MIRA INFORM REPORT
|
Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREYAS SHIPPING AND LOGISTICS LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Himalayas, Geetmala Complex, Near Shah
Industrial Estate, Govandi (East), Mumbai-400088, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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 |
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|
|
|
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
: |
30 Shore Staff and 126 Floating Staff (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of “TRANSWORLD HOLDINGS LIMITED”. It is an
established company having satisfactory track record. The company has incurred loss from its operational activities during
financial year 2014. However, the rating takes into consideration established market
position in the coastal shipping and container feeder business and financial
as well as managerial support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding support, the company can be considered for
business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
April 04, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term A2 |
|
Rating Explanation |
Strong degree of safety. It carry very low credit risk. |
|
Date |
April 04, 2014 |
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
MANAGEMENT NON CO-OPERATIVE (91-22-66220300)
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 : |
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|
|
|
|
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 31.03.2014
|
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 : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms. Namrata Malushte |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2297370 |
10.46 |
|
|
2297370 |
10.46 |
|
|
|
|
|
|
1444075 |
6.58 |
|
|
12351650 |
56.25 |
|
|
13795725 |
62.83 |
|
Total shareholding of Promoter and Promoter Group (A) |
16093095 |
73.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
900 |
0.00 |
|
|
900 |
0.00 |
|
|
|
|
|
|
477489 |
2.17 |
|
|
|
|
|
|
3755914 |
17.11 |
|
|
1044879 |
4.76 |
|
|
585256 |
2.67 |
|
|
225699 |
1.03 |
|
|
5348 |
0.02 |
|
|
178240 |
0.81 |
|
|
175969 |
0.80 |
|
|
5863538 |
26.70 |
|
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
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Transworld Holdings Ltd |
1,23,51,650 |
56.25 |
|
Anisha Valli Ramakrishnan |
11,67,325 |
5.32 |
|
Mithila V Mahesh |
11,67,325 |
5.32 |
|
Ritesh Sivaswamy Ramakrishnan |
1,68,375 |
0.77 |
|
Murali S Mahesh |
1,68,375 |
0.77 |
|
Rajan Ramnarayan |
1,40,875 |
0.64 |
|
Rajiv Ramnarayan |
1,36,375 |
0.62 |
|
L B Culas |
1,30,845 |
0.60 |
|
Mahesh Sivaswamy |
1,12,475 |
0.51 |
|
S Ramakrishnan |
1,09,375 |
0.50 |
|
V Ramnarayan |
1,09,375 |
0.50 |
|
Brinda Ramnarayan |
1,08,375 |
0.49 |
|
Geeta Ramakrishnan |
1,08,375 |
0.49 |
|
Mala Mahesh Iyer |
1,08,375 |
0.49 |
|
Bhagirathi Iyer |
5,000 |
0.02 |
|
Abhinav Kumar |
600 |
0.00 |
|
Total |
1,60,93,095 |
73.29 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Shipping and Logistics. |
GENERAL INFORMATION
|
No. of Employees : |
30 Shore Staff and 126 Floating Staff (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 ·
Yes Bank |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Facilities : |
NOTE: LONG TERM
BORROWINGS Nature of security and terms of repayment
for secured loan availed from Banks (i) Canara Bank FCNR Loan $ 1,27,79,460, is secured by a first charge over the Vessel M.V.Oel Trust and M.V.Oel Shreyas. Loan to be repaid in 58 structured monthly instalments with the first repayment starting from January 2012 i.e. $2,29,190. Foreign currency loan carries interest @ LIBOR (6months) + 500 bps. Loan repaid during the year 2013- 14 is $ 27,50,280 (March 31, 2013 - $ 27,50,280). (ii) Axis Bank Car loan of Rs. 3.387 millions, is secured by hypothecation of car, carrying interest @10.06%, (on a monthly reducing basis). The Loan is repayable in 36 equal monthly instalments of Rs. 0.112 million starting from7 July 2011. Loan repaid during the year 2013-14 is Rs. 1.344 millions (March 31, 2013 - Rs. 1.344 millions). (iii) ICICI Bank Loan Rs. 477.500 millions, is secured by a first charge over the Vessel M.V.Oel Kochi and M.V.Oel Kutch and collateral charge over M.V.Oel Victory. Loan to be repaid in 28 quarterly instalments with the first repayment starting from October 2013. ICICI Bank Loan carries interest @ I-Base + 290 bps. Loan repaid during the year 2013-14 is Rs. 19.100 millions (March 31, 2013 – Rs. Nil). SHORT TERM
BORROWINGS Secured loan from bank consists of working capital facility. These loans are secured by hypothecation of current assets of the company and Letter of Comfort from Transwold Holdings Limited., Mauritius, the Ultimate Holding Company |
