MIRA
INFORM REPORT
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Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
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Name : |
ARSHIYA LIMITED (w.e.f. 05.09.2013) |
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Formerly Known
As : |
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Registered
Office : |
402, Ceejay House, Level 4, Shiv Sagar Estate, F-Block, Dr. Annie
Besant Road, Worli, Mumbai – 400 018, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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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.134.259 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
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. There seems some dip in the turnover during 2014, the company is also
continuously incurring losses. However, trade relations are reported as 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Lallan Thakur |
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Designation : |
Finance Assistant Manager |
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Contact No.: |
91-22-42305500 |
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Date : |
29.07.2014 |
LOCATIONS
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Registered Office : |
402, Ceejay House, Level 4, 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 |
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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. |
DIRECTORS
AS ON 31.03.2013
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Name : |
Mr. Ajay S. Mittal |
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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 |
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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. |
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Name : |
Major Suhas Thakar (Retd.) |
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Designation : |
Executive Director (w.e.f. 1st June 2013) |
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Name : |
V. Shivkumar* |
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Designation : |
Executive Director (Resigned w.e.f 14th May, 2012) |
KEY EXECUTIVES
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Name : |
Parind Badsha |
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Designation : |
Company Secretary |
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Name : |
Mr. Lallan Thakur |
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Designation : |
Finance Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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28070225 |
41.82 |
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28070225 |
41.82 |
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Total
shareholding of Promoter and Promoter Group (A) |
28070225 |
41.82 |
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(B) Public
Shareholding |
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2291834 |
3.41 |
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2291834 |
3.41 |
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12883746 |
19.19 |
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10155866 |
15.13 |
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8648874 |
12.88 |
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5078927 |
7.57 |
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315394 |
0.47 |
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4763533 |
7.10 |
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36767413 |
54.77 |
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Total Public
shareholding (B) |
39059247 |
58.18 |
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Total (A)+(B) |
67129472 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
67129472 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 Million 
BUSINESS 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
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Customers : |
·
BHEL ·
Bilt ·
BOSE ·
Cipla ·
Coca-Cola ·
Dow ·
FAG ·
Glenmark ·
GOCCO |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Axis Bank Limited ·
Bank of India ·
Bank of Baroda ·
Bank of Maharashtra ·
Central Bank of India ·
Corporation Bank ·
Dena Bank ·
Indian Overseas Bank ·
ING Vysya Bank ·
Karur Vysya Bank ·
Laxmi Vilas Bank ·
Oriental Bank of Commerce ·
Punjab National Bank ·
State Bank of Bikaner and Jaipur ·
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 Term loan from banks i) Rs 10105.783
Millions is secured by way of first charge on all the present and future movable
and immovable fixed assets including intangible assets, assignment of rights
and benefits but excluding Nagpur project assets and other than project
assets of Khurja FTWZ project, Khurja Distripark Project, Rail Project of
subsidiaries. The loan is also secured by second charge on company's current
assets. Out of the above, Rs 4779.993 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 13.00 %
to 14.75% p.a. and balance Rs 5325.789 Millions is repayable in 30 quarterly
installments after moratorium period of 10 quarters from the date of first
disbursement i.e. December 31, 2010 and carries interest ranging from 13.00%
to 14.75% p.a. and penal interest of 2% p.a. Out of the above loan, Rs.
113.763 Millions is overdue as at March 31, 2013. ii) Rs. 22.481
Millions is secured by way of hypothecation charge over the assets financed
viz furniture and fixtures, office equipments of MIDC office, Andheri (now
transferred to FTWZ Panvel). It is also secured by subservient charge on all
the present and future moveable and immoveable project assets, intangible
assets, assignment of rights and benefits, existing and future receivables. The
above loan carries interest of 15.00% to 15.25 % plus penal interest of 3%
p.a. and is repayable in 20 equal quarterly installments starting from April
30, 2010. b) Term Loan
from other parties i) Rs 690.000
Millions is secured by first charge on land belonging to company situated at
Village Butibori at Nagpur, Maharashtra. The above loan carries interest @
15.25 p.a. and penal interest of 4% p.a. Out of the above, Rs 390,000,000 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 300,000,000 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.
During the year, as per the terms of sanction letter the lender has
excercised call option and recalled the above loan. ii) Rs. 266.666
Millions is secured by first and exclusive charge by way of mortgage of
Company's land at Khurja near Delhi. The above loan carries interest of 15%
p.a. plus penal interest of 2% p.a. Out of the above, Rs. 80.000 Millions is
repayable in six equal monthly installments after a moratorium period of 6
months from the date of disbursement i.e. July 21, 2011 and balance in twelve
equal monthly installments starting from thirteenth month from the date of
disbursement. During the year, the Company has defaulted in making payment of
four installments aggregating to Rs. 106.666 Millions (Rs. Nil).
