights and benefits other than project assets for Khurja FTWZ project,
Khurja Distripark Project, Rail Project and Nagpur Project. Second charge on
current assets other than project assets for Khurja FTWZ project, Khurja
Distripark Project, Rail Project and Nagpur Project. iii) Rs. Nil
(Rs.200.000 millions) is secured by first charge ranking pari passu by way of
hypothecation of current assets of the Company and second pari passu charge
on entire fixed assets of the company, both present and future. b) Working capital
loan from banks of Rs.20.492 millions (Rs.198.672 millions) is secured by way
of first charge on company’s current assets other than project assets for
Khurja FTWZ project, Khurja Distripark Project, Rail Project and Nagpur
Project and second charge on all the present and future movable and immovable
assets including intangible assets, assignment of rights and benefits other
than project assets for Khurja FTWZ project, Khurja Distripark Project, Rail
Project and Nagpur Project. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
MGB and Company Chartered Accountants |
|
Address : |
Jolly Bhawan – 2, 1st Floor, New Marine Lines, Mumbai – 400
020, Maharashtra, India |
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|
Direct Subsidiaries : |
·
Arshiya Hong Kong Limited, Hong Kong ·
Cyberlog Technologies International Pte Limited,
Singapore ·
Arshiya Supply Chain Management Private Limited,
India ·
Arshiya Domestic Distripark Limited, India ·
Arshiya FTWZ Limited, India ·
Arshiya International Singapore Pte Limited,
Singapore ·
Arshiya Transport and Handling Limited, India ·
Arshiya Rail Infrastructure Limited, India@ |
|
|
|
|
Indirect Subsidiaries : |
v
Held through Arshiya Hongkong Limited ·
Arshiya Logistics LLC, Dubai, U.A.E. v
Held through Cyberlog Technologies International
Pte Limited ·
Cyberlog Technologies (UAE) FZE ·
Cyberlog Technologies Inc # ·
Cyberlog Technologies Hong Kong Limited ·
Arshiya Technologies (India) Private Limited * v
Held through Arshiya Domestic Distripark Limited ·
Arshiya Northern Domestic Distripark Limited $$ ·
Arshiya Southern Domestic Distripark Limited ## ·
Arshiya Eastern Domestic Distripark Limited ## ·
Arshiya Western Domestic Distripark Limited ## ·
Arshiya Central Domestic Distripark Limited ## v
Held through Arshiya FTWZ Limited ·
Arshiya Northern FTWZ Limited ·
Arshiya Exim Trading Limited ## ·
Arshiya Eastern FTWZ Limited ## ·
Arshiya Western FTWZ Limited ## ·
Arshiya Central FTWZ Limited $ v
Held through Arshiya Rail Infrastructure Limited ·
Arshiya Rail Siding and Infrastructure Limited |
|
|
|
|
Other related
parties with whom transactions have taken place during the year or balances
outstanding as at the reporting date |
·
Bhushan Steels Limited ·
Arshiya Lifestyle Limited (Formerly known as
Arshiya Realty Limited) |
@ 6.63 % (Nil) held through Arshiya Hongkong Limited
* 9.89 % (9.89%) held through the Company
$ 48.33 % (48.33 %) held through Arshiya Hongkong Limited
$$ 16.44 % (3.55 %) held through Cyberlog Technologies (UAE) FZE
# Ceased to exist as a subsidiary w.e.f. August 3, 2011
## Ceased to exist as subsidiaries w.e.f. March 30, 2012
Note:
The related party relationships have been determined by the management
on the basis of the requirements of the AS-18 and the same have been relied
upon by the auditors.
CAPITAL STRUCTURE
AS ON 18.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85000000 |
Equity Shares |
Rs.2/- each |
Rs.170.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61879472 |
Equity Shares |
Rs.2/- each |
Rs.123.759 Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
58829472 |
Equity Shares |
Rs.2/- each |
Rs.117.659 Millions |
|
|
|
|
|
Reconciliation of number of equity shares outstanding at the beginning and
at the end of the year
|
Particulars |
31.03.2012 |
|
|
|
Number |
Rs. In millions |
|
At the beginning of the year |
58,829,472 |
117.659 |
|
Allotted on exercise of Employee Stock Options |
-- |
-- |
|
At the end of
the year |
58,829,472 |
117.659 |
Terms and rights attached to equity shares
The company has only one class of equity shares having a par value of `
2 per share. Each equity shareholder is entitled to one vote per share. The
final dividend proposed by the Board of Directors is subject to the approval of
shareholders in the Annual General Meeting.
