MIRA
INFORM REPORT
|
Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
AQUA LOGISTICS LIMITED (w.e.f. 05.03.2009) |
|
|
|
|
Formerly Known
As : |
AQUA LOGISTICS PRIVATE LIMITED |
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Registered
Office : |
Trade Star, 5th Floor, B Wing, Andheri Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra |
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|
Country : |
India |
|
|
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Financials (as
on) : |
31.03.2013 |
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|
Date of Incorporation : |
20.09.1999 |
|
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Com. Reg. No.: |
11-121803 |
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Capital
Investment / Paid-up Capital : |
Rs.299.991 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L63090MH1999PLC121803 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21253B |
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PAN No.: [Permanent
Account No.] |
AADCA0603M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Providing end to end logistics services. |
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|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Under Liquidation |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is under liquidation. Management remain non-cooperative. The company has seen volatility and lower growth in its overall
performance due to the extreme weak economic fundamentals within the country
and in overseas market. Payment are unknown. The subject cannot be considered for business dealing. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BB |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
December 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-28223557)
LOCATIONS
|
Registered / Corporate Office / Western
Regional Office: |
Trade Star, 5th Floor, B Wing, Andheri Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-28223557/ 28353976/67770200/40903800 |
|
Fax No.: |
91-22-28353876/6770299 |
|
E-Mail : |
Bhupendra.shah@aqualogistics.com
info@aqualogistics.com satish.ambre@aqualogistics.com tharanath@aqualogistic.com |
|
Website : |
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|
|
|
|
Regional Office : |
·
Northern
Regional Office White House RZ-B-1/A , Plot No 48,
Masoodpur, Vasant Kunj, New Delhi-
110070, India Tel: 91-11-26125563/ 26125565 Fax: 91-11-26125561 Email : rajeev.chachra@aqualogistics.com ·
Southern
Regional Office 9B Ega Trade Centre, 809 P.H. Road Chennai – 400059, Tamilnadu
India Fax: 91-44-42857994 Email : ranjith.b@aqualogistics.com
|
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|
|
|
Branch Office : |
Banglore Branch No.305/A, 7th Main, HAL 3rd Stage, Bangalore - 560 075, India Tel: 91-80-4245 1400 Fax: 91-80-4245 1415 Email : gopal.rajesh@aqualogistics.com Kolkata Branch: M.A. Business Centre, 113, Ground Floor, Poddar Point, Park Street,
Kolkata – 700016, India Patna Branch: Animesh Ratan, S/o Deepak Ratan, H No.: 179, Circle No. 243, Kidwaipur
District, Patna – 800001, Bihar, India
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajesh G. Uchil |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Harish Uchil |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
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|
Name : |
Mr. M. S. Sayad |
|
Designation : |
Vice-Chairman |
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|
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|
Name : |
Mr. B.S. Radhakrishnan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ravi Sharma |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Bhupendra
N. Shah |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19834560 |
9.16 |
|
|
19834560 |
9.16 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
19834560 |
9.16 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
65134079 |
30.08 |
|
|
34137839 |
15.76 |
|
|
99271918 |
45.84 |
|
|
|
|
|
|
58405160 |
26.97 |
|
|
|
|
|
|
13076375 |
6.04 |
|
|
17747177 |
8.20 |
|
|
8223260 |
3.80 |
|
|
7424492 |
3.43 |
|
|
281239 |
0.13 |
|
|
517529 |
0.24 |
|
|
97451972 |
45.00 |
|
Total Public shareholding (B) |
196723890 |
90.84 |
|
Total (A)+(B) |
216558450 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
83432500 |
0.00 |
|
|
83432500 |
0.00 |
|
Total (A)+(B)+(C) |
299990950 |
0.00 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PROMOTER AND PROMOTER GROUP"
|
SL No. |
Name of the
Shareholder |
Details
of Shares held |
Encumbered
shares (*) |
Total
shares (including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|||
|
No.
of Shares held |
As
a % of grand total (A)+(B)+(C) |
No |
As
a percentage |
As
a % of |
|
||
|
1 |
Gopalkrishna G Uchil |
87,62,660 |
2.92 |
0 |
0.00 |
0.00 |
2.92 |
|
2 |
Harish G Uchil |
49,29,770 |
1.64 |
4800000 |
97.37 |
1.60 |
1.64 |
|
3 |
Rajesh G Uchil |
56,77,780 |
1.89 |
5200000 |
91.59 |
1.73 |
1.89 |
|
4 |
M S Sayad |
4,64,350 |
0.15 |
0 |
0.00 |
0.00 |
0.15 |
|
|
Total |
1,98,34,560 |
6.61 |
10000000 |
50.42 |
3.33 |
6.61 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
|
Sl.
