MIRA INFORM REPORT
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Report No. : |
308405 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALLCARGO LOGISTICS LIMITED |
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Registered
Office : |
6th Floor, The Avvashya House, CST Road, Kalina, Santacruz
(East), Mumbai - 400098, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.08.1993 |
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Com. Reg. No.: |
11-073508 |
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Capital
Investment / Paid-up Capital : |
Rs. 252.100 Millions |
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CIN No.: [Company Identification
No.] |
L63010MH2004PLC073508 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Providing integrated logistics solutions and offers specialised logistics services across multimodal transport operations, inland container depot, container freight station operations, third party logistics operations and project and engineering solutions. |
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No. of Employees
: |
4015 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Allcargo Group. It is a well-established and reputed company having fine track record.
Financial position of the company seems to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Proposed Commercial Paper [CP] Issue = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
December 16, 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 DECLINED BY
|
Name : |
Mr. Shailesh Dholakia |
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Designation : |
Company Secretary and Compliance Officer |
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Contact No.: |
91-22-26675830 |
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Date : |
16.02.2015 |
LOCATIONS
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Registered Office : |
6th Floor, The Avvashya House, CST Road, Kalina, Santacruz
(East), Mumbai - 400098, Maharashtra, India |
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Tel. No.: |
91-22-26675830/ 26675800 |
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Fax No.: |
91-22-66798195 |
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E-Mail : |
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Website : |
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Head Office : |
5th Floor, The Avvashya House, CST Road, Kalina, Santacruz
(East), Mumbai - 400098, Maharashtra, India |
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Tel. No.: |
91-22-66798100 |
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Fax No.: |
91-22-66798195 |
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Warehouses : |
Located at: · Mumbai - Bhiwandi · Goa · Indore · Hosur · Hyderabad · Nagpur |
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Container Freight Stations
/ Inland Container Depot : |
Located at: · Mumbai · Raigad · Chennai · Kutch · Pithampur ·
Greater Noida |
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Branch Offices : |
Located at: · Mumbai · Baroda · Ahmedabad · Chennai · Cochin · Mormungoa · Jaipur · Jodhpur · Kanpur · Ludhiana · New Delhi · Tirupur · Tuticorin · Salem · Visakhapatnam · Uran · Raigad · Bangalore · Agra · Navi Mumbai · Coimbatore · Belgaum · Salcette · Dindigul · Greater Nodia · Hyderabad · Gurgaon · Gandhidham · Jarkhand. · Indora · Dhar · Kutch · Kolkata · Karur · Pune · Kathmandu [Nepal] · Nagpur ·
New Jersey [USA] |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Shashi Kiran Shetty |
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Designation : |
Chairman and Managing Director |
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Name : |
Mrs. Arathi Shetty |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Adarsh Hegde |
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Designation : |
Executive Director |
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Name : |
Mr. Umesh Shetty |
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Designation : |
Executive Director |
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Name : |
Mr. Akhilesh Gupta |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Kaiwan Kalyaniwalla |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Keki Elavia |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Mohinder Pal Bansal |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Hari Mundra |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Jayaram Ramachandran |
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Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Dholakia |
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Designation : |
Company Secretary and Compliance Officer |
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Senior Management Team : |
· Mr. P. P. Shetty – HR Advisor · Mr. S. Suryanarayanan – Director Finance and Executive Director - Ecu-Line · Mr. Jatin Chokshi – Chief Financial Officer · Mr. Ajit Jangle – Group Chief Operating Officer · Mr. Mukundan K V – Chief Assurance and Risk Executive · Mr. Hrushikesh Joshi – Group Chief Information Officer · Mr. Kris De Witte – Executive Director – Ecu-Line · Mr. Marc Stoffelen – Executive Director – Ecu-Line · Mr. Deepal Shah – CEO - Hindustan Cargo · Mr. Armin Kalyaniwala – CEO - Project Division · Capt. Ashok Kumar Shrivastava - CEO - Shipping Division · Mr. Ajay Rao – President Strategy and BD (Warehousing and 3PL Division) · Mr. Tim Tudor – RCEO – South America, Mexico and Canada · Mr. Thomas Heydorn – RCEO – Central and Eastern Europe · Mr. Simon Bajada – RCEO – North and West Europe, Mediterranean · Ms. Shantha Martin – RCEO - India, ISC, Middle East and Africa (S and E) · Mr. Uday Shetty – RCEO - ASIAPAC · Mr. John Abisch – RCEO - USA, Caribbean and · Central America - Ecu-Line and Econocaribe ·
Mr. Pramod Kokate – Sr. Vice President CFS/ICD
(Sales and Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
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|
84320899 |
66.90 |
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|
3813125 |
3.03 |
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|
3813125 |
3.03 |
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|
88134024 |
69.92 |
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Total
shareholding of Promoter and Promoter Group (A) |
88134024 |
69.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
16958 |
0.01 |
|
|
21445 |
0.02 |
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|
7755713 |
6.15 |
|
|
7794116 |
6.18 |
|
|
|
|
|
|
1494789 |
1.19 |
|
|
|
|
|
|
2781600 |
2.21 |
|
|
996676 |
0.79 |
|
|
24846557 |
19.71 |
|
|
189952 |
0.15 |
|
|
140168 |
0.11 |
|
|
16583502 |
13.16 |
|
|
5000 |
0.00 |
|
|
30435 |
0.02 |
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|
5000 |
0.00 |
|
|
7892500 |
6.26 |
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|
30119622 |
23.90 |
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Total Public
shareholding (B) |
37913738 |
30.08 |
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Total (A)+(B) |
126047762 |
100.00 |
|
(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) |
126047762 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Shashi Kiran Shetty |
7,86,23,390 |
62.38 |
|
2 |
Shashi Kiran Shetty as trustee for Shloka Shetty Trust |
38,13,125 |
3.03 |
|
3 |
Arathi Shetty |
37,59,720 |
2.98 |
|
4 |
Umesh Kumar Shetty |
9,50,770 |
0.75 |
|
5 |
Adarsh Hegde |
9,50,770 |
0.75 |
|
6 |
Shubhashini Shetty |
10,875 |
0.01 |
|
7 |
Asha Shetty |
10,874 |
0.01 |
|
8 |
Shobha Shetty |
10,875 |
0.01 |
|
9 |
Usha Shetty |
3,625 |
0.00 |
|
Total |
8,81,34,024 |
69.92 |
|
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No.