|
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 2014) |
|
|
|
|
Subsidiaries : |
¨ Shreyas Relay System Limited ¨ SRS Freight Management Limited |
|
|
|
|
Fellow Subsidiaries : |
¨ Orient Express Lines FZCO, Dubai ¨ Balaji Shipping Lines FZCO |
|
|
|
|
Other Related Parties : |
¨ Orient Express Ship Management Limited ¨ Sivaswamy Holdings Private. Limited ¨ Lanka Orient Express Lines Limited Colombo ¨ Orient Express Lines (S) Pte. Limited Singapore ¨ ADMEC Logistics Limited. ¨ Relay Shipping Agency Limited ¨ Balaji Shipping (UK) Limited ¨ Balaji Logistics Sgpe Pte Limited ¨ Transworld Logistics Limited ¨ Valli and Sivaswamy Memorial Charitable Trust ¨ Transworld Shipping and Logistics Limited ¨ Albatross Shipping Limited ¨ Crescent Shipping Agency (India) Limited |
CAPITAL STRUCTURE
As on 31.03.2014
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 |
|
|
|
|
|
a) During the year, the Company has not
issued/bought back any of the Equity Shares.
|
Particular |
31.03.2014 |
|
|
|
Nos. |
Rs. In Millions |
|
At the beginning of the year |
21957533 |
219.575 |
|
Add: Issued during the year |
-- |
-- |
|
Less: Redeemed during the year |
-- |
-- |
|
Outstanding at the
end of the year |
21957533 |
219.575 |
b) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of `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.
c) Details of shares held by shareholders
holding more than 5% of the aggregate shares in the Company
|
Particular |
31.03.2014 |
|
|
|
Nos. |
% of Holding |
|
Transworld Holdings Limited (Holding Company) |
12351650 |
56.25% |
|
Mithila V Mahesh |
1167325 |
5.32% |
|
Anisha Valli Ramakrishnan |
1167325 |
5.32% |
d) The Board, in its meeting on May 26th, 2014 proposed a final dividend of Rs. 0.60 per equity share (2012-13 – paid Rs. 0.60 per equity share).The proposal is subject to the approval of shareholders at the Annual General Meeting to be held on August 12th, 2014. The total dividend appropriation for the year ended March 31st, 2014 amounted to Rs. 15.414 millions (2012-13 - Rs.15.414 millions) including corporate dividend tax of Rs. 2.239 millions (2012-13 - Rs. 2.239 millions).
e) 1,01,62,750 Equity shares of Rs.10/- each, allotted as fully paid up pursuant to contract(s) without payment being received in cash in the financial year 1994-95.
f) 21,33,333 Equity shares of Rs.10/- each, issued as fully paid up on conversion of equal number of Global Depository Receipts (GDR) in the financial year 2006-07.
g) No bonus shares have been issued during the last five years.
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 |
219.575 |
219.575 |
219.575 |
|
(b) Reserves & Surplus |
1114.324 |
1272.305 |
1215.727 |
|
(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) |
1333.899 |
1491.880 |
1435.302 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
651.035 |
817.119 |
479.392 |
|
(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 |
119.463 |
57.809 |
3.316 |
|
Total Non-current Liabilities (3) |
770.498 |
874.928 |
482.708 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
95.379 |
43.988 |
0.000 |
|
(b) Trade payables |
170.774 |
164.488 |
120.950 |
|
(c) Other current
liabilities |
316.234 |
215.960 |
165.707 |
|
(d) Short-term provisions |
16.654 |
16.608 |
13.934 |
|
Total Current Liabilities (4) |
599.041 |
441.044 |
300.591 |
|
|
|
|
|
|
TOTAL |
2703.438 |
2807.852 |
2218.601 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1852.354 |
2145.447 |
1619.128 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
95.150 |
25.150 |
25.150 |
|
(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 |
72.382 |
78.600 |
27.215 |
|
Total Non-Current Assets |
2019.886 |
2249.197 |
1671.493 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
25.819 |
0.713 |
111.615 |
|
(b) Inventories |
84.708 |
77.545 |
59.025 |
|
(c) Trade receivables |
286.160 |
205.827 |
241.252 |
|
(d) Cash and cash
equivalents |
164.005 |
69.471 |
73.403 |
|
(e) Short-term loans and
advances |
23.283 |
110.023 |
30.286 |
|
(f) Other current assets |
99.577 |
95.076 |
31.527 |
|
Total Current Assets |
683.552 |
558.655 |
547.108 |
|
|
|
|
|
|
TOTAL |
2703.438 |
2807.852 |
2218.601 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2481.626 |
2043.197 |
1676.925 |
|
|
|
Other Income |
17.574 |
20.175 |
35.175 |
|
|
|
TOTAL |
2499.200 |
2063.372 |
1712.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
656.121 |
515.764 |
541.555 |
|
|
|
Fuel Cost |
1176.275 |
931.204 |
758.281 |
|
|
|
Employees benefits expense |
268.150 |
238.458 |
180.488 |
|
|
|
Other expenses |
39.595 |
37.881 |
24.922 |
|
|
|
TOTAL |
2140.141 |
1723.307 |
1505.246 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
359.059 |
