MIRA
INFORM REPORT
|
Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
|
SHREYAS SHIPPING
AND LOGISTICS LIMITED |
|
|
|
|
|
Registered
Office : |
4th Floor, Himalayas, Geetmala Complex, Near Shah
Industrial Estate, Govandi (East), Mumbai-400088, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.08.1988 |
|
|
|
|
Com. Reg. No.: |
11-048500 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.219.575
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63000MH1988PLC048500 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS17544C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS7927B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Service Provider of Shipping and Logistics. |
|
|
|
|
No. of Employees
: |
140 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5967000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record.
Financially company seems to be performing well. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ [Cash Credit] |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of financial
obligation it carry moderate credit risk. |
|
Date |
February 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Shetty |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66220300 |
|
Date : |
16.09.2013 |
LOCATIONS
|
Registered Office : |
4th Floor, Himalayas, Geetmala Complex, Near Shah Industrial
Estate, Govandi (East), Mumbai-400088, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
2nd Floor, Sahyadris, Geetmala Complex, Near Shah Industrial
Estate, Govandi (East), Mumbai-400088, Maharashtra, India |
|
Tel. No.: |
91-22-66220300 |
|
Fax No.: |
91-22-66220444 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. S. Ramakrishnan |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. V. Ramnarayan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. S. Mahesh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. L. B. Culas |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ritesh S. Ramakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitabha ghosh |
|
Designation : |
Director |
|
|
|
|
Name : |
Capt. P. P. Radhakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Ragothaman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. T. Joseph |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mannil venugopalan |
|
Designation : |
Director |
KEY EXECUTIVES
|
MANAGEMENT TEAM: |
|
|
Name : |
Mr. V. Ramnarayan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Capt. Vivek Kumar Singh |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. S. Varadarajan |
|
Designation : |
Chief Executive Officer – Shreyas Relay Systems Limited |
|
|
|
|
Name : |
Mr. Rajesh Desai |
|
Designation : |
General Manager – Finance & Accounts |
|
|
|
|
Name : |
Ms. Namrata Malushte |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
631445 |
2.88 |
|
|
631445 |
2.88 |
|
|
|
|
|
|
3110000 |
14.16 |
|
|
12351650 |
56.25 |
|
|
15461650 |
70.42 |
|
Total shareholding of Promoter and Promoter Group (A) |
16093095 |
73.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
900 |
0.00 |
|
|
100000 |
0.46 |
|
|
100900 |
0.46 |
|
|
|
|
|
|
616967 |
2.81 |
|
|
|
|
|
|
3822103 |
17.41 |
|
|
883491 |
4.02 |
|
|
440977 |
2.01 |
|
|
68669 |
0.31 |
|
|
18420 |
0.08 |
|
|
172981 |
0.79 |
|
|
180907 |
0.82 |
|
|
5763538 |
26.25 |
|
Total Public shareholding (B) |
5864438 |
26.71 |
|
Total (A)+(B) |
21957533 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21957533 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