No. |
Name
of the Shareholder |
No.
of Shares held |
Shares
as % of Total No. of Shares |
Total
shares (including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Sicom Limited |
61471936 |
20.49 |
20.49 |
|
|
2 |
Sparrow Asia Diversified Opportunities
Fund |
10352765 |
3.45 |
3.45 |
|
|
3 |
Shriram Credit Company Limited |
9475965 |
3.16 |
3.16 |
|
|
4 |
Enam Shares and Securities Private Limited |
8970660 |
2.99 |
2.99 |
|
|
5 |
Albula Investment Fund Limited |
5419956 |
1.81 |
1.81 |
|
|
6 |
El Dorado Biotech Private Limited |
5008490 |
1.67 |
1.67 |
|
|
7 |
Cresta Fund Limited |
4761000 |
1.59 |
1.59 |
|
|
8 |
JM Financial Services Limited |
4144040 |
1.38 |
1.38 |
|
|
9 |
Lotus Global Investments Limited |
3871118 |
1.29 |
1.29 |
|
|
10 |
Bank |
3662143 |
1.22 |
1.22 |
|
|
11 |
Mavi Investment Fund Limited |
3533000 |
1.18 |
1.18 |
|
|
12 |
Nirmal Bang Securities Private Limited |
3522697 |
1.17 |
1.17 |
|
|
13 |
India Max Investment Fund Limited |
3500000 |
1.17 |
1.17 |
|
|
14 |
Giraben Atulbhai Shah |
3225000 |
1.08 |
1.08 |
|
|
15 |
Blend Financial Services Limited |
3116770 |
1.04 |
1.04 |
|
|
|
Total |
134035540 |
44.68 |
44.68 |
|
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 5% OF THE TOTAL NO. OF SHARES
|
Sl.
No. |
Name(s)
of the shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % of Total No. of Shares |
Total
shares (including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Sicom Limited |
61471936 |
20.49 |
20.49 |
|
|
|
Total |
61471936 |
20.49 |
20.49 |
|
DETAILS OF DEPOSITORY RECEIPTS (DRS)
|
Sl. No. |
Type of
Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of
Outstanding DRs |
No. of Shares
Underlying |
Shares
Underlying Outstanding DRs as % of Total No. of Shares |
|
1 |
GDR (Detusche Bank Trust Company Americas) |
36,27,500 |
8,34,32,500 |
27.81 |
|
|
Total |
36,27,500 |
8,34,32,500 |
27.81 |
BUSINESS DETAILS
|
Line of Business : |
Providing end to end logistics services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
Bank of India |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors: |
|
|
Name : |
Anil Nair and Associates Chartered Accountants |
|
Address : |
"Casablanca", 6 Casa Major Road, Egmore, Chennai - 600 008, Tamilnadu, India |
|
|
|
|
Secretarial
Auditor: |
|
|
Name : |
Pankaj and Associates Company Secretaries |
|
Address : |
505/panchsheel-4/B, Raheja Township, Malad (East), Mumbai – 400097, Maharashtra, India |
|
|
|
|
Subsidiaries : |
· Aqua Logistics FZE |
|
|
|
|
Enterprises where
Key Management Personnel exercise significant influence: |
· Harapa International Private Limited · Aqua Specialized Transport Private Limited · Aqua Management Consulting Group Private Limited · Trikon Electronics Private Limited · Lefworld Private Limited · Aqua PCW Private Limited · Aqua Star Distribution Logistics Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,00,00,000 |
Equity Shares |
Rs.1/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,99,90,950 |
Equity Shares |
Rs.1/- each |
Rs. 299.991
Millions |
|
|
|
|
|
Note:
The reconciliation of number of shares outstanding and the a mount of share capital as at March 31, 2013 and
March 31, 2012 is set out below.
|
|
No. of Shares 31.03.2013 |
|
Equity shares of Rs. 1 par value, fully paid up |
|
|
At the beginning of the year |
299.991 |
|
Add: Issued during the year |
|
|
At the end of the year |
299.991 |
The Company has only one class of shares referred to as equity shares having a par value of Rs. 1/-. Each holder of equity shares is entitled to one vote per share.