340.065 |
206.854 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
84.826 |
66.988 |
37.969 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
274.233 |
273.077 |
168.885 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
154.657 |
140.279 |
115.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
119.576 |
132.798 |
52.892 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
190.991 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(71.415) |
132.798 |
52.892 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.661 |
6.500 |
(0.955) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(81.076) |
126.298 |
53.847 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
385.103 |
299.218 |
352.867 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
80.000 |
|
|
|
Transfer to Tonnage Tax Reserve |
24.000 |
25.000 |
6.000 |
|
|
|
Preference Dividend Paid |
0.000 |
0.000 |
7.517 |
|
|
|
Tax on Dividend Paid |
0.000 |
0.000 |
1.219 |
|
|
|
Proposed Equity Dividend |
13.174 |
13.174 |
10.979 |
|
|
|
Tax on Equity Dividend |
2.239 |
2.239 |
1.781 |
|
|
BALANCE CARRIED
TO THE B/S |
264.613 |
385.103 |
299.218 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
868.972 |
563.217 |
585.255 |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
30.877 |
62.826 |
45.457 |
|
|
|
Fuel Oil |
70.767 |
137.801 |
446.940 |
|
|
|
Capital Goods |
5.249 |
619.775 |
26.035 |
|
|
TOTAL IMPORTS |
106.893 |
820.402 |
518.432 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.69) |
5.75 |
2.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(3.24) |
6.12 |
3.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.88) |
6.50 |
3.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.74) |
4.77 |
2.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.09 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.56 |
0.58 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.27 |
1.82 |
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 |
219.575 |
219.575 |
219.575 |
|
Reserves & Surplus |
1215.727 |
1272.305 |
1114.324 |
|
Net
worth |
1435.302 |
1491.880 |
1333.899 |
|
|
|
|
|
|
long-term borrowings |
479.392 |
817.119 |
651.035 |
|
Short term borrowings |
0.000 |
43.988 |
95.379 |
|
Total
borrowings |
479.392 |
861.107 |
746.414 |
|
Debt/Equity
ratio |
0.334 |
0.577 |
0.560 |
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) |
|
Sales |
1676.925 |
2043.197 |
2481.626 |
|
|
|
21.842 |
21.458 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1676.925 |
2043.197 |
2481.626 |
|
Profit |
53.847 |
126.298 |
(81.076) |
|
|
3.21% |
6.18% |
(3.27%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
203.724 |
169.939 |
141.838 |
|
|
|
|
|
|
Total |
203.724 |
169.939 |
141.838 |
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
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 |
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 |
No |
|
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
|
HIGH COURT OF BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No.:- ADMSL/2080/2009 Filing
Date:- 16.07.2009
Reg. No.:- ADMS/1/2012 Reg.
Date:- 07.01.2012 |
|
Petitioner: OIL AND NATURAL GAS CORPORATION LIMITED Respondent: SHREYAS SHIPPING
AND LOGISTICS LIMITED Petn. Adv : GOENKA LAW ASSOCIATES (723)) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: ADMIRALTY SUITS. Last Date: 06.01.2014 Stage: FOR HEARING AND FINAL
DISPOSAL (ORIGINAL
AND SIDE MATTERS) Last Coram:
PROVISIONAL BOARD |
|
Act: code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured
|
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10503673 |
24/06/2014 * |
151,250,000.00 |
Canara Bank |
Specialised Prime Corporate Branch,, Varma Chambers, 2nd Floor, Homji Street,
Fort, MUMBAI, Maharashtra - 400001, INDIA |
C08953564 |
|
2 |
10480185 |
04/01/2014 |
150,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
CENTRAL LOAN PROCESSING CELL, KAMANWALA CHAMBERS, |
B97430045 |
|
3 |
10365839 |
28/02/2013 * |
757,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B70049119 |
|
4 |
10275432 |
23/06/2014 * |
580,000,000.00 |
Canara Bank |
Specialised Prime Corporate Branch,, Varma Chambers, 2nd Floor, Homji
Street, Fort, MUMBAI, Maharashtra - 400001, INDIA |
C07351083 |
|
5 |
80051256 |
18/03/2009 * |
75,000,000.00 |
STANDARD CHARTERED BANK |
90, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
A58488685 |
* Date of charge modification
CORPORATE INFORMATION
Subject is India’s first container feeder owning and operating company. Subject started its operations in 1993 primarily to fill the gap for feedering of containers between Indian ports and internationally renowned Asian transshipment ports. Subject shares are listed on both Bombay Stock Exchange and National Stock Exchange.