Consequently, pursuant to the facility agreement the lender has recalled the
balance outstanding amount of Rs. 106.666 Millions. SHORT TERM
BORROWINGS Short term loan
from bank Rs. 495.000
Millions 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 two Directors of the Company. The above loan
is overdue as at March 31, 2013. b) Working
capital demand loan from banks Rs. 189.172
Millions is secured by way of first charge on company's current assets other
than project assets of its Nagpur and Khurja FTWZ projects, Khurja Distripark
and Rail Projects of subsidiaries 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 of its Nagpur and Khurja
FTWZ projects, Khurja Distripark and Rail projects of subsidiaries. ii) Rs. 399.692 Millions is secured by way
of first charge ranking pari-passu by way of hypothecation of entire current
assets of the Company (excluding those assets pertaining to its Nagpur and
Khurja FTWZ projects, Khurja Distripark and Rail projects of its
subsidiaries). The above loan is overdue as at March 31, 2013. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MGB and Company Chartered Accountants |
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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 Northern FTWZ Limited ·
Arshiya Central FTWZ Limited $ ·
Arshiya Rail
Infrastructure Limited @ ·
Arshiya Industrial and
Distribution Hub Limited $$ |
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Indirect Subsidiaries : |
v
Held through Arshiya Hongkong Limited ·
Arshiya Logistics LLC, Dubai, U.A.E. v
Held through Cyberlog Technologies International
Pte Limited ·
Cyberlog Technologies (UAE) FZE ·
Cyberlog Technologies Hong Kong Limited## ·
Arshiya Technologies (India) Private Limited * v
Held through Arshiya Rail Infrastructure Limited ·
Arshiya Rail Siding and Infrastructure Limited |
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Other related
parties with whom transactions have taken place during the year or balances outstanding
as at the reporting date |
·
Bhushan Steels Limited ·
Arshiya Lifestyle Limited (Formerly known as
Arshiya Realty Limited) |
@ 6.63 % (Nil) held through Arshiya Hongkong Limited
* 9.89 % (9.89%) held through the Company
$ 48.33 % (48.33 %) held through Arshiya Hongkong Limited
$$ 16.44 % (3.55 %) held through Cyberlog Technologies (UAE) FZE
# Merged with the company w.e.f. 01.04.2012 pursuant to the scheme of
amalgamation.
##deregistered / dissolved on 28.03.2013
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 134.259
Millions
AS ON 31.03.2013
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 |
|
|
|
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|
Reconciliation of number of equity shares outstanding at the beginning
and at the end of the year
|
Particulars |
31.03.2013 |
|
|
|
Number |
Rs. In millions |
|
At the beginning of the year |
58,829,472 |
117.659 |
|
Allotted on exercise of Employee Stock Options |
3050000 |
6.100 |
|
At the end of
the year |
61,879,472 |
123.759 |
Terms and rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs. 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.
In the event of
liquidation of the company, the holders of the equity shares will be entitled
to receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in the proportion to the number of equity
shares held by the shareholders.