Details of shareholders holding more than 5% Equity shares (` 2 each fully
paid) of shares in the company
|
Particulars |
31.03.2012 |
|
|
|
Number of equity shares |
Percentage (%) shareholding |
|
Archana Mittal |
25,434,710 |
43.23% |
|
Tree Line Asia Master Fund (Singapore) Pte Limited |
3,176,000 |
5.40% |
|
Naishadh Jawahar
Paleja |
2,976,270 |
5.06% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
117.659 |
117.659 |
|
(b) Reserves & Surplus |
|
5405.557 |
5031.155 |
|
(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) |
|
5523.216 |
5148.814 |
|
|
|
|
|
|
(3) Foreign
currency monetary item translation difference account |
|
2.584 |
0.000 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
10594.848 |
5417.699 |
|
(b) Deferred tax liabilities (Net) |
|
161.937 |
55.080 |
|
(c) Other long
term liabilities |
|
405.233 |
0.983 |
|
(d) Long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (4) |
|
11162.018 |
5473.762 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
795.472 |
748.377 |
|
(b)
Trade payables |
|
507.544 |
508.555 |
|
(c)
Other current liabilities |
|
2718.147 |
2753.266 |
|
(d) Short-term
provisions |
|
130.047 |
106.992 |
|
Total Current
Liabilities (5) |
|
4151.210 |
4117.190 |
|
|
|
|
|
|
TOTAL |
|
20839.028 |
14739.766 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
5842.761 |
3103.378 |
|
(ii)
Intangible Assets |
|
180.714 |
205.158 |
|
(iii)
Capital work-in-progress |
|
5252.094 |
4039.341 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1638.681 |
1135.181 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
5773.571 |
4127.988 |
|
(e) Other
Non-current assets |
|
246.031 |
236.778 |
|
Total Non-Current
Assets |
|
18933.852 |
12847.824 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
1211.309 |
951.229 |
|
(d) Cash
and cash equivalents |
|
258.196 |
687.898 |
|
(e)
Short-term loans and advances |
|
119.127 |
41.953 |
|
(f) Other
current assets |
|
316.544 |
210.862 |
|
Total
Current Assets |
|
1905.176 |
1891.942 |
|
|
|
|
|
|
TOTAL |
|
20839.028 |
14739.766 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
117.506 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4839.050 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
5] Employee stock options outstanding |
|
|
11.829 |
|
|
NETWORTH |
|
|
4968.385 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3064.114 |
|
|
2] Unsecured Loans |
|
|
529.995 |
|
|
TOTAL BORROWING |
|
|
3594.109 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8562.494 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
175.904 |
|
|
Capital work-in-progress |
|
|
6058.122 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1138.304 |
|
|
DEFERRED TAX ASSETS |
|
|
0.572 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
914.498
|
|
|
Cash & Bank Balances |
|
|
433.057
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1937.934
|
|
Total
Current Assets |
|
|
3285.489 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
747.330 |
|
|
Other Current Liabilities |
|
|
1263.752
|
|
|
Provisions |
|
|
84.815
|
|
Total
Current Liabilities |
|
|
2095.897 |
|
|
Net Current Assets |
|
|
1189.592
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8562.494 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5926.303 |
4530.135 |
2736.078 |
|
|
|
Other Income |
373.776 |
224.118 |
93.298 |
|
|
|
TOTAL (A) |
6300.079 |
4754.253 |
2829.376 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of operations |
3868.031 |
3485.580 |
2227.568 |
|
|
|
Employee benefits expense |
366.265 |
242.332 |
155.297 |
|
|
|
Other expenses |
405.505 |
271.001 |
152.111 |
|
|
|
Exceptional
Items |
|
|
|
|
|
|
Surplus on change
in Depreciation policy |
0.000 |
(16.111) |
0.000 |
|
|
|
Charges for
pre-matured repayment of loans |
0.000 |
21.665 |
0.000 |
|
|
|
TOTAL (B) |
4639.801 |
4004.467 |
2534.976 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
1660.278 |
749.786 |
294.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
804.058 |
315.609 |
45.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
856.220 |
434.177 |
249.242 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
164.279 |
69.610 |
17.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
691.941 |
364.567 |
231.258 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
216.823 |
112.227 |
77.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
475.118 |
249.340 |
153.996 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
433.211 |
290.918 |
220.833 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
48.000 |
25.000 |
15.400 |
|
|
|
Dividend |
13.361 |
11.452 |
9.758 |
|
|
|
Tax on Dividend |
82.361 |
70.595 |
58.753 |
|
|
BALANCE CARRIED
TO THE B/S |
764.607 |
433.211 |
290.918 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from logistics operations and related services |
470.439 |
364.832 |
357.100 |
|
|
|
Revenue from Free Trade Warehousing Zone and related services |
380.636 |
0.000 |
0.000 |
|
|
|
Dividend income |
26.990 |
0.000 |
1.302 |
|
|
TOTAL EARNINGS |
878.065 |
364.832 |
358.402 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
57.392 |
298.460 |
33.769 |
|
|
TOTAL IMPORTS |
57.392 |
298.460 |
33.769 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.08 |
4.24 |
2.62 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st Quarter |
2nd Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1816.500 |
2179.200 |
2007.900 |
1007.900 |
|
Total Expenditure |
1455.500 |
1607.200 |
1581.800 |