of Shares held |
Shares
as % |
|
|
1 |
Blackstone GPV Capital Partners Mauritius V-A Limited |
5593035 |
4.44 |
|
|
2 |
Blackstone GPV Capital Partners Mauritius V-K Limited |
5577255 |
4.42 |
|
|
3 |
Blackstone GPV Capital Partners Mauritius V-L Limited |
4792105 |
3.80 |
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|
4 |
New Vernon Private Equity Limited |
3605527 |
2.86 |
|
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5 |
Acacia Partners I P |
2881887 |
2.29 |
|
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6 |
Orange Mauritious Investments Limited |
1855000 |
1.47 |
|
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7 |
Blackstone GPV Capital Partners Mauritius V-M Limited |
2297145 |
1.82 |
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8 |
Acacia Institutional Partners LP |
2017508 |
1.60 |
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9 |
Acacia Conservation Fund LP |
1552100 |
1.23 |
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|
10 |
Acacia Banyan Partners |
1345005 |
1.07 |
|
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Total |
31516567 |
25.00 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
Blackstone GPV Capital Partners Mauritius V A Limited alongwith Persons Acting in Concert (PAC) |
18708975 |
14.84 |
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2 |
Acacia Partners LP alongwith Persons Acting in Concert (PAC) |
7892500 |
6.26 |
|
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Total |
26601475 |
21.10 |
BUSINESS DETAILS
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Line of Business : |
Providing integrated logistics solutions and offers specialised logistics services across multimodal transport operations, inland container depot, container freight station operations, third party logistics operations and project and engineering solutions. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
4015 (Approximately) |
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Bankers : |
· Axis Bank Limited · Citibank NA · DBS Bank Limited · HDFC Bank Limited · Hongkong and Shanghai Banking · Corporation Limited · ING Vysya Bank Limited · Standard Chartered Bank · State Bank of India ·
Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
Appan and Lokhandwala Associates Chartered Accountants |
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Address : |
402, Shiv-Ahish, Plot No.10, 19th Road, Chembur, Mumbai -
400071, Maharashtra, India |
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Auditors 2 : |
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Name : |
B S R and Company LLP Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Internal Auditor : |
Mr. Mukundan K V |
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Solicitors and
Legal Advisors : |
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Name : |
Maneksha and Sethna Solicitors, Advocates and Notary |
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Address : |
8, Ambalal Doshi Marg, Hamam Street, Fort, Mumbai – 400023, Maharashtra, India |
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Subsidiaries : |
· Hindustan Cargo Limited · HC Logistics Limited · Credo Shipping Agencies (I) Private Limited · Contech Transport Services Private Limited · Comptech Solutions Private Limited · Amfin Consulting Private Limited · Ecu Line (India) Private Limited · Allcargo Shipping Co. Private Limited · South Asia Terminals Private Limited · Southern Terminals and Trading Private Limited · AGL Warehousing Private Limited · Allcargo Logistic Park Private Limited · Transindia Logistic Park Private Limited · ECU International (Asia) Private Limited · Combiline Indian Agencies Private Limited · Ecu-Line Algerie sarl · Ecu Logistics SA · Ecu-Line N.V. · Ecu-Logistics N.V. · Ecubro N.V. · Ecu-Tech BVBA · Ecuhold N.V. · Ecu International N.V. · Ecu Global Services N.V. · HCL Logistics N.V. · AGL N.V. · Allcargo Belgium N.V. · Ecu Logistics do Brasil Ltda · Flamingo Line do Brasil Ltda · Ecu-Line Bulgaria EOOD · Ecu-Line Chile S.A. · Flamingo Line Chile S.A. · Ecu-Line Guangzhou Limited · China Consolidation Services Shipping Limited · Ecu-Line (CZ) s.r.o. · Ecu-Line del Ecuador S.A. · Flamingo Line del Ecuador SA · Ecu Line Egypt Limited. · Flamingo Line El Salvador SA de CV · Ecu-Line Germany GmbH · ELWA Ghana Limited · Flamingo Line de Guatemala S.A. · Ecu-Line Hong Kong Limited · Ecu International Far East Limited · CCS China Consolidation Services Company Limited · PT EKA Consol Utama Line · Ecu-Line Italia srl. · Eurocentre Milan srl. · Ecu-Line Côte d'Ivoire Sarl · Jordan Gulf for Freight Services Agencies Co. LLC · Ecu-Line Malta Limited. · CELM Logistics SA de CV · Ecu Logistics de Mexico SA de CV · Ecu-Line Maroc S.A. · Ecu-Line Rotterdam BV · Rotterdam Freight Station BV · Ecu-Line de Panama S.A. · Ecu-Line Paraguay S.A. · Ecu-Line Philippines Inc. · Ecu-Line Polska SP. Z.o.o. · Ecu-Line Doha W.L.L. · Ecu-Line Romania SRL · Ecu-Line Singapore Pte. Limited · Ecu-Line South Africa (Pty.) Limited · Ecu-Line Spain S.L. · Mediterranean Cargo Center S.L. (MCC) · Ecu Line Lanka Private Limited · Société Ecu-Line Tunisie Sarl · Ecu Uluslarasi Tas. Ve Ticaret Ltd Sti. · China Consolidated Company Limited · Star Express Company Limited · Ecu-Line UK Limited · DEOLIX S.A. · DLC · Guldary S.A. · ELV Multimodal C.A. · Administradora House Line C.A. · aEcu-Line (Indian Ocean Islands) Limited · Asia Line Limited · Consolidadora Ecu- Line C.A · Ecu Shipping Logistics (K) Limited · Ecu-Line Middle East LLC · Ecu-Line (Johor Bahru) Snd. Bhd. · Eurocentre FZCO · Ecu-Line Kenya Limited · Ecu-Line Abu Dhabi LLC · CCS Shipping Limited · Flamingo Line del Peru S.A. · Ecu-Line Peru S.A. · Ecu-Line Saudi Arabia LLC · Ecu-Line Zimbabwe Private Limited · Ecu-Line Japan Limited · S.H.E. Maritime Services Limited · Translogistik Internationale Spedition GmbH · Ecu-Line Australia Pty Limited · Ecu-Line NZ Limited. · Ecu-Line (Thailand) Co. Limited · Ecu-Line Mediterranean Limited · China Consolidation Services Limited · Ecu-Line Switzerland GmbH · Ecu-Line Canada Inc · Cargo Freight Stations, S.A. · Ocean House Limited. · Ecu-Line de Colombia S.A · Conecli International S.A. · European Customs Broker NV · Ecu-Line Vietnam Co. Limited · Econocaribe Consolidators, Inc · OTI Cargo Inc · Port International Inc · Ecoline Storage Corp · ECI Customs Brokerage, Inc · Integrity Enterprises Pty Limited · PRISM Global, LLC · FCL Marine Agencies B.V. |
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Associates : |
· Transworld Logistics and Shipping Services Inc. (ceased to be an Associate w.e.f August 15, 2013) · Sealand Warehousing Private Limited (ceased to be Associate w.e.f November 29, 2013) · Gujarat Integrated Maritime Complex Private Limited (ceased to be Associate w.e.f November 29, 2013) |
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Joint Ventures : |
Transnepal Freight Services Private Limited |
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Entities over which
key managerial personnel or their relatives exercises significant influence : |