Transworld Holdings Limited |
1,23,51,650 |
56.25 |
|
2 |
Anisha Valli Ramakrishnan |
11,67,325 |
5.32 |
|
3 |
Mithila V Mahesh |
11,67,325 |
5.32 |
|
4 |
Ritesh Sivaswamy Ramakrishnan |
1,68,375 |
0.77 |
|
5 |
Murali S Mahesh |
1,68,375 |
0.77 |
|
6 |
Rajan Ramnarayan |
1,40,875 |
0.64 |
|
7 |
Rajiv Ramnarayan |
1,36,375 |
0.62 |
|
8 |
L B Culas |
1,30,845 |
0.60 |
|
9 |
Mahesh Sivaswamy |
1,12,475 |
0.51 |
|
10 |
S Ramakrishnan |
1,09,375 |
0.50 |
|
11 |
V Ramnarayan |
1,09,375 |
0.50 |
|
12 |
Brinda Ramnarayan |
1,08,375 |
0.49 |
|
13 |
Geeta Ramakrishnan |
1,08,375 |
0.49 |
|
14 |
Mala Mahesh Iyer |
1,08,375 |
0.49 |
|
15 |
K M Bhagirathi Iyer |
5,000 |
0.02 |
|
16 |
Abhinav Kumar Subramaniam |
600 |
0.00 |
|
|
TOTAL |
1,60,93,095 |
73.29 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Shipping and Logistics. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
No. of Employees : |
140 [Approximately] |
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|
Bankers : |
·
ICICI Bank Limited ·
Canara Bank ·
Canara Bank, London ·
Standard Chartered Bank ·
Axis Bank Limited ·
Deutsche Bank Ag ·
State Bank of India |
|||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
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Facilities : |
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|||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
PKF Sridhar and Santhanam Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Lovi Mehrotra and Associates Chartered Accountants |
|
|
|
|
Holding Company : |
Transworld Holdings Limited (holds 56.25% of the equity share capital
as at 31st March 2013) |
|
|
|
|
Subsidiaries : |
·
Shreyas Relay System Limited ·
SRS Freight Management Limited (Formerly known as
Haytrans (India) Limited) |
|
|
|
|
Fellow Subsidiaries : |
·
Orient Express Lines Limited, Mauritius ·
Orient Express Lines (S) Pte. Limited, Singapore ·
Balaji Shipping Lines FZCO ·
Balaji Logistics Sgpe Pte Limited ·
Sea Bridge Shipping L.L.C |
|
|
|
|
Other Related Parties : |
·
Orient Express Ship Management Limited ·
Sivaswamy Holdings Private Limited ·
Lanka Orient Express Lines Limited, Colombo ·
Admec Logistics Limited ·
Relay Shipping Agency Limited ·
Transworld Logistics Limited ·
Transworld Shipping and Logistics Limited ·
Albatross Shipping Limited ·
Crescent Shipping Agency (I) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
1400000 |
9.5% Non Convertible, Cumulative, Redeemable Preferences Shares |
Rs.100/- each |
Rs.140.000 Millions |
|
|
TOTAL
|
|
Rs.380.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21957533 |
Equity Shares |
Rs.10/- each
|
Rs.219.575
Millions |
NOTES:
9.5%
Non-Convertible, Cumulative, Redeemable Preference Shares of Rs. 100/- each
fully paid up. These Preference Shares were redeemed on 28th March 2012, out of
free reserves of the company. In terms of Section 80 of the Companies Act,
1956, the company has created Capital Redemption Reserve equivalent to face
value of Preference shares redeemed.
TERMS/RIGHTS
ATTACHED TO EQUITY SHARES
The Company has
only one class of equity shares having a par value of Rs. 10/- per share. The
holders of the equity shares are entitled to receive dividends as declared from
time to time, and are entitled to voting rights proportionate to their share
holding at the meetings of shareholders. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend.