The details of share holders holding more than 5 % shares in the company
|
Name of the shareholder |
No of Shares %
held 31.03.2013 |
|
Equity shares of Rs. 1 par value, fully paid up |
|
|
i) Deutsche Bank Trust Company Americas (8,34,32,500 equity Shares of Rs. 1 par value) |
63.433 27.81% |
|
ii) Sicom limited (6,14,71,936 equity Shares of Rs. 1 par value) |
61.472 20.49% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
299.991 |
299.991 |
299.991 |
|
(b) Reserves & Surplus |
4641.503 |
4915.580 |
4896.087 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4941.494 |
5215.571 |
5196.078 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.567 |
30.898 |
51.951 |
|
(b) Deferred tax liabilities (Net) |
74.187 |
65.207 |
63.661 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.970 |
6.970 |
0.000 |
|
Total Non-current Liabilities (3) |
85.724 |
103.075 |
115.612 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
793.816 |
813.273 |
619.708 |
|
(b) Trade payables |
88.747 |
143.628 |
135.414 |
|
(c) Other current
liabilities |
96.166 |
44.480 |
32.355 |
|
(d) Short-term provisions |
36.235 |
25.758 |
34.330 |
|
Total Current Liabilities (4) |
1014.964 |
1027.139 |
821.807 |
|
|
|
|
|
|
TOTAL |
6042.182 |
6345.785 |
6133.497 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3135.437 |
409.362 |
403.628 |
|
(ii) Intangible Assets |
39.947 |
39.947 |
39.947 |
|
(iii) Capital
work-in-progress |
134.505 |
134.505 |
73.131 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
197.000 |
544.088 |
450.865 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
664.445 |
2383.026 |
351.593 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4171.334 |
3510.928 |
1319.164 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
5.210 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
1425.871 |
1467.953 |
1556.348 |
|
(d) Cash and cash equivalents |
12.342 |
943.695 |
2950.872 |
|
(e) Short-term loans and
advances |
432.635 |
423.209 |
301.903 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1870.848 |
2834.857 |
4814.333 |
|
|
|
|
|
|
TOTAL |
6042.182 |
6345.785 |
6133.497 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2595.918 |
3103.501 |
3808.793 |
|
|
|
Other Income |
10.881 |
26.394 |
12.736 |
|
|
|
TOTAL (A) |
2606.799 |
3129.895 |
3821.529 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Freight and Handling Expenses |
2334.894 |
2824.334 |
3267.882 |
|
|
|
Employee Benefit Expenses |
41.014 |
61.859 |
83.322 |
|
|
|
Other Expenses |
39.324 |
59.546 |
93.940 |
|
|
|
Amortization
of Advertisement expenses incurred in Prior period |
9.993 |
9.993 |
9.993 |
|
|
|
Extraordinary
Items :- |
|
|
|
|
|
|
Profit/(Loss)
on Sale of Assets |
0.000 |
0.043 |
(0.244) |
|
|
|
Profit/(Loss)
on Sale of Investments |
290.859 |
0.526 |
0.458 |
|
|
|
TOTAL (B) |
2716.084 |
2956.301 |
3455.351 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(109.285) |
173.594 |
366.178 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
126.592 |
117.827 |
72.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(235.877) |
55.767 |
293.677 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
39.211 |
38.684 |
38.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(275.088) |
17.083 |
254.840 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.981 |
5.547 |
30.939 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(284.069) |
11.536 |
223.901 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
615.373 |
603.837 |
379.937 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
331.304 |
615.374 |
603.837 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Freight and Handling Income |
1.865 |
15.562 |
6.187 |
|
|
|
Interest |
0.450 |
12.334 |
0.000 |
|
|
TOTAL EARNINGS |
2.315 |
27.896 |
6.187 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.95) |
0.04 |
1.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(10.90)
|
0.37 |
5.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.60)
|
0.55 |
6.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.82)
|
0.30 |
5.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
0.00 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.16
|
0.16 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84
|
2.76 |
4.64 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
REVIEW
OF OPERATIONS
During the
year, the Company has registered a significant volatility and thereby a lower
growth in its overall performance, entirely due to the extreme weak economic fundamentals
within the country and in overseas market. The broad spectrum of industries in
India has gone through a very bad patch during this fiscal, with top line of
operations and margins shrinking. Logistics industry has been no exception to
this, as its performance largely depends on the GDP growth within the various
segment of industry. Income from operations is Rs 2606.798 Millions as compared
to Rs. 3129.897 Millions in the previous year showing decrease of 16.71%. The
decrease in revenue is mainly due to decrease in revenue from freight
forwarding services and largely in project logistics. However, in-spite of all
odds and adversities the Company has achieved reasonable level of sales
targets, which is grossly attributable to Company’s customer-centric approach
and its ability to provide customer specific solutions, customer centric focus
on pricing and innovative marketing strategy, timely project executions and
better control over cost.