· Allcargo Movers (Bombay) Private Limited · Allcargo Shipping Services Private Limited · Allnet Infotech Private Limited · Alltrans Logistics Private Limited · Alltrans Port Management Private Limited · Avadh Marketing LLP · Avash Builders And Infrastructure Private Limited · Avashya Corporation Private Limited · FTL (India) Private Limited (formerly known as Avashya Enterprises Private Limited) · Avashya Holdings Private Limited · Contech Estate LLP · Indport Maritime Agencies Private Limited. · Jupiter Precious Gems and Jewellery Private Limited (formerly Jupiter Machines Private Limited) · N.R. Holdings Private Limited · Poorn Estates Private Limited · Prominent Estate Holdings Private Limited · Sealand Crane Private Limited · SKS Netgate LLP · SKS Realty LLP · SKS Ventures Private Limited · Talentos (India) Private Limited · Talentos Entertainment Private Limited · Transindia Freight Private Limited · Transindia Freight Services Private Limited · Sealand Holdings Private Limited · Meridien Tradeplace Private Limited · Poorn Buildcon Pvt. Limited · Panna Estates LLP · Black Soil Realty Investment advisors LLP · Container Freight Station Associations of India (upto 13 January 2014) · Panna Infracon Projects LLP |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177,475,000 |
Equity Shares |
Rs. 2/- each |
Rs. 355.000 Millions |
|
500 |
4% Cumulative Preference Shares |
Rs. 100/- each |
Rs. 0.100 Million |
|
|
|
|
|
|
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Total |
|
Rs. 355.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126,047,762 |
Equity Shares |
Rs. 2/- each |
Rs. 252.100 Millions |
|
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|
SUB-NOTES:
i) Reconciliation of
the number of equity shares outstanding at the beginning and at the yearend is
set as below:
|
Equity shares |
March 31, 2014 |
|
|
|
Number of shares (units) |
Amount in Millions |
|
At the commencement of the year |
126,410,873 |
252.800 |
|
Add: Equity shares issued on exercise of employee stock options (`
20,760) |
10,380 |
-- |
|
Less: Equity shares held by merged entity cancelled |
(373,491) |
(0.700) |
|
Less: Shares cancelled on buyback of equity shares |
-- |
-- |
|
At the end of
the year |
126,047,762 |
252.100 |
ii) Rights,
preferences and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity
shares rank equally with regard to dividends and share in the Company’s residual
assets. The equity shares are entitled to receive dividend as declared from
time to time. During the year ended March 31, 2014, the Company has proposed
final dividend of
` 1.50 per equity share (previous year: dividend of ` 1.50 per equity
share). The voting rights of an equity shareholder on a poll (not on show of
hands) are in proportion to its share of the paid-up equity capital of the
Company.
On winding up of the Company, the holders of equity shares will be
entitled to receive the residual assets of the Company, remaining after
distribution of all preferential amounts in proportion to the number of equity
shares held.
iii) Particulars
of shareholders holding more than 5% of a class of shares
|
Name of Equity
Shareholder |
March 31, 2014 |
|
|
|
Number |
% of total shares in the class |
|
Equity shares of Rs. 2 each fully paid-up held by : |
|
|
|
- Mr. Shashi Kiran Shetty |
81,623,390 |
64.76 |
iv) Shares
reserved for issue under options and contracts/ commitments for sale of shares/disinvestment
|
|
March 31, 2014 |
|
|
|
Number of shares (units) |
Amount in Millions |
|
Under Allcargo Employee Stock Option Plan 2006 ( at an exercise price
of Rs. 2 per equity share) (2014: Nil; previous year: Rs. 60,000) |
-- |
-- |
v) Aggregate
number of bonus shares issued, shares issued for consideration other than cash
and shares bought back during the period of five years immediately preceding
the reporting date:
During the
five-year period ended March 31, 2014 (March 31, 2013)
a)
17,302 (previous year: 19,767) equity shares of Rs.
2 each, fully paid up have been allotted as bonus shares by capitalisation of
general reserve and securities premium account.
b)
86,265 (previous year: 91,850) equity shares of Rs.
2 each under Employee Stock Option Plan for which only exercise price has been
recovered in cash.
c)
During the previous year, the Company has bought
back and extinguished 4,136,449 equity shares at an average price of Rs. 139.69
per equity share for an aggregate amount of Rs. 581.700 Millions.
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 |
252.100 |
252.800 |
261.100 |
|
(b) Reserves & Surplus |
11906.600 |
11498.600 |
11140.200 |
|
(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) |
12158.700 |
11751.400 |
11401.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1696.300 |
2082.900 |
3788.400 |
|
(b) Deferred tax liabilities (Net) |
1088.900 |
975.600 |
848.300 |
|
(c)
Other long term liabilities |
20.500 |
22.000 |
25.700 |
|
(d)
long-term provisions |
41.200 |
33.300 |
24.400 |
|
Total
Non-current Liabilities (3) |
2846.900 |
3113.800 |
4686.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
156.700 |
350.300 |
670.800 |
|
(b)
Trade payables |
976.200 |
884.300 |
798.200 |
|
(c)
Other current liabilities |
2901.700 |
3542.400 |
1927.600 |
|
(d)
Short-term provisions |
257.500 |
333.200 |
186.900 |
|
Total
Current Liabilities (4) |
4292.100 |
5110.200 |
3583.500 |
|
|
|
|
|
|
TOTAL |
19297.700 |
19975.400 |
19671.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9697.900 |
9801.600 |
9616.600 |
|
(ii)
Intangible Assets |
40.300 |
30.600 |
26.900 |
|
(iii)
Capital work-in-progress |
66.400 |
112.800 |
419.100 |
|
(iv) Intangible assets under development |
2.900 |
15.500 |
13.200 |
|
(b) Non-current
Investments |
3487.400 |
3996.100 |
3591.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
2204.700 |
2362.800 |
2031.300 |
|
(e)
Other Non-current assets |
4.100 |
21.500 |
22.800 |
|
Total
Non-Current Assets |
15503.700 |
16340.900 |
15721.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1197.900 |
901.500 |
383.200 |
|
(b)
Inventories |
88.900 |
89.700 |
110.400 |
|
(c)
Trade receivables |
1586.400 |
1496.600 |
1313.200 |
|
(d)
Cash and cash equivalents |
99.900 |
96.000 |
51.200 |
|
(e)
Short-term loans and advances |
496.900 |
541.800 |
1400.200 |
|
(f)
Other current assets |
324.000 |
508.900 |
691.700 |
|
Total
Current Assets |
3794.000 |
3634.500 |
3949.900 |
|
|
|
|
|
|
TOTAL |
19297.700 |
19975.400 |
19671.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9890.100 |
10180.900 |
10950.200 |
|
|
|
Other Income |
330.300 |
642.600 |
365.500 |
|
|
|
TOTAL (A) |
10220.400 |
10823.500 |
11315.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of services rendered |
0.000 |
0.000 |
5969.700 |
|
|
|
Employees benefits expense |
716.400 |
767.300 |
814.600 |
|
|
|
Other expenses |
7166.900 |
7339.100 |
930.900 |
|
|
|
TOTAL (B) |
7883.300 |
8106.400 |
7715.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2337.100 |
2717.100 |
3600.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
286.300 |
266.700 |
505.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2050.800 |
2450.400 |
3095.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1347.500 |
1167.600 |
890.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
703.300 |
1282.800 |
2204.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.100 |
127.300 |
364.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
561.200 |
1155.500 |
1840.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from export
operations - Multi-modal transport operations |
709.700 |
787.200 |
1028.900 |
|
|
|
- Project and engineering solutions |
77.800 |
187.100 |
79.600 |
|
|
|
- Third party logistics |
0.000 |
2.900 |
0.000 |
|
|
|
Other income - Business support charges |
82.200 |
49.300 |
39.400 |
|
|
|
- Management Fees |
12.300 |
10.500 |
12.300 |