1067.100 |
|
PBIDT (Excl OI) |
361.000 |
572.000 |
426.100 |
(59.200) |
|
Other Income |
144.000 |
80.600 |
6.200 |
1.000 |
|
Operating Profit |
505.000 |
652.600 |
432.300 |
(58.200) |
|
Interest |
323.200 |
310.400 |
343.300 |
345.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(109.500) |
|
PBDT |
181.700 |
342.100 |
89.000 |
(512.900) |
|
Depreciation |
46.700 |
46.700 |
53.300 |
52.400 |
|
Profit Before Tax |
135.100 |
295.400 |
35.800 |
(565.300) |
|
Tax |
43.100 |
94.800 |
8.500 |
(150.300) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
92.000 |
200.600 |
27.300 |
(415.000) |
|
Extraordinary Items |
0.000 |
0.000 |
(44.800) |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
92.000 |
200.600 |
(17.500) |
(415.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.54
|
5.24 |
5.44
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.68
|
8.05 |
8.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.96
|
3.81 |
6.68
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.07 |
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.06
|
1.20 |
0.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46
|
0.46 |
1.57
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
Yes |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loan from other parties |
1100.000 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter-corporate deposits |
225.000 |
240.000 |
|
Total |
1325.000
|
240.000
|
LONG TERM
BORROWINGS
Unsecured term
loan from other parties
Rs.1100.000
millions (Rs. Nil) is against pledge of 49% equity shares of Arshiya Northern FTWZ
Limited held by its holding company Arshiya FTWZ Limited (wholly owned
subsidiary of the company) and by way of charge on all the receivables of
Panvel FTWZ operations of one of its subsidiaries and by way of corporate
guarantee issued by one of its subsidiaries. The loan carries interest @ 15.5%
and is repayable in 36 equal monthly installments after moratorium period of 24
months from the date of disbursement i.e. March 27, 2012
SHORT TERM
BORROWINGS
Unsecured loan of Rs.225.000 millions (Rs. Nil) is against pledge of
shares of the company held by one of the directors of the company
Note:
The registered office of the company has been shifted from 3rd Floor, Plot No.61, Road No.13, MIDC, Andheri
(East), Mumbai – 400 093, Maharashtra to the present address w.e.f.
January 25, 2013.
FINANCIAL
PERFORMANCE
Income from Operations, along with other income has increased by more
than 32.51% as compared to the previous year. The Profit, before Tax has recorded
increase of 86.95% over that of the previous year and the Profit After Tax has
increased by 90.55% as against the previous financial year
BUSINESS AND
FUTURE OUTLOOK
The Company has over the past few years continuously and steadily
strived to improve the logistics landscape in their country. Beginning with a
strong foothold in the asset light logistics services industry, the Company
embarked on a journey to create world class logistics infrastructure on a pan
India basis which would provide natural integration to its core logistics
business and revolutionize the logistics space in India.
Arshiya plans to capitalize on Indias mammoth logistics opportunity by
being Indias only Unified Supply Chain Infrastructure and Solutions Group. With
11 year legacy in the logistics and supply chain industry in India servicing
over 1,500 customers including over 275 at Arshiyas FTWZs alone, Arshiyas
unique business model makes it a pioneering company, not just in India but
world over. With a planned investment outlay of USD 1.6 billion, the Company
will be the industry pioneer in development and operations of state-of-the-art
logistics infrastructure solutions across strategic locations in India. The
Companys sole mission is to provide India with the logistics infrastructure
solutions that would allow this great nation to capitalize on its true
macroeconomic
potential.
The Mumbai FTWZ has seen phenomenal growth over the year gone by and the
Khurja FTWZ near New Delhi too has seen a strong traction of customers. In the
rail space, the Company has signed a long term deal with GATX India to lease
its rakes to Arshiya Rail. This move will help Arshiya Rail migrate its
business to a capex lean model, resulting in lower gearing and improved
margins. With this development and the commissioning of their logistics hub in
Khurja, the Company extremely positive about the coming year.
Arshiya Free Trade
and Warehousing Zones (FTWZ):
The FTWZ regulatory framework has given India the much, needed impetus
to drive its economic growth to the next level, truly leveraging the nationŐs
vast domestic market and growing purchasing power parity. Over the last few
decades India has been losing investments to neighbouring economies, which were
being used by global corporations as bases for feeding India, due to lack of
comparable infrastructure availability in India.
With FTWZs developed by Arshiya, their country will be able to leverage
Soft Infrastructure such as skilled manpower, cost competitiveness, regulatory
framework, IT connectivity, as well as Hard Infrastructure such as dedicated
state-of-theart mega logistics parks FTWZs, rail connectivity, industrial and
distribution hubs, transport and handling and world class supply chain
management services. FTWZ will be a game changer for international as well as
domestic companies which are importing, exporting or re-exporting products to
and from India.