Profit before Depreciation, Interest and Tax (PBDIT) has increased from Rs. 184.157 Millions for the year ended March 31, 2012 to Rs. 191.565 Millions showing a slight growth of operations this fiscal. During FY 2013, the Company has recorded Net Loss after Tax to Rs. 284.070 Millions from a PAT level of Rs. 11.537 Millions in FY 2012 due to loss on sale of Investments in subsidiary companies.
The Directors of the Company are currently doing their best to improve the Company’s earning and the results will show up in the ensuing quarters.
BUSINESS
AND FUTURE OUTLOOK
According to the World Bank’s 2012 Logistics Performance Indicator, India is ranked 46th and is behind countries such as Japan, the United States, Germany and China. Logistics costs account for around 6-10% of average retail prices in India as against the global average of 4-5%. Therefore, there is a clear scope to improve margins by 3-5% by improving the efficiency of the supply chain and logistics processes. India is the second largest producer of fruits and vegetables in the world but, according to the India Tribune, due to inadequate supply chain and logistics infrastructure and management, two-thirds of the produce, worth US$ 65 billion in revenue, is wasted or lost in transit every year.17 In the last few years, India has also been crippled by rising food inflation rates, predominantly due to temperature-sensitive transportation and storage, the gap is more glaring. According to industry analysts, improving the back-end processes in the supply chain and integrating cold chains can save US$ 15 billion annually while reducing the wastage of perishable horticulture produce and ensuring additional export revenue of over US$ 5 billion. In India, 65% of freight traffic moves on the road network. Road freight volumes have increased at a much higher rate than the growth of the road network over the last few years, creating structural issues of capacity and quality. Complex taxation and the use of different road permits/documents in different states impose additional constraints on the movement of freight by road.
Going forward The Company intends to focus on this opportunity in creating infrastructure to cater to this segment and is already in the process of scouting for suitable partners to align with for seizing this opportunity. This segment of logistics business requires huge level of investments in infrastructure and is a short to medium term opportunity with heavy dose of top line business and fantastic bottom level business opportunity. The Company is clearly focused on this and is making the right moves to enter this area.
As far as the existing operations are concerned, The Company is focused in reducing the lower margin business in the various segments of logistics operations and focus only on reasonable margin oriented businesses and is currently focused more in supply chain solutions and delivery to existing clientele on selective basis. The Company wants to certainly restructure the operations from an improved margin orientation business which only can sustain operations on long term basis and can also provide value to its valued existing shareholders and other stake holders.
The Company is also focused currently in reducing its short and long term liabilities significantly by aligning with strategic investors so that the interest burden which is erasing the margins to be retained can be restored and the operational efficiency can be brought back into black during this fiscal. Lot of efforts are under way to achieve this and The Company is confident of achieving this at a reasonable time frame.
The Company is completely aware of the weak economic fundamentals prevailing in the domestic and overseas markets at this point in time. There is a huge negative sentiment prevailing. But The Company feels that these are the best times to initiate and enter newer segments of logistics businesses which can provide long term value to shareholders and stake holders. Further, with the economic sentiment within the country likely to show positive results in the third quarter of this fiscal, The Company is confident of restoring back its original glory of CAGR and PAT.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC
OUTLOOK
India's struggling economy is likely to grow even more slowly this fiscal year than the decade low of 5 percent struck last year, as investment will stay weak due to inadequate reforms and uncertainty ahead of a looming election. The parlous state of Asia's third largest economy was reflected in the rupee's 18 percent plunge against the dollar to alltime lows since May, when signals emerged that the U.S. Federal Reserve was considering winding down an easy money strategy that had benefitted emerging markets like India. Burdened with a record high current account deficit, the rupee has suffered a far steeper fall than other emerging market currencies, and investors doubt whether Prime Minister Manmohan Singh's minority government will take bold enough steps needed to remedy the economy with an election due within nine months.