|
|
|
- Corporate Guarantee Commission/ SBLC
charges |
82.800 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
964.800 |
1037.000 |
1160.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
80.700 |
257.300 |
2666.500 |
|
|
|
Stores & Spare Parts |
17.000 |
9.500 |
35.600 |
|
|
TOTAL IMPORTS |
97.700 |
266.800 |
2702.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.5 |
9.0 |
14.1 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2646.800 |
2857.900 |
2932.900 |
|
Total Expenditure |
2070.400 |
2344.600 |
2330.600 |
|
PBIDT (Excl OI) |
576.400 |
513.300 |
602.300 |
|
Other Income |
82.500 |
158.400 |
96.000 |
|
Operating Profit |
658.900 |
671.700 |
698.300 |
|
Interest |
107.600 |
103.900 |
90.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
551.300 |
567.800 |
607.800 |
|
Depreciation |
309.700 |
267.600 |
269.200 |
|
Profit Before Tax |
241.600 |
300.200 |
338.600 |
|
Tax |
40.900 |
31.000 |
99.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
200.700 |
269.200 |
239.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
200.700 |
269.200 |
239.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.67 |
11.35 |
16.81 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
23.63 |
26.69 |
32.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.47 |
8.09 |
14.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.11 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15 |
0.21 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.71 |
1.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
261.100 |
252.800 |
252.100 |
|
Reserves & Surplus |
11140.200 |
11498.600 |
11906.600 |
|
Net
worth |
11401.300 |
11751.400 |
12158.700 |
|
|
|
|
|
|
Long-term borrowings |
3788.400 |
2082.900 |
1696.300 |
|
Short term borrowings |
670.800 |
350.300 |
156.700 |
|
Total
borrowings |
4459.200 |
2433.200 |
1853.000 |
|
Debt/Equity ratio |
0.391 |
0.207 |
0.152 |
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 |
10950.200 |
10180.900 |
9890.100 |
|
|
|
(7.025) |
(2.856) |
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 |
10950.200 |
10180.900 |
9890.100 |
|
Profit |
1840.600 |
1155.500 |
561.200 |
|
|
16.81% |
11.35% |
5.67% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current maturities
of long-term borrowings |
|
|
|
|
Term loans From banks |
60.000 |
0.000 |
166.800 |
|
From financial institutions and others |
0.000 |
0.000 |
0.100 |
|
Buyers’ credit |
2272.200 |
2103.100 |
848.600 |
|
Vehicle finance loans |
161.100 |
146.900 |
115.200 |
|
|
|
|
|
|
Total |
2493.300 |
2250.000 |
1130.700 |
|
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 |
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 |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10544227 |
26/12/2014 |
720,000,000.00 |
BNP PARIBAS |
EAST TOWERS
(SOOD TOWERS), 8TH FLOOR, 25, BHARAKH |
C40987356 |
|
2 |
10523696 |
11/09/2014 |
770,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C25480559 |
|
3 |
10522345 |
05/09/2014 |
1,600,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C22888622 |
|
4 |
10478472 |
13/06/2014 * |
750,000,000.00 |
DBS BANK LTD |
221, FORT HOUSE,
3RD FLOOR, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C09821901 |
|
5 |
10470934 |
29/01/2014 * |
2,275,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B97252449 |
|
6 |
10467053 |
21/03/2014 * |
750,000,000.00 |
STANDARD
CHARTERED BANK |
CRESENZO, 3 A/F,
PLOT NO. C -38 & 39, G BLOCK, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA -
400051, INDIA |
C00436394 |
|
7 |
10440699 |
31/07/2013 |
3,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B81171324 |
|
8 |
10435201 |
28/06/2013 |
7,515,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B78908258 |
|
9 |
10435626 |
11/04/2014 * |
1,000,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH - ANDHERI, 102, NATRAJ, 194, SIR M.V. ROAD, ANDHERI EAST,,
MUMBAI, MAHARASHTRA - 400069, INDIA |
C03814878 |
|
10 |
10416330 |
05/02/2013 |
3,228,232.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B72174832 |
|
11 |
10396322 |
15/12/2012 |
14,926,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B65655987 |
|
12 |
10390628 |
01/12/2012 |
25,500,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B63595961 |
|
13 |
10391723 |
29/11/2012 |
15,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B64031743 |
|
14 |
10386229 |
08/11/2012 |
7,032,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B62006259 |
|
15 |
10383716 |
25/10/2012 |
16,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B61001756 |
|
16 |
10383714 |
18/10/2012 |
2,755,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B61001012 |
|
17 |
10382571 |
12/10/2012 |
500,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
52/60, MAHATMA
GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B60477718 |
|
18 |
10383720 |
08/10/2012 |
10,692,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B61002242 |
|
19 |
10378737 |
31/08/2012 |
12,474,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B58978321 |
|
20 |
10378735 |
30/08/2012 |
3,210,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B58978156 |
|
21 |
10367485 |
30/06/2012 |
22,540,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B44502417 |
|
22 |
10367484 |
08/06/2012 |
4,810,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B44502342 |
|
23 |
10366009 |
25/05/2012 |
9,161,280.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B43890995 |
|
24 |
10336693 |
04/02/2012 |
15,100,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B32601791 |
|
25 |
10336690 |
03/02/2012 |
15,100,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B32601098 |
|
26 |
10333142 |
13/01/2012 |
350,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
B31062912 |
|
27 |
10325677 |
18/08/2014 * |
755,000,000.00 |
ING VYSYA BANK
LIMITED |
NARIAN MANZIL,
GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO 1007,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C20714580 |
|
28 |
10314863 |
12/10/2011 |
8,060,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B24186587 |
|
29 |
10307580 |
09/09/2011 |
15,700,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B21138698 |
|
30 |
10303040 |
22/07/2011 |
32,580,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B19129600 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and
advances Rupee term loan |
0.000 |
350.000 |
|
Bills discounting |
50.000 |
0.000 |
|
|
|
|
|
Total |
50.000 |
350.000 |
COMPANY OVERVIEW
Subject was incorporated on 18 August 1993 and is a leading
multinational company engaged in providing integrated logistics solutions and
offers specialised logistics services across Multimodal Transport Operations,
Inland Container Depot, Container Freight Station Operations, Third Party
Logistics Operations and Project and Engineering Solutions. The Company is
listed on Bombay Stock Exchange Limited and National Stock Exchange of India
Limited.
REVIEW OF
OPERATIONS
The year was very challenging for the Company as macroeconomic
environment continued to remain unstable and volatile and slow down of the
Indian as well as global economy affected the trade flows. These uncontrollable
factors have impacted performance of the Company. However the Company continued
to remain focused on its strategic goals and in order to further strengthen the
LCS and FCL business globally, the Company has made two major acquisitions
outside India viz. 100% stake in US based Econocaribe Consolidators and 75%
stake in Netherland based FCL Marine Agencies.