REVIEW OF OPERATIONS
Committed to its
vision of nurturing Indian coastal shipping, Shreyas introduced two new unique
services which were first of its kind for the Indian container shipping
industry. The services connected the East and the West coast of India for containerized
trade. These services were introduced on the eve of the Company’s 25th year of
inception. Shreyas’ service also inaugurated the port of Kollam within the
state of Kerala.
Shreyas sold one
of its vessels M. V. Unity and will soon be replacing it with a vessel of
higher tonnage. The intention is to build higher tonnage and optimize the
overall age of the fleet. 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.
For the financial
year ended 31st March, 2014, the turnover was Rs. 2481.600 millions as against
Rs. 2043.200 millions for the year ended 31st March, 2013.
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 15 % in the top
line. With a strong fleet of owned vehicles and containers, SRS has ventured
into various segments of logistics. SRS proposes to additionally focus on the
movement of special equipment’s and also creating a worldwide strong agents
network.
At a consolidated
level, the Company has posted a growth in the turnover of 25% from Rs. 3888.900
millions in the year 2012-13 to Rs. 4873.100 millions in the year 2013-2014.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
INDUSTRY REVIEW
COASTAL SHIPPING
The performance of
the Indian coastal shipping has been relatively on the same levels as the
previous year. In terms of overall tonnage, major ports handled 555.5 million
tons of cargo in 2013-14, up from 546 million tons a year earlier, but fell far
short of meeting the annual target of 609 million tons set by the Ministry of
Shipping. Cumulative container throughput reached 7.46 million
20-foot-equivalent units, downfrom 7.7 million TEUs in fiscal year 2012-13.
Containerized cargo tonnage dropped 4.32 percent from a year earlier to 115
million tons.
Jawaharlal Nehru
Port, also known as Nhava Sheva, moved 4.16 million TEUs, slipping 2.4 percent
from 4.26 million TEUs. Nhava Sheva accounts for nearly 60 percent of India’s
total containerized ocean traffic. Container volume at Chennai Port, the
country’s second-largest container gateway, was estimated at 1.47 million TEUs,
down 5 percent from 1.54 million TEUs. Kolkata Port handled 563,000 TEUs, down
from 600,000 TEUs. Traffic at Mumbai Port, which has been steadily losing
container market share over the past several years, totalled 41,000 TEUs,
compared with 48,000 TEUs.
Major ports
registering marginal levels of container throughput growth included Tuticorin,
now renamed V.O. Chidambaranar, and Vallarpadam Transshipment Terminal, a DP
World facility at Cochin, where volume rose to 508,000 TEUs, from 476,000 TEUs,
and to 351,000 TEUs, from 335,000 TEUs, respectively.
Among the 12
state-owned Indian ports, Kandla topped cargo throughput at 87 million tons,
followed by Paradip, at 68 million tons; Nehru, at 62.3 million tons; Mumbai,
at 59 million tons; Visakhapatnam, at 58.5 million tons; and Chennai, at 51.1
million tons.
Public Private
Partnership (PPP) has assumed significant importance in the recent past. During
the last four years, 88 new projects have been approved at an investment of $
429.5 billion to create additional capacity of 515 million metric tons per
annum. As on date, 36 PPP terminals are in operations in major ports. Another
30 are under construction all of which have been awarded this year itself.
Therefore, nearly 100 PPP projects are under implementation in the major ports
this year alone. The Indian Shipping industry has achieved the 30 projects
target with a capacity addition of around 270 million tons.