Details of shareholders holding more than 5% Equity shares (Rs. 2 each
fully paid) of shares in the company
|
Particulars |
31.03.2013 |
|
|
|
Number of equity shares |
Percentage (%) shareholding |
|
Archana Mittal |
19820225 |
32.03 |
|
Tree Line Asia Master Fund (Singapore) Pte Limited |
2760000 |
4.46 |
|
Naishadh Jawahar
Paleja |
2976270 |
4.81 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
134.259 |
123.759 |
117.659 |
|
(b) Reserves & Surplus |
5,457.554 |
5,378.456 |
5408.141 |
|
(c) Money received against
share warrants |
274.900 |
836.088 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5,866.713 |
6,338.303 |
5,525.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12,440.867 |
10,453.733 |
10,594.848 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
156.872 |
161.937 |
|
(c) Other long term
liabilities |
10.953 |
10.555 |
405.233 |
|
(d) long-term provisions |
6.079 |
10.379 |
11.706 |
|
Total
Non-current Liabilities (3) |
12,457.899 |
10,631.539 |
11,173.724 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2,247.411 |
2,025.813 |
795.472 |
|
(b) Trade payables |
604.351 |
2,120.792 |
507.544 |
|
(c) Other current liabilities |
3,474.573 |
4,292.352 |
2,718.146 |
|
(d) Short-term provisions |
345.900 |
62.291 |
118.342 |
|
Total
Current Liabilities (4) |
6,672.235 |
8,501.248 |
4,139.504 |
|
|
|
|
|
|
TOTAL |
24,996.847 |
25,471.090 |
20,839.028 |
|
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|
|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14,819.849 |
6,646.030 |
5,842.761 |
|
(ii) Intangible Assets |
0.000 |
138.320 |
180.714 |
|
(iii) Capital work-in-progress |
0.000 |
6,105.613 |
5,045.668 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8,345.972 |
4,987.953 |
1,638.681 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
770.439 |
3,607.348 |
5,773.571 |
|
(e) Other Non-current assets |
6.133 |
211.804 |
246.031 |
|
Total
Non-Current Assets |
23,942.393 |
21,697.068 |
18,727.426 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
778.900 |
3,179.973 |
1,211.309 |
|
(d) Cash and cash equivalents |
56.758 |
50.752 |
258.196 |
|
(e) Short-term loans and
advances |
218.636 |
345.129 |
325.553 |
|
(f) Other current assets |
0.160 |
198.168 |
316.544 |
|
Total
Current Assets |
1,054.454 |
3,774.022 |
2,111.602 |
|
|
|
|
|
|
TOTAL |
24,996.847 |
25,471.090 |
20,839.028 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
3,013.616 |
7,011.506 |
5,926.303 |
|
|
Other Income |
151.870 |
231.700 |
373.776 |
|
|
TOTAL
(A) |
3,165.486 |
7,243.206 |
6,300.079 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4104.246 |
4,966.218 |
3,868.031 |
|
|
Purchases of Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Prior Period Adjustment |
|
0.000 |
0.000 |
|
|
Employees benefits expense |
|
325.467 |
366.266 |
|
|
Exceptional Items |
|
154.295 |
0.000 |
|
|
Other expenses |
|
419.893 |
405.505 |
|
|
TOTAL
(B) |
4104.246 |
5,865.873 |
4,639.802 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(938.760) |
1,377.333 |
1,660.277 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,848.780 |
1,322.167 |
804.058 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2,787.540) |
55.166 |
856.219 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
198.810 |
199.083 |
164.279 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(2,986.350) |
(143.917) |
691.940 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
(9.583) |
(3.867) |
216.822 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
(2,976.767) |
(140.050) |
475.118 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(140.050) |
0.000 |
433.211 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
48.000 |
|
|
Dividend |
NA |
0.000 |
13.361 |
|
|
Tax on Dividend |
NA |
0.000 |
82.361 |
|
|
Balance
Carried to the B/S |
NA |
(140.050) |
764.607 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Income from logistics
operations and related services |
NA |
307.161 |
470.439 |
|
|
Revenue from Free Trade
Warehousing Zone and related services |
NA |
899.305 |
380.636 |
|
|
Dividend income |
NA |
0.000 |
26.990 |
|
|
TOTAL
EARNINGS |
NA |
1,206.466 |
878.065 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
NA |
2.682 |
57.392 |
|
|
TOTAL
IMPORTS |
NA |
2.682 |
57.392 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(48.07) |
(2.33) |
8.08 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(94.04) |
(1.93) |
7.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(99.10) |
(2.05) |
11.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.94) |
(1.00) |
4.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.51) |
(0.02) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.50 |
1.97 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.16 |
0.44 |
0.51 |
|
|
|
|
|
|
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
117.659 |
123.759 |
134.259 |
|
Reserves & Surplus |
5408.141 |
5,378.456 |
5,457.554 |
|
Money received against share
warrants |
0.000 |
836.088 |
274.900 |
|
Net
worth |
5,525.800 |
6,338.303 |
5,866.713 |
|
|
|
|
|
|
long-term borrowings |
10,594.848 |
10,453.733 |
12,440.867 |
|
Short term borrowings |
795.472 |
2,025.813 |
2,247.411 |
|
Total