Econocaribe Consolidatores, established in 1968, is a leading Less then
Container Load (LCL) consolidator (NVOCC) in the United States. With its
headquarters in Miami, Florida, Econocaribe Consolidators has 9 offices in the
United States and 22 receiving terminals throughout the United States and
Canada, as well as partners across the world. Econocaribe Consolidators specializes
in freight consolidation and Full Container Load (FCL) services to Latin
America, the Caribbean, Europe, the Mediterranean, the Middle East, Africa and
Asia. They also offer import LCL/FCL transportation services from around the
world into the United States and Puerto Rico. Ecu Line offices had been working
since last 6 years in the United States, engaging Econocaribe Consolidators as
its agent. This acquisition now enables Ecu Line to complete its service
offerings, both in terms of global capabilities and coverage. The acquisition
also increases Ecu Line’s foot hold in the US market, which will facilitate
growth into and out of US market and rest of the world being the largest
economy in the world.
FCL Marine Agencies Rotterdam is a leading neutral NVO service provider
in FCL segment, operating in Europe, USA and Canada. With Ecu-Line’s global
leadership as a neutral LCL provider with network across 90 countries and 200
own offices globally, its acquisition of FCL Marine Agencies Rotterdam, is a step
forward to consolidate its global leadership and cater to its customer’s
request for a neutral Full Container Load (FCL) service through its global
network and benchmark services. Taking into consideration the evolving global
requirements of customers, Ecu-Line has taken this step to provide them with
world class FCL services.
Both these acquisitions have been successfully integrated with the
Company. In addition, the Company has continued to put in serious efforts to
strengthen its customer-centric approach and its ability to innovate customer
specific solutions to focus on pricing and aggressive marketing strategy and to
undertake disciplined project executions, coupled with prudent financial and
human resources management and better control over costs. The Government has
also recently taken a number of measures to fast track infrastructure and
industrial growth. It is expected that the years ahead would bring new
opportunities in the key business areas that the Company is focused on.
STAND-ALONE PERFORMANCE
The Company has earned total revenue of Rs.10220.400 Millions and earned a net
profit of Rs.561.200 Millions as compared to revenue of Rs.10823.500 Millions
and net
profit of Rs. 1155.500 Millions in the preceding financial year, representing drop
of 6% in total revenue and drop of 51% in net profit. The drop in net profit
was mainly attributable to the one time write off arising out of the merger of
MHTC Logistics Private Limited with the Company and increase in finance cost.
Earnings before interest, tax and depreciation (EBITDA) is Rs.2337.100 Millions
as compared
to Rs.2717.100 Millions in preceding financial year, representing drop of
14%. The drop in EBITDA is mainly on account of increase in finance cost.
The company is now coming back on a strong growth path having exited the
year with a one billion dollar turnover rate and its efforts to improve
efficiency, productivity and profitability will improve overall returns.
AMALGAMATION OF
MHTC LOGISTICS PRIVATE LIMITED
The Scheme of Arrangement between the Company, MHTC Logistics Private
Limited, and their respective shareholders and creditors made u/s 391 to 394 of
the Companies Act, 1956 read with section 78, 100 to 103 of the Companies Act,
1956, for amalgamation of MHTC Logistics Private Limited, the wholly owned
subsidiary of the Company, with the Company was sanctioned by the Hon’ble
Bombay High Court vide order dated December 6, 2013. Pursuant to the said Court
order, MHTC Logistics Private Limited the wholly owned subsidiary of the
Company, has been amalgamated with the Company with effect from April 1, 2012
(“The Appointed Date”). The authenticated copies of the Court order along with
the Scheme have been filed with the Registrar of Companies, Mumbai, Maharashtra
by the Company and MHTC Logistics Private Limited on January 24, 2014 and
accordingly the Scheme has become effective from that date. Accordingly, the
financial statements of MHTC Logistics Private Limited for the year ended March
31, 2014, have been considered in the financial statements of the Company.
The Company has carried out the accounting treatment prescribed in the
Scheme as approved by the Hon’ble Bombay High Court. The required disclosures
for accounting of Scheme as per the “Pooling of Interest Method” as given under
Accounting Standard 14 (AS 14) “Accounting for Amalgamations” as prescribed
under the Companies (Accounting Standards) Rules 2006 have been provided.
Accordingly in accordance with the approved Scheme:
a)
The Company has taken over all the assets
aggregating to Rs. 354.000 Millions and liabilities aggregating to Rs. 208.100 Millions
at their
respective book values. As per the Scheme the identity of reserves of MHTC is
required to be maintained by the Company as on the Appointed Date aggregating
to Rs. 143.800 Millions. On cancellation of investments made by the
Company in MHTC against the share capital and the net assets of MHTC taken over
as on the Appointed Date there was a deficit of Rs. 341.000 Millions which has been debited
to the “Goodwill Account” of the Company.
b)
The Goodwill has been amortized fully during the
financial year 2013-14.
c)
Prior to the Appointed Date, MHTC was holding
373,491 equity shares of the Company. As a consequence of and as per the
approved Scheme of Arrangement the aforesaid investment of MHTC in the Company
has been cancelled and accordingly the share capital of the Company stands
reduced by Rs. 0.700 Million and the Securities Premium Account of the Company
stands reduced by Rs. 63.500 Millions.
d)
In terms of the Scheme, the Appointed Date of the
amalgamation being April 01, 2012, the net loss of the MHTC during the
financial year 2012-13 aggregating to Rs. 8.800 Millions has been
transferred, to the extent not accounted already, to the surplus in the
Statement of Profit and Loss in the books of the Company upon amalgamation.
e)
No further consideration is payable or receivable
on implementation of the Scheme as it involves amalgamation of a wholly owned
Subsidiary with the Company.
AWARDS AND RECOGNITION
The year was very special for the Company as it has received many awards
and recognitions for the significant contribution made by the Company in
development and growth of the logistic industry.