India's growth slowed to 5 percent in the 2012/13 fiscal year that ended in March, its worst performance since it grew by 3.9 percent in 2002/03. However, some economists are more optimistic. They are hopeful that upbeat farm output prospects on the back of plentiful rainfall this year, benefits of a weak rupee for exports, a pick-up in investments following approvals to several large projects in recent months and improvement in the global economy, will combine to deliver more favorable outcome than anticipated.
According to the 'India 2020 - Economy Outlook' launched by Dun and Bradstreet in association with Life Insurance Company (LIC), the Indian economy is expected to recover from the current phase of slowdown by FY’14 and is expected to gather pace by FY'15.
INDIAN
LOGISTICS INDUSTRY
Logistics cost in India is estimated to be 13% of GDP, which is much higher than the developed economies like USA which spends around 10% of its GDP as logistics cost and Japan which spends 11% of its GDP for the same. The reason for this high spending is attributed to poor infrastructure facilities, lack of implementation of IT in logistics and unnecessary check points at the National highways which wastefully increases the transportation costs. India can save upto US$ 7.13 Billion each year in the event of a reduction in logistics cost by 1%.
Indian logistics industry is approx. 3% of the global logistics and is highly fragmented so far. Logistics industry comprises of three major segments - transportation, storage and value added services. Based on the analysis of various sub-segments in the Indian context on various comparative factors, Companies in the storage and the value added service segments are well-placed to capitalize on growing Indian economy.
GROWTH
DRIVERS
The evolving business landscape and increasing competition across industries, is creating the need for more efficient and reliable logistics services than what exists today. The growth drivers for the Industry can be summarized as follows –
GDP growth and rise of 3PL services – Most companies across industries like automotive, electronics, FMCG and pharmaceutical sectors are increasingly opting to outsource their logistics requirements to specialized 3PLs. This has created a demand for a range of logistics services which will benefit the productivity and efficiency of the customers supply chains.
Investments in infrastructure – Given the current thrust on infrastructure investments, the growth and efficiency of Logistics Service Providers as well as their customers will be positively impacted. The government has planned investments in infrastructure development amounting Rs. 20000000.000 Millions in the next 5 years. This will prove to be a major benefit for the logistics industry.
Qualified work force – There has been a sudden transformation in the scale and scope of activities within the logistics sector. This growth rate needs to be supported with a parallel growth of skilled and trained manpower. Attracting and retaining talent is a major problem faced by Companies in the logistics business. There is a need to incorporate a high degree of professionalism in the functioning and approach of the Companies in this business.
GST Implementation to Accelerate India’s growth on Logistics front – Goods and Services Tax (GST) to be implemented in FY13 would do away with multiple taxations and other complexities that the logistics providers have to deal with in different states of India. This will boost investments in large warehouses with latest technologies thereby gaining economies of scale. This in turn will increase the attractiveness of integrated logistics companies, which can provide end-to-end logistics solutions.
Emergence of new Storage Models – Several players in India such as Multimodal Logistics Park (MMLP), Mega Food Parks (MFP) and Free Trade Warehousing Zones (FTWZ), have announced next generation storage models. These large scale projects are expected to significantly improve the quality of warehousing and storage space in the Country, while allowing the Customers to reduce costs through economies of scale, government incentives offered and optimal usage of multiple modes of transportation.
COMPANY OVERVIEW
Subject is a leading international freight forwarding Company. The Company provides end to end logistics services and has emerged as one of the strongest process driven logistics companies in India.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
||||||
|
Short-term
borrowings |
|
|
||||||
|
Short Term Loans |
299.302 |
312.341 |
||||||
|
|
|
|
||||||
|
Total |
299.302 |
312.341 |
||||||
|
Note: Unsecured Short Term loans from others include Short Term Loan from Sicom Limited secured by pledge of shares belonging to all the promoters of the Company and further secured by way of Personal Guarantees by two directors of the Company. Period and amount of default as on the balance sheet date in respect of loans and interest
|
||||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10286359 |
25/04/2011 |
50,000,000.00 |
BANK OF INDIA |
ANDHERI MID
CORPORATE BRANCH, BOI BUILDING, 1ST |
B12619789 |
|
2 |
10283852 |
31/03/2011 |
4,750,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA |
B11016748 |
|
3 |
10269456 |
01/02/2011 |
44,618,625.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B06460877 |
|
4 |
10149093 |
11/01/2012 * |
650,000,000.00 |
BANK OF INDIA |
ANDHERI MID
CORPORATE BRANCH, M.D.I BUILDING, 28 , 1ST FLOOR, S.V.ROAD, ANDHERI (WEST),
MUMBAI, MA |
B33972993 |
|
5 |
10140943 |
11/01/2012 * |
650,000,000.00 |
BANK OF INDIA |
ANDHERI MID
CORPORATE BRANCH, M.D.I BUILDING,, 28 , 1ST FLOOR, S.V.ROAD, ANDHERI
(WEST),,MUMBAI, MAHARASHTRA - 400058, INDIA |
B33978404 |
Note: * Date of charge modification
UNAUDITED
FINANCIAL RESULT FOR THE QUARTER ENDED JUNE 2013
(Rs.