LOGISTICS
For any economy,
the logistics sector, encompassing transportation, warehousing, cargo
consolidation and border clearances, would form the backbone of its trade, and
associated economic activity and growth of key sectors. The cost of trading
whether by sea, land or air forms a critical component of the final price of a
commodity. An efficient logistics system reduces this cost, providing a
competitive edge and propelling economic activity.
With the Indian
economy transforming itself into a major power with mega infrastructural
projects, growing investments and several other significant developments, the
Indian logistics industry expects a big rise in demand in spite of
infrastructural constraints. Looking at the future growth prospects, India is
currently considered the most attractive in the world and might emerge as a
major logistics hub in the future. With this forward looking attitude and a
promise of growth and improvements, the service oriented logistics industry is
all set to expand beyond the horizons.
Currently India’s
logistic sector is valued at around US$110 billion and is expected to touch
US$385 billion by 2015. 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.
OUTLOOK ON
OPPORTUNITIES
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
multimodal 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.
Coastal shipping
can handle and transport largesized 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 oddshaped cargo. In fact, the
Indian Government is evaluating to create a minimum depth of 14 meters at all
the 12 ports that it owns, where depths range from 9 -12 meters. The global
average is 12-23 meters, enabling the latest generation containers, tankers and
dry bulk ships to come calling. The dredging requirements of Indian ports are
assessed at over 1,100 million cubic meters with plans to increase draft levels
at major ports to at least 14 meters.
LOGISTICS
The logistics
industry in India is evolving rapidly and it is the interplay of
infrastructure, technology and new types of service providers that will define
whether the industry is able to help\ its customers reduce their logistics
costs and provide effective services.
The roads and
railway network is considered one of the most important component in the supply
chain management in addition to the other modes of transport. As demand for goods
are either for mass consumption or for industrial development grows beyond the
conventional demand supply from the hubs of metropolitan cities to Tier-1 and
Tier-2 cities, the share of road transport is anticipated to go up further,
given its ability to facilitate the last-mile reach.
Warehousing
storage, third party logistics (3PL) and logistics parks are the three fastest
emerging segments taking the Indian logistics industry to new horizons. With
the increasing awareness among Indian companies of the benefits of logistics
outsourcing and 3PL, the business dynamics is expected to grow by leaps and
bounds. Some of the main outsourcing activities include warehousing, forwarding
and in-bound and out-bound transportation.
OUTLOOK ON
THREATS, RISKS AND CONCERNS
SHIPPING
There is a need
for an integrated transport policy or an institutional mechanism promoting
inter-sector coordination (roads, railways and shipping), which should seek to develop
rapid aggregation or evacuation of cargo driven by seamless connectivity with
other modes of transport, an efficient rail/road network and large-scale
utilization of the Indian coastline. Indian ports suffer due to frequent labour
strikes, malpractices, inefficiency and low labour productivity. In addition,
labour costs are as high as 40–60% of the total expenditure on them. There is
also a need for the Indian ports to optimise their business process flow and
facilitate exchange of electronic information among stakeholders by using the
latest IT processes. Roads within most Indian ports are narrow and are not
designed to handle the traffic and load they currently handle. This results in
traffic congestion, which, leads to delays in feeding and evacuation of cargo,
thereby lowering the productivity of vessels.
The rising oil
prices shall continue to be a major concern for the shipping companies in
India. Further the operational costs under Indian flag and Indian registry are
numerous. There are also several tax regimes involved. There is also a
difficulty in attracting shipboard staff for coastal operations. Manning costs
of Indian registered coastal vessels are extremely high which also needs
attention.
LOGISTICS
One of the major
critical challenges faced by companies today is of insufficient integration of
transport networks, information technology (IT), warehousing and distribution
facilities. Also the Regulations exist at a number of different tiers, imposed
by national, regional and local authorities. Regulations often differ from city
to city, hindering the creation of national networks and economies of scale for
the logistics players.
Further the
disorganized nature of the logistics sector in India, its perception as a
manpower-heavy industry and lack of adequate training institutions has led to a
shortfall in skilled management and client service personnel.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in millions) |
31.03.2013 (Rs. in millions) |
|
Corporate guarantee given on behalf of Subsidiary company (including
interest) |
196.968 |
202.686 |
|
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) |
30.598 |
30.598 |
|
Income Tax Demand For Assessment Year 2010-11 |
0.000 |
1.340 |
|
Income Tax Demand For Assessment Year 2011-12 |
2.753 |
0.000 |
|
TOTAL
|
230.319 |
234.624 |
FIXED ASSETS
œ Fleet
œ Furniture and Fixtures
œ Office Equipments
œ Computers
œ Vehicles
œ 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.60.43 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.79.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.