· Allcargo Logistics was awarded as the ‘LCL Consolidator of the Year in Northern India’ at North India Multimodal Logistics Awards, 2014;
· Allcargo’s NVOCC division was conferred with ‘LCL Consolidator of the Year’ award, at the 5th edition of the South East Cargo and Logistics Awards 2013;
· Allcargo’s NVOCC division was awarded ‘LCL Consolidator of the Year’ at Cargo and Logistics Awards 2014;
· Allcargo Logistics was awarded the ‘Best CFS Operations’ by Indian Chamber of Commerce (ICC) at the ICC Supply Chain and Logistics Excellence Awards 2014;
· Allcargo’s CFS at JNPT ‘Transindia Logistics Park’ was awarded with ‘Container Freight Station Operator of the Year’ at the Maritime and Logistics Awards (MALA) 2013;
· Allcargo’s IT and CFS teams were honoured with the ‘EDGE (Enterprise Driving Growth and Excellence through IT) Award’ by Information Week for the RFID Project implementation at CFS locations;
· Allcargo’s equipment division was awarded ‘Best Service Provider’ by D P World consecutively for the 2nd time;
· Allcargo’s Project and Engineering division was awarded with ‘Heavy Lift Mover of the Year’ at the Maritime and Logistics Awards (MALA) 2013;
· India’s leading investment journal Dalal Street in its ‘Elite 100’ list of top 100 companies across India, ranked Allcargo Logistics at #91;
· In the listing of ‘The Economic Times – India’s Biggest 500 Companies’, Allcargo Logistics was listed at 221 amongst the top 500 biggest companies across India. Last year Allcargo was ranked at #226;
· Business world in its ‘The BW Real 500’ listing ranked Allcargo 216th among India’s Top 500 Non-Financial companies and also ranked Allcargo 9th among companies with most number of subsidiaries;
· Avvashya house, the corporate headquarters of Allcargo, received ‘Leed India for Core and Shell Silver Rating’ from Indian Green Building Council for achieving Green Building Standards;
· Allcargo’s Corporate Social Responsibility (CSR) initiatives under the Avashya Foundation was conferred with ‘Corporate Social Responsibility’ at the Maritime and Logistics Awards (MALA) 2013;
· Allcargo’s Executive Chairman Mr. Shashi Kiran Shetty was conferred with ‘Business Leader and Visionary of the Year’ award at the Maritime and Logistics Awards (MALA) 2013;
· Maharashtra Chambers of Commerce Industry and Agriculture (MACCIA) and IBN Lokmat, conferred Mr. Shashi Kiran Shetty with ‘Excellence in the Logistics, Transport and Hospitality’ Award’;
· Business World in its nationwide survey ranking ‘India’s Most ‘Value’able CEOs’ ranked Mr. Shashi Kiran Shetty at 61st position amongst the top performers in the country.
· Mr. Shashi Kiran Shetty was conferred with ‘Business Leader of the Year’ by CHEMTECH Foundation at the ‘Leadership Excellence Award 2014;
· Ms. Shantha Martin, CEO – ISC, Middle East, Africa (S&E) was conferred ‘CEO of the Year’ award at the International Women’s Leadership Forum’s Women’s Leadership and Innovation Awards, 2014;.
The Company believes that winning of such recognitions was due to the
hard work, passion and spirit of team work of the employees and thoughtful
leaders, whose novel thinking and innovative approach have led them to attain
excellence in their field. These awards are a testimony to the commitment to
the stakeholders of the Company and seamless integrated logistics solutions.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The world economy has experienced subdued growth for another year in
2013, unable to meet even the modest projections made earlier, including the
World Economic Situation and Prospects (WESP) 2013.
However, there have been some signs of improvements in the second half
of 2013 - the EU has finally came out of a protracted recession, with gross
domestic product (GDP) for the region as a whole returning to growth; a few
large emerging economies, including China, seem to have backstopped a further
slowdown and are poised to strengthen and grow. Based on these developments and
a set of assumptions, United Nations (UN) has forecasted the World Gross
Product (WGP) to grow at a pace of 3.0 and 3.3 per cent for 2014 and 2015,
respectively. Again, this baseline forecast is made in the context of a number
of uncertainties and risks emanating from possible policy missteps and factors
beyond the economic domain.
The International Monetary Fund (IMF) is more optimistic and has
projected global growth at around 3.7 percent in 2014, rising to 3.9 percent in
2015. IMF believes that in many emerging market and developing economies,
stronger external demand from advanced economies will lift growth, although
domestic weaknesses remain a concern. Some economies may have room for monetary
policy support. In many others, output is close to potential, suggesting that
growth declines partly reflect structural factors or a cyclical cooling and
that the main policy approach for raising growth must be to push ahead with
structural reform. In some economies, there is a need to manage vulnerabilities
associated with weakening credit quality and larger capital outflows.
India continues to remain one of the fast-growing nations in the world,
although there has been a slowdown in growth since the past two years. The
Indian economy has slowed down and growth declined to a decade-low of 4.5 per
cent in 2012-13. According to the UN report, India’s economy is projected to
grow at a slower-than-expected rate of 5.3 per cent in 2014. India’s slowdown
seems to have bottomed out and a mild recovery in investment as well as
stronger export growth will help in the gradual GDP pick-up. External
conditions have been challenging as the Indian economy experienced significant
capital outflows, which led to a sharp depreciation of the rupee. The report
further stated that Reserve Bank of India (RBI) is expected to maintain its
focus on inflation and it is unlikely to raise policy rates considerably given
the ongoing weakness in investment and growth.
RBI sees a modest pick-up in economic activity in 2014-15, pegging the
GDP growth rate at 5.5 per cent. In its report, RBI has reported that the
annual average CPI inflation has touched double digits or stayed just below for
the last six years. This has had a debilitating effect on macro-financial
stability through several channels and has resulted in a rise in inflation
expectations and contributed to financial disintermediation, lower financial
and overall savings, a wider current account gap and a weaker currency. While
headline CPI inflation receded over the last three months from 11.2 per cent in
November 2013 to 8.1 per cent in February 2014, the persistence of ex-food and
fuel CPI inflation at around 8 per cent for the last 20 months poses difficult
challenges to monetary policy. High inflation also had adverse consequences for
growth.
For India to outperform the projected economic growth, a focused thrust
on improvement of domestic factors is absolutely critical. Key issues need to
be addressed are investment in infrastructure, focus on high- end
manufacturing, increase the investment in bio-technology and bring in
agricultural land reforms that will help farmers with small holdings get
greater access to credit, energy reforms addressing the power shortage in the
country, education amongst many others. The government to a large extent, has
started to take steps to address this. One of the steps that the government has
taken is the continued focus on infrastructure development in the country.
Healthy infrastructure spending holds the key to facilitating economic growth
in India. Hence given the importance of infrastructure for growth, the 12th
Plan period has pegged the investment in infrastructure at US$ 1 trillion.
The Indian logistics industry is expected to witness a healthy growth of
18.9% CAGR over FY13 to FY16 from Rs. 12.8 trillion in FY13 to Rs. 21.5
trillion in FY16. This growth is expected to mainly led by volume growth in
containerization, new terminals at ports leading to incremental growth in
volumes, dedicated freight corridor (DFC), Delhi-Mumbai industrial corridor,
and new businesses segments like 3PL and cold chain creating opportunities in
long run.
ABOUT ALLCARGO
Subject part of the Avvashya Group, is a leading multinational company
providing integrated logistics solutions. The Company offers specialized
logistics services across Multimodal Transport Operations (MTO), Container
Freight Station Operations (CFS) and Project and Engineering Solutions (P&E).
Benchmarked quality standards, standardized processes and operational
excellence across all the services and facilities, have enabled Allcargo
Logistics Limited to emerge as a leading player in all these segments.
The Company currently operates out of 200 plus offices in 90 plus
countries and gets supported by an even larger network of franchisee offices
across the world. Allcargo Logistics Limited is today one of India’s largest
publicly owned logistics companies, listed on BSE Limited and National Stock
Exchange of India Limited and a constituent of the BSE Smallcap and CNX Nifty
500 indices.