In Millions)
|
Particular |
Quarter ended (Unaudited) |
|
|
30.06.2013 |
|
Income from
Operations |
|
|
a) Net Sales / Income from Operations |
605.032 |
|
b) Other Operating Income |
0.000 |
|
Total Income from
Operations (Net) |
60.5.032 |
|
Expenses |
|
|
a) Freight and Handling Expenses |
546.329 |
|
b) Personal Cost |
6.897 |
|
c) Administrative, Selling and General expenses |
7.614 |
|
d) Depreciation |
9.802 |
|
Total Expenses |
570.642 |
|
Profit / (Loss)
from Operations before Other Income, Finance Cost and Exceptional Items |
34.390 |
|
Other Income |
0.00 |
|
Profit / (Loss)
before Finance Cost and Exceptional Items |
34.390 |
|
Finance Costs |
31.074 |
|
Profit / (Loss)
after Finance cost but before Exceptional Items |
3.316 |
|
Exceptional Items |
0.000 |
|
Profit / (Loss)
before Tax |
3.316 |
|
Provision for taxation |
0.400 |
|
Deferred Tax liability |
0.300 |
|
Net Profit / (Loss)
after Tax |
2.616 |
|
Prior Period item |
2.498 |
|
Extraordinary Items - Loss on sales of investment |
0.00 |
|
Net Profit / (Loss)
for the Period |
0.118 |
|
Paid Up Equity Number of Shares |
299990950 |
|
Paid Up Equity Share Capital (Face Value of the share – Rs. 1/- each) |
2999.91 |
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
4641.503 |
|
Earnings Per Share (EPS) (in Rs.) |
|
|
a) Basic |
0.0004 |
|
b) Diluted |
0.0004 |
|
Particular |
Quarter ended (Unaudited) |
|
|
30.06.2013 |
|
PARTICULARS OF
SHAREHOLDING |
|
|
Public Shareholding |
|
|
- Number of Shares |
280156390 |
|
- Percentage of Shareholding |
93.39 |
|
Promoters and
Promoter Group Shareholding |
|
|
a) Pledged /
Encumbered |
|
|
- Number of Shares |
10000000 |
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
50.42 |
|
- Percentage of Shares (as a % of total share Capital of the Company) |
3.33 |
|
b) Non-Encumbered |
|
|
- Number of Shares |
9834560 |
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
49.58 |
|
- Percentage of Shares (as a % of total share Capital of the Company) |
3.28 |
Note:
The above results
for the quarter ended June 30 2013 were reviewed by the Audit Committee and thereafter
were approved and taken on record by the Board of Director its meeting held on
Aug 14, 2013.
The statutory
auditors have carried out a limited review of the standalone financial results
for the Quarter ended 30.06.2013 pursuant to clause 41 of the Listing
Agreement.
The Company is
mainly engaged in the business of 3rd Party logistics S service Provider,
delivering end -10-end solutions in the logistics andSupply chain domain and
has also placed bids for different projects for which the outcome of bids are
awaited.
Prior Period Items
represent Expenditure incurred in earlier years treated as differed revenue
charged to Revenue.
The previous
quarters / corresponding quarter's/ year's figures have been regrouped / rearranged
wherever necessary to make it comparable with the corresponding period.
No. of Complaints
received from investors / Shareholders for the quarter ended June 30, 2013.
Contingent liability
not provided for in the accounts (31.03.2013)
a) Claims against the company not acknowledged as debts– Rs.43.342 Millions (previous year –Rs.29.102 Millions).
b) In respect of counter guarantees given to Banks– Rs.10.000 Millions (previous year –Rs.10.000 Millions).
FIXED ASSETS
Tangible Assets
· Office Premises
· Plant and Machinery
· Computer and Software
· Office Equipment’s
· Furniture and Fixtures
·
Vehicles
·
Land and Mines
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
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.