Arshiya Rail and
Rail Infrastructure:
Arshiya Rail Infrastructure started its operations in February 2009. As
at 31st March, 2012, Arshiya Rail has 20 trains to its pan India operations in
Phase 1. Their unique model has resulted in Arshiya Rail being the second
largest and the most profitable Private Container Train Operator (PCTO) in
India.
Arshiya Industrial
and Distribution Hub Limited
Arshiya Industrial and Distribution Hub is a venture designed to provide
companies with a strategic hub warehousing for domestic consolidation of goods.
These rail-connected mega consolidation hubs will result in considerable time
and cost reduction.
The first of Arshiyas five planned Industrial and Distribution Hub is
strategically located at the confluence of the Eastern and Western freight
corridors at Khurja (near Delhi), in the state of Uttar Pradesh. It is further
benefited by the adjoining presence of the modern high-capacity Rail Terminal
developed by Arshiya Rail infrastructure and Arshiyas FTWZ. It will allow
companies to access ports and the hinterland through both the freight
corridors. This debottlenecked location, helps companies to cut down
drastically on so-called inevitable transportation expenses, prevalent in
India.
Arshiya Forwarding
With a decade of
lineage in integrated logistics solution Arshiya forwarding offers end-to-end Freight
Management, Transportation, Document Management, Customs Clearance and Project
Logistics services across the network of 150+ countries worldwide.
Arshiya Supply
Chain Management
Arshiya Supply
Chain Management provides end-to-end supply and demand chain solutions and is
committed to evolving end-toend strategic solutions across supply chain
management by using innovative technology.
AMALGAMATION OF
SUBSIDIARY COMPANIES
The wholly owned
subsidiaries of the Company viz. Arshiya FTWZ Limited (AFTWZL) and Arshiya
Domestic Distripark Limited (ADDL) are in the process of getting merged with
the Company and necessary petitions have been presented before the Bombay High
Court.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL MARKET
OUTLOOK
Overall the global
economy has entered a challenging new phase. Global activity has weakened and
become more uneven, confidence has fallen sharply recently, and downside risks
are growing. Against a backdrop of unresolved structural fragilities, a barrage
of shocks hit the international economy last year. Japan was struck by the
devastating Great East Japan earthquake and tsunami, and unrest swelled in some
oil-producing countries in the Middle East. This has led to a downward revision
in the worlds economic growth projections by the International Monetary Fund
(IMF). As per the IMF world economic outlook update 2012, the IMF has projected
that the global economy will grow to about 3.3 percent a year in 2012, with
developed economies growing at only
1.2% while
emerging and developing economies expected to grow at a much higher 5.4%.
So the most
immediate challenges for developed economies is to restore confidence and put
an end to the crisis in the euro area by supporting growth, while sustaining
adjustment, containing deleveraging, and providing more liquidity and monetary
accommodation. In other major advanced economies, the key policy requirements
are to address medium term fiscal imbalances and to repair and reform financial
systems, while sustaining the recovery. In emerging and developing economies,
the near-term policy focus will be on responding to moderating domestic growth
and to slowing external demand from advanced economies. Despite emerging and
developing economies showing a slow growth compared to developed economies they
have performed relatively well.
INDIAS MACRO
ECONOMIC OVERVIEW
Though India has
shown a remarkable growth over the past few years; the year 2011 was marked by
a phase of high inflationary pressures, high interest rates in the domestic
economy, rising uncertainty on the global growth front, increased crude oil
prices and the deteriorating business confidence and consumer sentiment. The
persistence of high inflation in the domestic economy, at a time when India was
on the verge of achieving its pre-crisis growth levels, emerged as the key area
of concern for the common man and the government authorities alike. The sources
of price pressures which shifted from food articles to primary non-food
articles and then to manufactured non-food products had highlighted the
pressure of managing inflation by the Government and the RBI.
The prospect of
buoyancy in the growth of the Indian economy which was expected during the
beginning of 2011 began to fade by the middle of the year and then remained
clouded by heightened uncertainty. As a result the gross domestic product (GDP)
growth slowed to 6.5% in the current fiscal (FY 2011-12) from 8.4% in the
previous two fiscals.
Despite the slow
growth figure of 6.5%, India remains one of the fastest growing economies in
the world as all major countries (including some of the emerging economies) are
witnessing a significant slowdown. As per the IMF, India is expected to
contribute 12.4% to the world GDP growth in 2012 i.e. it is the 2nd
highest contributor apart from China which is expected to contribute 37.4%.
China and India are going to contribute nearly around 50% of the total world
GDP growth in 2012.