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive the remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
DETAILS OF SHARES HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE
AGGREGATE SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
NOS. |
% OF HOLDING |
|
Transworld
Holdings Limited (Holding Company) |
12351650 |
56.25 |
|
Mithila V Mahesh |
1167325 |
5.32 |
|
Anisha Valli Ramakrishnan |
1167325 |
5.32 |
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 |
219.575 |
219.575 |
299.575 |
|
(b) Reserves & Surplus |
1272.305 |
1215.727 |
1183.375 |
|
(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) |
1491.880 |
1435.302 |
1482.950 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
817.119 |
479.392 |
539.903 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
57.809 |
3.316 |
3.146 |
|
Total Non-current
Liabilities (3) |
874.928 |
482.708 |
543.049 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
43.988 |
0.000 |
0.000 |
|
(b)
Trade payables |
166.207 |
120.950 |
109.606 |
|
(c)
Other current liabilities |
214.241 |
165.707 |
57.064 |
|
(d) Short-term
provisions |
16.608 |
13.934 |
15.833 |
|
Total Current
Liabilities (4) |
441.044 |
300.591 |
182.503 |
|
|
|
|
|
|
TOTAL |
2807.852 |
2218.601 |
2208.502 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2145.447 |
1619.128 |
1623.142 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.185 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
25.150 |
25.150 |
143.384 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
78.600 |
27.215 |
41.998 |
|
Total Non-Current
Assets |
2249.197 |
1671.493 |
1808.709 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.713 |
111.615 |
50.653 |
|
(b)
Inventories |
77.545 |
59.025 |
47.949 |
|
(c)
Trade receivables |
205.827 |
241.252 |
122.099 |
|
(d) Cash
and cash equivalents |
69.471 |
73.403 |
30.331 |
|
(e)
Short-term loans and advances |
110.023 |
30.286 |
122.331 |
|
(f)
Other current assets |
95.076 |
31.527 |
26.430 |
|
Total
Current Assets |
558.655 |
547.108 |
399.793 |
|
|
|
|
|
|
TOTAL |
2807.852 |
2218.601 |
2208.502 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2043.197 |
1676.925 |
1268.762 |
|
|
|
Other Income |
20.175 |
35.175 |
20.013 |
|
|
|
TOTAL (A) |
2063.372 |
1712.100 |
1288.775 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operation cost |
515.764 |
541.555 |
380.866 |
|
|
|
Fuel cost |
931.204 |
758.281 |
475.356 |
|
|
|
Employee benefit expenses |
238.458 |
180.488 |
155.707 |
|
|
|
Other expenses |
37.881 |
24.922 |
20.739 |
|
|
|
TOTAL (B) |
1723.307 |
1505.246 |
1032.668 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
340.065 |
206.854 |
256.107 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.988 |
37.969 |
61.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
273.077 |
168.885 |
194.235 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
140.279 |
115.993 |
105.411 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
132.798 |
52.892 |
88.824 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.501 |
(0.955) |
1.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
126.297 |
53.847 |
87.524 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
299.219 |
352.867 |
320.720 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
80.000 |
2.500 |
|
|
|
Transfer to Tonnage Tax Reserve |
25.000 |
6.000 |
15.900 |
|
|
|
Preference Dividend Paid |
0.000 |
7.517 |
7.600 |
|
|
|
Tax on Dividend Paid |
0.000 |
1.219 |
1.262 |
|
|
|
Proposed Equity Dividend |
13.174 |
10.979 |
13.175 |
|
|
|
Tax on Equity Dividend |
2.239 |
1.781 |
2.137 |
|
|
|
Tax on Interim dividend on Equity Shares |
0.000 |
0.000 |
10.979 |
|
|
|
Interim Dividend paid on Equity Shares |
0.000 |
0.000 |
1.823 |
|
|
BALANCE CARRIED
TO THE B/S |
385.103 |
299.218 |
352.868 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
563.217 |
585.255 |
244.123 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
62.826 |
45.457 |
42.635 |
|
|
|
Fuel Oil |
137.800 |
446.940 |
0.000 |
|
|
|
Capital Goods |
619.775 |
26.035 |
13.636 |
|
|
TOTAL IMPORTS |
820.401 |
518.432 |
56.271 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
5.75 |
2.05 |
3.58 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Net Sales |
|
|
524.300 |
|
Total Expenditure |
|
|
453.100 |
|
PBIDT (Excl OI) |
|
|
71.200 |
|
Other Income |
|
|
10.700 |
|
Operating Profit |
|
|
81.900 |
|
Interest |
|
|
20.100 |
|
PBDT |
|
|
61.800 |
|
Depreciation |
|
|
36.800 |
|
Profit Before Tax |
|
|
25.000 |
|
Tax |
|
|
02.100 |
|
Profit After Tax |
|
|
22.900 |
|
Net Profit |
|
|
22.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.12
|
3.15 |
6.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.50
|
3.15 |
7.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.77
|
2.41 |
4.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.04 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.57
|
0.33 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.82 |
2.19 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
169.939 |
141.838 |
39.229 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10365839 |
28/02/2013 * |
757,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B70049119 |
|
2 |
10275432 |
14/03/2011 |
580,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH - II, VARMA CHAMBERS, 2ND FLOOR, HOMJI STREET, FORT, MUMBAI - 400001, MAHARASHTRA,
INDIA |
B09043894 |
|
3 |
80051256 |
18/03/2009 * |
75,000,000.00 |
STANDARD
CHARTERED BANK |
90, MAHATMA
GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A58488685 |
|
* Date of charge modification |
||||||
REVIEW OF OPERATIONS:
During the year, the Company
has acquired two container vessels thereby increasing its tonnage by over 90%.