BUSINESS
PERFORMANCE
Allcargo operates primarily in three segments, viz., Multimodal
Transport Operations (MTO), Container Freight Stations Operations (CFS) /
Inland Container Depot (ICD) and Project and Engineering Solutions (P&E).
MULTIMODAL
TRANSPORT OPERATIONS (MTO)
· MTO segment involves NVOCC (Non Vessel Owning Common Carrier) operations related to LCL (Less than container load) consolidation and FCL (Full container load) forwarding activities in India and across the world through its wholly owned subsidiary ECU Line
· Allcargo is amongst the leading players in the global LCL consolidation market with a strong network across 90 plus countries and 200 plus offices covering over 4,000 port pairs across the world
· The business clocked total volumes of 3,28,711 TEUs for the year ended March 31, 2014 as against 2,84,726 TEUs for the corresponding previous period, an increase of 15%
· The total revenue for the year ended March 31, 2014 was Rs. 41491.100 Millions as against Rs. 31921.200 Millions for the corresponding previous period, an increase of 30%. This revenue includes the two acquisitions of Econocaribe and FCL Marine
· EBIT was Rs. 1814.000 Millions for the year ended March 31, 2014, as against Rs. 1448.100 Millions for the corresponding previous period, an increase of 25%
CONTAINER FREIGHT
STATIONS (CFS) / INLAND CONTAINER DEPOT (ICD) OPERATIONS
· This segment operations are involved in import / export cargo stuffing, de-stuffing, customs clearance and other related ancillary services to both, importers and exporters
· The CFS facilities are located near JNPT, Chennai and Mundra ports and at Dadri and Kheda
· The total capacity of the CFSs and ICDs at the end of March 31, 2014 is 5,73,000 TEUs per annum
· The business clocked total volumes of 1,86,598 TEUs for the year ended March 31, 2014 as against 2,21,936 TEUs for the corresponding previous period
· The total revenue for the year ended March 31, 2014 was Rs. 3148.700 Millions as against Rs. 3095.400 Millions for the corresponding previous period, an increase of 2%
· EBIT was Rs. 837.400 Millions for the year ended March 31, 2014, as against Rs. 959.700 Millions the corresponding previous period.
PROJECT AND
ENGINEERING SOLUTIONS (P&E)
· Project and Engineering Solutions segment provides integrated end-to-end project, engineering and logistic services through a diverse fleet of owned / rented special equipment like hydraulic axles, cranes, barges, reach-stackers and ships to carry ODC / OWC cargos as well as project engineering solutions across various sectors
· The total revenue for the year ended March 31, 2014, was Rs. 4312.400 Millions as against Rs. 4543.000 Millions for the corresponding previous period
· EBIT was Rs. 426.600 Millions for the year ended March 31, 2014, as against Rs. 638.700 Millions for the corresponding previous period, before amortization of goodwill in FY14
NEW DEVELOPMENTS /
ACHIEVEMENTS IN BUSINESSES DURING THE YEAR:
In the MTO
business:
· LCL Consolidator of the Year – EXIM’s North India Multimodal Logistics Awards, 2014
· Awarded ‘LCL Consolidator of the Year’ by Cargo Scope 2013
· Awarded ‘LCL Consolidator of the Year’ for its outstanding performance in the LCL space at the ‘Cargo and Logistics Awards 2014’ hosted at the ‘Gujarat Junction 2014-Conference on Ports, Shipping and Logistics’
· Eculine, wholly owned subsidiary of Allcargo Logistics Limited made two very successful acquisitions
· 100% interest in Econocaribe Consolidators – one of the largest LCL consolidators, to strengthen and increase presence in the US market
· A majority stake in FCL Marine – a leading neutral NVO player in the FCL segment operating in Europe, US and Canada
In the CFS
business:
· Awarded ‘Best CFS Operations’ by – Indian Chamber of Commerce’s ICC Supply Chain and Logistics Excellence Awards, 2014
· Transindia Logistics Park recognized as ‘Container Freight Station Operator of the Year’, at the MALA awards
In the PandE
business:
· Won the MALA Award for in the ‘Heavy Lift Mover of the Year 2013’ category
OUTLOOK
The economy is likely to expand by more than 5.0 percent in FY2014.
India’s economy is projected to grow at a slower-than-expected rate of 5.3
per cent in 2014, according to a United Nations report. The slowdown seems to
have bottomed out and a mild recovery in investment as well as stronger export
growth will help in the gradual GDP pick-up.
Over the long term, India’s prospects remain very bright.
Notwithstanding the current slowdown in economic growth, India’s long-term
prospects remain highly favorable. India possesses the fundamentals to grow at
sustained high rates over the next several decades on the strengths of its
demographic transition, high savings and investment rates, rising educational
attainments, and increasing agglomeration effects (urbanization and growth of
secondary cities).
For India to outperform the projected economic growth, a focused thrust
on improvement of domestic factors is absolutely critical. Key issues need to
be addressed are investment in infrastructure, focus on high- end
manufacturing, increase the investment in bio-technology and bring in
agricultural land reforms that will help farmers with small holdings get
greater access to credit, energy reforms addressing the power shortage in the
country, education amongst many others. The government to a large extent, has
started to take steps to address this. One of the steps that the government has
taken is the continued focus on infrastructure development in the country.
Healthy infrastructure spending holds the key to facilitating economic growth
in India. Hence given the importance of infrastructure for growth, the 12th
Plan period has pegged the investment in infrastructure at US #1 trillion.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED DECEMBER 31, 2014
[RS.