Indias economic
growth is expected to remain robust in 2012 and 2013, despite a likely headwind
of double-dip recessions in Europe and the US, according to a United Nations
annual economic report - World Economic Situation and Prospects 2012. In the
Union Budget 2012-13, Finance Minister has projected that the Indian economy is
expected to grow at around 7.6% Currently, the economy is facing a slowdown due
to weak industrial production, weak global economy, rising inflation, rise in
fuel prices, weakening rupee, etc. Though Indias growth rate has slowed down
marginally when compared with other western economics they are either
contracting or showing only anaemic expansion. Other major Asian economies are
also slowing down. Chinas economy grew 8.1% in the first quarter from a year
earlier, its weakest pace in almost three years.
GLOBAL LOGISTICS
AND SUPPLY CHAIN INDUSTRY IN 2011
The year 2011
began optimistically for the transport and logistics industry, however, as the
year progressed, the industry was put to test. Recovery from the recession did
not occur as much as expected, resulting in unsettling effect on the Industry
i.e. declining cargo and demand.
Though the
recovery was not full, many Transport and Logistics providers were able to
record profitable revenues. In the second half of the year, pessimism set in as
manufacturing activity slowed down throughout the world including China.
Increasing fears of a double-dip recession were much discussed as two of the
largest economic regions, the US and Europe, faced troubling political and
economic issues the US witnessing its
first downgrade in its credit rating and the increasing global concerns of
Europes debt problems.
As the US and
Europe struggled with economic issues, it appeared to be that they were no
longer contributing to the world economy as primary customers of imported
goods. As a result, they witnessed a radical shift in trade patterns as
emerging markets such as Russia, India, South America and the Middle East began
to exercise their growing economic strength. Demand from these regions
increased, resulting in China, the US and Europe targeting their export trade
to these markets.
Along with the
economy being a major concern, natural disasters also played havoc to global
supply chains. The Japanese earthquake and tsunami caused disruptions in the
automotive industry, impacting manufacturing facilities throughout the world.
The Thai floods effect on the high tech industry resulted in leading IT
manufacturers to report lower quarterly earnings. Both of these disasters
highlighted the need for improved supply chain planning for unforeseen events.
Thus, 2011 will be
remembered as a year of great change - politically and economically. The
changes that 2011 brought forth will create opportunities in the coming years
for those financially stable transport and logistics providers that have the ability
to capitalise on these changes in this evolving global economy.
LOGISTICS AND
SUPPLY CHAIN IN INDIA: AN OVERVIEW
India is an
integral part of the global village and its reach has augmented exponentially
over the last few years, with Indian companies setting up bases abroad and
multinational firms entrenching themselves in India. In view of the huge
diversity in Indian topography and with business transcending geographies, the
supply chain network - the backbone of growth, has become multi-modal and infrastructure
dependent.
A well-developed,
networked, globally benchmarked supply chain logistics industry is imperative
for the success and overall growth of the economy. An efficient supply chain
comprising unified infrastructure and soft logistics solutions provides a
competitive edge to companies especially in Indias demography. Supply chain and
logistics had always been perceived as a cost centre and across industries
efforts are made to manage cost rather than use it to enhance customer
satisfaction and improve revenue growth. However, in recent times there has
been a marked change in this view with companies now viewing it as an essential
and strategic tool in their value proposition, profitability and growth.
At 14% of GDP,
Indias spending on logistics is both significant and inefficient. This is
significantly higher than that in developed countries where logistics spend is
at around 8-9 % of GDP. These inefficiencies are largely a result of Indias
diverse demography, and lack of unified supply chain infrastructure which
results in higher transaction costs for operating in India as compared to other
global economies. On an economy of over USD 1.6 trillion Indias supply chain
and logistics inefficiency of 5% also amounts to a market potential in excess
of USD 80 billion.
Indias logistics
story is indeed an attractive one, fuelled by factors like a rapidly growing
economy, the increase in outsourcing of logistics and a significant government
thrust on investment in infrastructure. Additionally, changes in tax and
regulatory policies like the plan to introduce a uniform Goods and Service Tax
(GST) to obviate the need for multiple warehousing will lead to a consolidation
of the industry. Presently, Indian logistics industry is highly fragmented and
is still evolving, with the top players only having a miniscule 6% market share
which is expected to increase to approximately 12 % by 2015.
As the Industry is
highly unorganized, expecting quality service from these players was a distant
dream for customers. However, with the advent of technology-led solutions in
this sector and emergence of organized logistics players, companies in this
sector are striving hard to deliver quality services to their customers. Also,
domestic companies are increasingly outsourcing logistics services to 3PL
players in order to focus more on their core competencies.
The logistics
industry in India is growing rapidly on the back of a growing economy and
estimates indicate that the improvement in logistics infrastructure can have multiplier
effects to the tune of 1-1.5 % on the GDP growth. With the Indian economy
growing steadily, this augurs well for the overall logistics industry.