With this, the Company has six vessels out of which five vessels are deployed
on the Indian coast. The Company is dedicated towards enhancing the share of
coastal shipping in the Indian transportation pie.
The vessels carry mainly
feeder and domestic cargo. Feeder cargo is the transshipment cargo for Main
Line Operators (MLO) from hub ports to smaller ports since the big vessels cannot
call all the Indian ports. Domestic cargo is the movement of cargo within
India. The Company's USP is its ability to generate cargo on the round voyage.
The wholly owned company
Shreyas Relay Systems Limited (SRS) has made rapid progress in the various
areas of transportation. It has posted a growth of 56 % in the top line and 51%
in the bottom line. With a strong fleet of owned vehicles and containers, SRS
has ventured into various segments of road transportation. It has also made
remarkable progress in the rail transportation. SRS proposes to additionally
focus on the movement of special equipments and also creating a worldwide
strong agents network. Thus, SRS is now poised to make a strong mark in the
Indian logistics industry.
MANAGEMENT'S DISCUSSION AND
ANALYSIS
INDUSTRY REVIEW
COASTAL SHIPPING
Overall, the Indian
container industry continued to remain stable during the year. The Container
throughput at India's major ports stayed relatively flat year-over-year. The
statistics released by Indian Ports Association states that the throughput at
the 12 state-owned ports, which account for the majority of India's exports and
imports of containerized goods, was 7.71 million ( 20-foot-equivalent units),
compared with 7.78 million (20-foot-equivalent units), in fiscal 2011-12.
Container tonnage in 2012-13was also virtually flat, at 120 million tons.
The Ministry of Shipping has
replaced the National Maritime Development Programme with "The Maritime
Agenda 20102020" to aggressively promote and develop Indian shipping. The
Agenda has, inter alia, set goals to bring ports at par with the best
international ports in terms of performance and capacity and to promote coastal
shipping as it will help in decongesting Indian roads and is environment
friendly.
Public Private Partnership
(PPP) has assumed significant importance in the recent past. Statistics reveal
that as many as 58 port development projects were undertaken in PPP mode, out
of which 29 projects were completed. 16 PPP port projects are at various stages
of construction, and 13 were awarded during 2012-13. This demonstrates the
growing magnitude of coastal shipping in India.
LOGISTICS
The Indian logistics
industry is poised at a crossroads along its growth trajectory. This is
particularly important at this juncture in light of the ongoing global economic
uncertainty that has been impacting the Indian market to an extent. However,
driven by strong fundamentals and consistent demand, the resilient Indian
economy in general and, the logistics sector in particular, are seemingly
well-positioned to sail through turbulent global waters.
In fact, India is today seen
as a focal point of a major boom in the logistics industry, a land of
opportunity for logistics service providers from all over the world due to its
huge market, growing manufacturing sector, rapid development in hinterland
connectivity and multimodal transportation.