borrowings |
11,390.320 |
12,479.546 |
14,688.278 |
|
Debt/Equity
ratio |
2.061 |
1.969 |
2.504 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
5,926.303 |
7,011.506 |
3,013.616 |
|
|
|
18.312 |
(57.019) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
5,926.303 |
7,011.506 |
3,013.616 |
|
Profit/(Loss) After Tax |
475.118 |
(140.050) |
(2,976.767) |
|
|
8.02% |
(2.00%) |
(98.78%) |
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 |
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 |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
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 |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||||
|
Bench:- Bombay |
|
||||||||
|
PRESENTATION DATE : 18.02.2014 |
|||||||||
|
|
|
||||||||
|
Lodging No:- |
CPL/88/2014 |
Failing Date:- |
18.02.2014 |
Reg. No.:- |
CP/368/2014 |
Reg. Date:- |
19.06.2014 |
||
|
|
|||||||||
|
Petitioner:- |
COX AND KINGS LIMITED |
Respondent:- |
ARSHIYA LIMITED |
||||||
|
Petn.Adv:- |
PHULENDRAKUMAR NAINMAL JAIN (I6894) |
Resp.Adv.: |
CHANDAN SALGAOCAR(I1868) |
||||||
|
District:- |
MUMBAI |
||||||||
|
|
|||||||||
|
Bench:- |
SINGLE |
Category: |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
||||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ACCEPTANCE |
||||||
|
Next Date:- |
08.08.2014 |
||||||||
|
Last Coram:- |
ACCORDING TO SITTING LIST |
||||||||
|
|
|
||||||||
|
Act:- |
Companies Act and Rules 1956 |
Under Section :- |
433, 434 and 439 |
||||||
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
LONG TERM
BORROWINGS |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Term loan from other parties |
NA |
1100.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
SHORT TERM
BORROWINGS |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Inter-corporate deposits |
NA |
127.603 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Loans from Directors |
NA |
814.344 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total |
NA |
2041.947 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
LONG TERM
BORROWINGS Unsecured term
loan from other parties Rs. 1100,000
Millions is against pledge of 49% equity shares of Arshiya Northern FTWZ
Limited held by Company (wholly owned subsidiary of the company) and by way of
charge on Panvel FTWZ related receivables of one of its subsidiaries and by
way of corporate guarantee issued by one of its subsidiaries. The loan
carries interest @ 15.5% plus penal interest @ 2% p.a and is repayable in 36
equal monthly installments after a moratorium period of 24 months from the
date of disbursement i.e. March 27, 2012. All the above
loans are personally guaranteed by two directors of the Company. Vehicle loan and
finance lease obligations are secured by way of hypothecation of vehicles. Period and
amount of continuing default in repayment of long-term borrowings and
interest (overdue) as at March 31, 2013 are as under : (Rs. in
Millions)
* All unpaid dues
to banks are covered under Corporate Debt Restructuring Scheme submitted by
the Company. SHORT TERM
BORROWINGS Inter-corporate
deposits of Rs. 122.500 Millions are against pledge of shares of the company
held by one of the directors of the company. (Rs. in
Millions)
* All unpaid
dues to banks are covered under Corporate Debt Restructuring Scheme submitted
by the Company. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTE:
The registered office of the company has been shifted from 6th
Floor, 'C' Wing, Twin Arcade, Military Road, Marol Maroshi, Andheri (East),
Mumbai – 400 059, Maharashtra, India to the present address.
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs. in
millions) |
31.03.2013 (Rs. in
millions) |
|
Disputed income tax demands |
NA |
122.198 |
|
Claims against the Company not acknowledged as debts |
NA |
167.741 |
|
Guarantees/ Letter of credit issued by banks (net of liabilities
provided) |
NA |
4.499 |
|
Guarantees given on behalf of subsidiaries. Loans outstanding against
such guarantees |
NA |
15291.519 |
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
NEWS
ARSHIYA ALLOTS
45.000 MILLIONS EQUITY SHARES ON PREFERENTIAL BASIS
Arshiya Limited has informed BSE that the Board of Directors of the Company at its meeting held on July 17, 2014, has allotted 4,50,00,000 equity shares of face value of Rs. 2/- each on preferential basis.
Arshiya Limited has informed BSE that the Board of Directors of the Company at
its meeting held on July 17, 2014, has allotted 4,50,00,000 equity shares of
face value of Rs. 2/- each on preferential basis, in terms of approval of
shareholders accorded vide Special Resolution passed on May 12, 2014, by way of
Postal Ballot and pursuant to the scheme of the Corporate Debt Restructuring
Scheme (including any modification re-notification) approved by the CDR
Empowered Group, to the following Promoters/ Promoter Group.a. 86,60,937 Equity
shares to Mr. Ajay S. Mittal, and b. 3,63,39,063 Equity shares to Mrs. Archana
A. MittalSource.
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. 60.85 |
|
|
1 |
Rs. 102.69 |
|
Euro |
1 |
Rs. 81.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
26 |
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.