SCHEME OF
AMALGAMATION
The Board of Directors
in its meeting held on March 12, 2012 has approved Scheme of Amalgamation of
Arshiya FTWZ Limited (AFTWZL), Arshiya Domestic Distripark Limited (ADDL) and
Arshiya Central FTWZ Limited (ACFTWZL) (Transferor Companies) with the Company,
with the Appointed Date as April 1, 2012. The transferor companies have filed
their petitions before the Hon’ble High Court of Bombay for sanction of the
said Scheme of Amalgamation. Subsequently, one of the transferor Companies
namely ACFTWZL withdrew from the Scheme of Amalgamation with the company.
Accordingly, AFTWZL and ADDL will file amended Scheme of Amalgamation with the
Hon’ble High Court of Bombay for approval.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED DECEMBER 31, 2012
(Rs.
in millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. Income from operations |
|
|
|
|
(a) Income from operations |
2007.875 |
2179.191 |
6003.565 |
|
(b) Other operating income |
-- |
-- |
-- |
|
Total Income from operations (net) |
2007.875 |
2179.194 |
6003.565 |
|
2. Expenses |
|
|
|
|
(a| Cost of operations |
1304.891 |
1401.217 |
4035.430 |
|
(b[ Employee benefit expense |
65.833 |
107.359 |
283.523 |
|
|c| Depreciation and amortization expense |
53.260 |
46.727 |
146.653 |
|
|d| Other expenses |
121.034 |
98.613 |
325.521 |
|
Total expenses (a+b+c+d) |
1635.018 |
1653.916 |
4791.128 |
|
3. Profit from operations before other Income, finance costs and exceptional
items (1-2) |
372.857 |
525.278 |
1212.437 |
|
4. Other Income |
6.217 |
80.555 |
230.747 |
|
5. Profit from ordinary activities before finance costs and exceptional
Items (3+4) |
379.074 |
605.833 |
1443.184 |
|
6. Finance costs |
343.299 |
310.431 |
976.959 |
|
7. Profit from ordinary activities after finance costs but before
exceptional items (5-6) |
35.774 |
295.402 |
466.225 |
|
8. Exceptional Items |
|
|
|
|
- Leasehold Improvements Written off |
44.813 |
.-- |
44.813 |
|
9- Profit from ordinary activities before tax (7-8) |
(9.039) |
295.402 |
421.412 |
|
10. Tax expense (Current Tax, MAT Credit and Deferred Tax) |
8.503 |
94.814 |
146.419 |
|
11. Net profit for the period (9-10) |
(17.542) |
200.588 |
274.993 |
|
12. Paid-up equity share capita] (Face value per share Rs.2/-) |
123.759 |
117.659 |
123.759 |
|
13. Reserves excluding Revaluation Reserves |
|
|
|
|
14. Earning Per Share (EPS) |
|
|
|
|
EPS before & after Extraordinary items [not annualised) |
|
|
|
|
- Basic |
(0.29) |
3.41 |
4.62 |
|
- Diluted |
(0.29) |
3.41 |
4.62 |
|
16. Public shareholding |
|
|
|
|
- Number of Shares |
32594762 |
32594762 |
32594762 |
|
- Percentage of Shareholding |
52.67% |
55.41% |
52.67% |
|
Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
Number of Shares |
19159000 |
18905000 |
19159000 |
|
- Percentage of shares (as a %
of the total shareholding of promoter & promoter group) |
65.42% |
72,06% |
65.42% |
|
- Percentage of shares (as a %
of the total share capital of the company) |
30.96% |
32,13% |
30.96% |
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
10125710 |
7329710 |
10125710 |
|
- Percentage of shares (as a % of the total shareholding of |
|
|
|
|
Promoter and promoter group) |
34.58% |
27.94% |
34.58% |
|
- Percentage of shares (as a %
of the total share capital of the company) |
16.36% |
12.46% |
16.36% |
|
Investor
Complaints |
For the quarter ended December 31, 2012 |
|
Pending at the beginning oŁ the
quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end
of the quarter |
Nil |
STANDALONE
UNAUDITED SEGMENTWISE REPORT FOR THE QUARTER/NINE MONTHS ENDED DECEBMER 31,
2012
(Rs.