Currently India's logistic
sector is valued at around US$110 billion and is expected to touch US$200
billion by 2020. The cost of logistics in India is valued at 13 - 14% of GDP
where as in developed nations the cost is in the range of 7-8% of their GDP.
PERFORMANCE REVIEW OF
SUBJECT
During the year, the Company
has acquired two container vessels thereby increasing its tonnage by over 90%.
With this, the Company has six vessels out of which five vessels are deployed
on the Indian coast. The Company is dedicated towards enhancing the share of
coastal shipping in the Indian transportation pie.
The vessels carry mainly
feeder and domestic cargo. Feeder cargo is the transshipment cargo for Main
Line Operators (MLO) from hub ports to smaller ports since the big vessels
cannot call all the Indian ports. Domestic cargo is the movement of cargo
within India. The Company's USP is its ability to generate cargo on the round
voyage.
During the year, the topline
of the Company registered a growth of about 22% over the previous year while
the bottom line grew by 135 %.
The wholly owned company Shreyas
Relay Systems Limited (SRS) has made rapid progress in the various areas of
transportation. SRS has achieved a top line of Rs. 2690.900 Millions thereby
posting a growth of 56% and a bottom line of Rs. 33.100 Millions which is 51%
growth in the Net Profits over the previous year. With a strong fleet of owned
vehicles and containers, SRS has ventured into various segments of road
transportation. It has also made remarkable progress in the rail
transportation. SRS proposes to additionally focus on the movement of special
equipments and also creating a worldwide strong agents network. Thus, SRS is
now poised to make a strong mark in the Indian logistics industry.
OUTLOOK:
COASTAL SHIPPING
Coastal shipping offers
several advantages over other modes of transportation in terms of cost and
volume. It also complements rail and road transport by providing a multi-modal
integrated transport facility. Coastal shipping can significantly reduce the
overall cost of transportation. In fact, the diversion of cargo traffic to
coastal shipping can also help reduce road congestion thereby preserving the
quality of national highways, which, in turn, can reduce loss of life and
material caused by road accidents. The Maritime Agenda 2010-2020 is dedicated
to inter alia promote coastal shipping due to its inherent benefits.
Coastal shipping can handle
and transport large sized cargo such as project cargo more easily than any
other modes of transport that are limited by carriageway restrictions. The
inherent capacity and infrastructure limitations of the other modes of
transport restrict the movement of large and odd-shaped cargo.
Increasing interest from
strategic players desiring to participate in the development of Indian ports
through the Public Private Partnership (PPP) mode offers immense opportunities
for coastal players like Shreyas to offer additional and diverse services to
customers. Such initiatives will go a long way in promoting coastal shipping in
India.
LOGISTICS
India is emerging as one of
the world's leading consumer market with the raise of middle income group. To
service such large market at shortest possible time with least cost, the
logistics sector is expected to play an important role in accessing this
emerging market and enabling this growth.
The key growth drivers
propelling the logistics sector towards new heights are the development of
major and minor ports as well as opening up of new ports thereby making optimum
use of India's vast coastline. India has the second largest network of roads,
spanning the length and breadth of the country. Although the quality of the
roads is yet to touch international standards, the NHAI is taking active
initiative to improve the road transportation to enable more deployment of
trucks. The freight transportation by railways is also undergoing encouraging
modifications. Even the existing airports are witnessing modernization and new
airports are coming in play to encourage better air connectivity.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
Corporate guarantee given on behalf of Subsidiary company (including
interest) |
202.686 |
121.194 |
|
Claim from ONGC for expenses incurred by it in connection with recovery
and allied activities in respect of OEL Vision in distress during July 2006
(Recoverable from insurance company) |
30.597 |
30.597 |
|
Income Tax Demand For Assessment Year 2010-11 |
1.340 |
0.000 |
|
TOTAL
|
234.623 |
151.791 |
FIXED ASSETS:
·
Feet
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Vehicles
·
Computer Software
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.63.37 |
|
|
1 |
Rs.100.85 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.