IN MILLIONS]
|
PARTICULARS |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
2873.800 |
2821.500 |
8284.200 |
|
Other Operating Income |
59.100 |
36.400 |
153.400 |
|
Total Income from
operations (net) |
2932.900 |
2857.900 |
8437.600 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Operating Expenses |
1879.200 |
1930.300 |
5500.100 |
|
(b) Purchase of stock in trade |
-- |
-- |
-- |
|
€ Changes in inventories of finished goods, work in
progress and stock in trade |
-- |
-- |
-- |
|
(d) Employee benefit expenses |
225.900 |
216.800 |
641.000 |
|
(e) Depreciation and amortization expenses |
269.200 |
267.600 |
646.500 |
|
(f) Other Expenses |
206.500 |
190.800 |
563.500 |
|
(g) Provision for Doubtful debts |
19.000 |
6.700 |
41.000 |
|
Total Expenses |
2599.800 |
2612.200 |
7592.100 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
333.100 |
245.700 |
845.500 |
|
Other Income |
96.000 |
158.400 |
336.900 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
429.100 |
404.100 |
1182.400 |
|
Finance costs |
90.500 |
103.900 |
302.000 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
338.600 |
300.200 |
880.400 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
338.600 |
300.200 |
880.400 |
|
Tax Expenses |
|
|
|
|
- Current Tax |
74.700 |
61.100 |
196.300 |
|
- Deferred
Tax Liability/ Assets |
21.400 |
4.500 |
6.300 |
|
- Short/
Excess Provisions for Current Tax of earlier years |
3.100 |
(34.600) |
(31.500) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
239.400 |
269.200 |
709.300 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
239.400 |
269.200 |
709.300 |
|
Paid- up
Equity Share Capital (Face value of the share – Rs. 2/-) |
252.100 |
252.100 |
252.100 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per share (before extraordinary
items) (of Rs. 2/- each) (not annualized) -
Basic |
1.9 |
2.1 |
5.60 |
|
- Diluted |
1.9 |
2.1 |
5.60 |
|
Earnings per
share (after extraordinary items) (of Rs. 2/- each) (not annualized) - Basic |
1.9 |
2.1 |
5.60 |
|
- Diluted |
1.9 |
2.1 |
5.60 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
37913738 |
37913737 |
37913738 |
|
Percentage of Shareholding |
30.08% |
30.08% |
30.08% |
|
|
|
|
|
|
2. Promoters and promoter group
shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
88134024 |
88134025 |
88134024 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
69.92% |
69.92% |
69.92% |
|
|
Particulars |
Quarter
Ended 31.12.2014 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT – WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(RS. IN MILLIONS)
|
PARTICULARS |
Quarter Ended |
Nine Months
Ended |
||
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1. Segment Revenue |
|
|
|
|
|
a. Multimodal Transport Operations
|
906.500 |
935.400 |
2749.800 |
|
|
b. Container Freight Station Operations
|
861.400 |
826.500 |
2441.000 |
|
|
c. Project and Engineering Solutions
|
1160.300 |
1117.000 |
3265.600 |
|
|
d. Others/ Unallocated |
93.300 |
69.900 |
241.500 |
|
|
Less: Inter – segment revenue |
(88.600) |
(90.900) |
(260.300) |
|
|
Total income from operations (net) |
2932.900 |
2857.900 |
8437.600 |
|
|
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
|
a. Multimodal Transport Operations
|
45.600 |
38.400 |
126.200 |
|
|
b. Container Freight Station Operations
|
283.600 |
241.200 |
768.000 |
|
|
c. Project and Engineering Solutions
|
167.700 |
178.600 |
414.800 |
|
|
d. Others |
5.600 |
2.400 |
15.100 |
|
|
Total |
502.500 |
460.600 |
1324.100 |
|
|
Less: Finance Costs |
(90.500) |
(103.900) |
(302.000) |
|
|
Other un-allocable expenditure net off |
(119.100) |
(115.000) |
(314.000) |
|
|
Add: un-allocable other operating income |
45.700 |
58.500 |
172.300 |
|
|
Total Profit Before Tax |
338.600 |
300.200 |
880.400 |
|
|
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
a. Multimodal Transport Operations
|
301.500 |
310.500 |
301.500 |
|
|
b. Container Freight Station Operations
|
2063.400 |
2067.100 |
2063.400 |
|
|
c. Project and Engineering Solutions
|
7062.600 |
7215.000 |
7062.600 |
|
|
d. Others/ Unallocated |
325.300 |
316.400 |
325.300 |
|
|
Total capital employed in segments |
9752.800 |
9909.000 |
9752.800 |
|
|
Add: Unallocable Corporate assets less
Corporate liabilities |
7344.900 |
7606.800 |
7344.900 |
|
|
Total Capital Employed in the Company |
17097.700 |
17515.800 |
17097.700 |
|
Notes on Segment Information:
1)
Segment Revenue, Results and Capital Employed
figures represents amount identifiable to each of the segments. Other
“unallocable expenditure” as well as “unallocable income” includes
incomes/expenses on common services not directly identifiable to individual
segments. Corporate expenses, interest/ dividend/ other financial income and
exceptional items.
Capital employed figures are as at 31st
December 2014, 30th September 2014, 31st March 2014 and
31st December 2013.
Unallocable corporate assets less corporate
liabilities mainly represent investments and loans and advances.
2)
Previous period figures have been re-grouped /
restated wherever necessary to conform to this period classification.
NOTES:
1)
The Un-audited Financial Results of the Company for the
quarter and nine months ended December 31, 2014 have been reviewed by the Audit
Committee and Statutory Auditors of the Company as required under Clause 41 of
the Listing Agreement and approved by the Board of Directors at its meeting
held on February 12, 2015.
2)
The Income Tax Department had issued assessment orders
against the Company, whereby, the claim of deduction by the Company under
section 80-IA (4) of the Companies Act, 1961 was disallowed from assessment
years 2004-05 to 2009-10 and raised demand of Rs.672.900 Millions on the
Company. The Company had filed an appeal against the said assessment orders.
The Special Bench of Income Tax Appellate Tribunal vide its order dated July 6,
2012 and Divisional Bench of income Tax Appellate Tribunal vide its order dated
December 5, 2012 upheld the Company's plea and accordingly the Company has
continued to claim deduction u/s 80 IA (4) of the income Tax Act, 1961. The
Department has filed an appeal on May 31, 2013 with the High Court of Bombay
against the said order of the Divisional Bench of Income Tax Appellate
Tribunal.
Further, the Income Tax Department has issued assessment order for AY
2010-11 against the company, whereby in addition to other matters, the claim of
deduction made by the company u/s 80-IA(4) of Income Tax Act, 1961 was
disallowes and a demand of Rs. 172.500 Millions has been raised. The company
has filed an appeal at CIT(A) level against the order.
In view of the foregoing, the Company has continued to provide Current
Tax under the provision of Minimum Alternate Tax.
3)
Pursuant to notification of Schedule II of the Companies Act
2013 with effect from 1 April 2014, depreciation for the quarter and nine month
ended 31 December 2014 has been provided on the basis of the estimated economic
lives or useful lives of fixed assets as prescribed in Schedule II, whichever
is lower. Accordingly, an amount of Rs 30.200 Millions (net of deferred tax)
has been adjusted against General Reserve for the assets which had no residual
life as at 1 April 2014, and the depreciation for the quarter and the nine
months is higher by Rs. 29.300 Millions and Rs 93.500 Millions respectively in
respect of other assets.
4)
Pursuant to the scheme of amalgamation of MHTC Logistics
Private Limited with the Company, the results for the year ended 31 March 2014
include the results of merged entity giving effect to the scheme and are not
strictly comparable to other quarters.
5)
Figures for the previous quarters/ periods/ year have been
regrouped / restated, wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. Disputed liabilities in Appeal Income Tax |
672.900 |
672.900 |
|
Income Tax (AY 10-11) |
152.000 |
0.000 |
|
Customs |
21.100 |
18.100 |
|
Service Tax |
104.800 |
113.800 |
|
Entry Tax |
7.200 |
0.000 |
|
|
|
|
|
b. Claims against the Company, not acknowledged as debts |
35.700 |
13.200 |
|
|
|
|
|
c. Corporate guarantees given by the Company on behalf of
its subsidiaries |
4272.800 |
1813.900 |
|
|
|
|
|
d. Bank guarantees |
2848.900 |
796.000 |
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Building
· Leasehold Improvements
· Plant and Machinery
· Heavy equipments
· Other Vehicles
· Computers
· Office Equipment
· Furniture and Fixtures
· Goodwill on Merger
· Software Packages
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.20 |
|
|
1 |
Rs. 96.00 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.