in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
||
|
1 |
Segment
Revenue |
|
|
|
|
|
Logistics |
1592.838 |
1721.636 |
4836.724 |
|
|
Free Trade Warehousing Zones |
415.037 |
457.558 |
1166.841 |
|
|
TOTAL |
2007.875 |
2179.194 |
6003.565 |
|
2 |
Segment
Results |
|
|
|
|
|
Profit Before Tax and Interest |
|
|
|
|
|
Logistics |
180.656 |
276.131 |
722.838 |
|
|
Free Trade Warehousing Zones |
323.264 |
345.218 |
879.928 |
|
|
Unallocated |
(137.390) |
(140.271) |
(419.188) |
|
|
|
|
|
|
|
|
TOTAL |
366.529 |
481.078 |
1183.578 |
|
|
|
|
|
|
|
|
Less :
Interest Expenses (Net) |
330.754 |
185.676 |
717.353 |
|
|
|
|
|
|
|
|
Profit
Before Tax and exceptional items |
35.775 |
295.402 |
466.225 |
|
|
|
|
|
|
|
3 |
Capital
Employed |
|
|
|
|
|
Logistics |
3158.985 |
2998.170 |
3158.985 |
|
|
Free Trade Warehousing Zones |
4615.494 |
4340.738 |
4615.494 |
|
|
Unallocated |
(1466.223) |
(1523.157) |
(1466.223) |
|
|
TOTAL |
6308.255 |
5815.751 |
6308.255 |
Note to Standalone
Results:
1. The above Unaudited Financial Results for
the quarter/nine months ended December 31. 2012 have been reviewed by the Audit
Committee and approved by the Board of Directors at the meeting held on March
30, 2013.
2. The Statutory Auditors of the company have
carried out a Limited Review of the Standalone Unaudited Financial Results for
the quarter / nine months ended December 31, 2012.
3. Other Operating income includes the value
of benefit received on utilization of "Served from India scheme"
(SKIS) under Foreign Trade Policy.
4. The Hon'ble High Court of Bombay has vide
its order dated December 7, 2012 (filed with Registrar of Companies, Mumbai on
January 4, 2013] sanctioned the Scheme of Amalgamation of Arshiya Domestic
Distripark Limited end Arshiya FTWZ Limited with Arshiya International Limited)
and their respective shareholders and creditors with the appointed date April 1
2012. The effect of the scheme has been given in this quarter/ nine months
ended December 31, 2012 as per AS14.
5. The Company has allotted 1,36,00,000
convertible warrants at Rs.145/- per warrant to Mr. Ananya A. Mittal Promoter /
Promoter group on preferential basis pursuant to a special Resolution passed by
the members of the Company at their Extra Ordinary General Meeting held on
October 16, 2012. Out of the above, 30,50,000 warrants have been converted into
30,50,000 Equity shares of Rs.2/- each fully paid up at a premium of Rs. 143
per share on November 3, 2012, On February 10, 2013 Mr. Ananya A. Mittal has
transferred 30,50,000 equity shares and 1,05,50,000 convertible warrants of the
Company to his father Mr. Ajay S. Mittal by way of gift as inter sc transfer
between Promoter / Promoter group pursuant to regulation 10 (I) (a) (l) of SEBI
(SAST) Regulations, 2011.
6. Mr. Ajay S. Mittal, CMD volunteered to
reduce his remuneration by 50% at the Board Meeting held on January 19, 2013.
Board appreciated his gesture and accepted reduction in his remuneration by 50V
7. The proposals of the company as well as
three of its subsidiaries i.e. Arshiya Rait Infrastructure Limited. Arshiya
Northern FTWZ Limited and Arshiya Industrial and Distribution Hub Limited were
referred lo Corporate Debt Restructuring (CDRJ Cell which have been admitted
under the CDR mechanism on February 15, 2013 and the final approvals are under
consideration.
8. To rationalise expenses / cost and to
efficiently utilise all resources to the optimum level, the Management has
taken certain slops including rationalisation of personnel across the
organisation.
9. The company's operations for the
quarter/nine months ended December 31, 2012 suffered on account of major
slowdown in operations which happened due to non clarity in the FTWZ Rules and
Regulations which were raised by certain Government Authorities in September,
2012 and the sleep hike in rail haulage charges In this quarter. As the
company's operations are integrated in nature, the operations were affected
across all operational divisions/subsidiaries.
10. The previous period figures have been regrouped /re-arranged* wherever necessary.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2012 (Rs. in
millions) |
31.03.2011 (Rs. in
millions) |
|
Disputed income tax demands |
4.350 |
4.350 |
|
Claims against the Company not acknowledged as debts |
55.222 |
268.373 |
|
Guarantees/ Letter of credit issued by banks (net of liabilities
provided) |
9.576 |
162.619 |
|
Guarantees given on behalf of subsidiaries. Loans outstanding against such
guarantees is Rs. 11097.061 millions (Rs. 7621.991 millions) |
12147.600 |
11282.075 |
FIXED ASSETS:
Tangibles
·
Freehold Land
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Computers
·
Equipments
·
Vehicles
·
Furniture and Fixtures
Intangibles
·
Softwares
·
Trade Mark and Patents
WEBSITE DETAILS
PRESS RELEASES
ARSHIYA INTERNATIONAL
GETS APPROVAL FOR CORPORATE DEBT RESTRUCTURING
July 04, 2013
Arshiya International has received a letter of approval from
Corporate Debt Restructuring Cell informing
that the proposal for Corporate Debt
Restructuring has been discussed and approved
by the CDR Empowered Group at its meeting held on June 24, 2013.
Arshiya
International Limited has informed BSE that the Company has received a letter
of approval from Corporate Debt Restructuring Cell informing the Company that
the proposal for Corporate Debt Restructuring has been discussed and approved
by the CDR Empowered Group at its meeting held on June 24, 2013 and the Banks
and the Company have been advised to complete the implementation of the same
within 120 days of this letter of approval.
MERRILL LYNCH SELLS 4.43 LK SHARES OF
ARSHIYA INTERNATIONAL
January 28, 2013
On January 25, 2013 Merrill Lynch
Capital Markets Espana S.A. SVB sold 443,000 shares of Arshiya International at
Rs 40.12 on the NSE.
In the previous trading session, the share closed at Rs 38.70, down Rs
1.20, or 3.01%. It has touched a 52-week low of Rs 37.95.
The company's trailing 12-month (TTM) EPS was at Rs 4.29 per share.
(Sep, 2012). The stock's price-to-earnings (P/E) ratio was 9.02. The latest
book value of the company is Rs 89.40 per share. At current value, the
price-to-book value of the company was 0.43. The dividend yield of the company
was 3.62%.
|
Client |
Deal Type |
Qty |
Deal Price |
|
CREDIT SUISSE (SINGAPORE)
LIMITED A/C CREDIT SUISSE (SINGAP |
BUY |
320,000 |
38.94 |
|
CROSSEAS CAPITAL SERVICES
PRIVATE LIMITED |
BUY |
450,240 |
39.94 |
|
CROSSEAS CAPITAL SERVICES PRIVATE
LIMITED |
SELL |
450,240 |
39.64 |
|
CROSSEAS CAPITAL SERVICES
PRIVATE. LIMITED |
SELL |
448,685 |
40.05 |
|
CROSSEAS CAPITAL SERVICES
PRIVATE. LIMITED |
BUY |
448,685 |
39.64 |
|
GAJANAN ENTERPRISES |
BUY |
999,830 |
38.17 |
|
GAJANAN ENTERPRISES |
SELL |
984,836 |
38.28 |
|
GAJANAN ENTERPRISES |
BUY |
719,078 |
38.14 |
|
GAJANAN ENTERPRISES |
SELL |
717,510 |
38.29 |
|
HANDELSBANKENS
TILLVAXTMARKNADSFOND |
SELL |
578,760 |
38.14 |
|
MERRILL LYNCH CAPITAL
MARKETS ESPANA S.A. SVB |
SELL |
443,000 |
40.12 |
|
RAHUL DOSHI |
SELL |
317,028 |
37.96 |
|
RAHUL DOSHI |
BUY |
317,028 |
37.94 |
|
SECURITIES TRADIING
CORPORATION OF INDIA LIMITED |
SELL |
600,000 |
38.65 |
|
SUNIL CAPITAL CAPITAL and
SECURITIES PRIVATE LIMITED |
BUY |
1,188,222 |
38.32 |
ARSHIYA INTERNATIONAL IN TALKS WITH BANKS TO RECAST
DEBT: SOURCES
January 18, 2013
Logistics and warehousing service provider Arshiya International, which
is facing allegations of financial irregularities and has terminated the
services of about 20 per cent of its workforce, is now in talks with its
lenders to restructure about Rs. 25000.000 millions in
gross debt, including working capital loans, banking sources told NDTV Profit.
The company may also consider approaching the corporate debt restructuring cell
for the recast, the sources added.
SBI Caps has prepared a preliminary restructuring proposal for about Rs.10400.000 millions worth of loans, involving 12 bankers,
after a joint lenders' meeting last week with the company's top management. The
company also has four other NBFCs as non-CDR parties to the proposal, sources
said.
Punjab National Bank, State Bank of India, UCO Bank, Oriental Bank of Commerce
and Axis Bank are among the lenders to the company.
"We are evaluating several options and cannot comment on whether we will
go for CDR," Ajay Mittal, managing director and founder of the company,
told NDTV Profit. "We are currently meeting our bankers to address all
issues and reassure them of all incorrect allegations recently made in the
media against the company. We are also planning to revoke pledged shares worth
about Rs. 990.000 millions -- we have already made a
payment of Rs.300.000 millions and will make the
balance payment in the next 10 days."
Mr. Mittal has pledged nearly two-thirds of his 44.6 per cent stake in the
company to borrow Rs. 990.000 millions.
The decision to raise more money comes nearly three days after Mr. Mittal
decided to infuse an additional Rs.420.000 millions as
part payment towards warrants issued to him.
According to a filing with the Bombay Stock Exchange, the company's board is
slated to meet on January 19 to discuss the financial affairs and initiatives
to address these concerns. The board will also seek the appointment of
chartered accountants to independently investigate and submit a report on the
recent allegations.
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.59.36 |
|
|
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.