MIRA INFORM REPORT
|
Report No. : |
343789 |
|
Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALLCARGO LOGISTICS LIMITED |
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|
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Registered
Office : |
6th Floor, The Avashya House, CST Road, Kalina, Santacruz (East),
Mumbai - 400098, Maharashtra |
|
Tel. No.: |
91-22-66798100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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 Million |
|
|
|
|
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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|
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|
No. of Employees
: |
883 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 37000000 |
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|
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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 the Allcargo group. It is a well-established and
reputed company having fine track record. The company possesses a healthy financial profile marked by strong
networth base, healthy cash accruals and moderate gearing. Directors are reported to be experienced and respectable businessmen. The ratings also take into consideration, an acceptable share price of
Rs.300.20 Million recorded by the company as against a face value of Rs.2.000
Million as on October 3, 2015. 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: AA- |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
25.06.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
25.06.2015 |
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
31-03-2015.
LOCATIONS
|
Registered Office : |
6th Floor, The Avvashya House, CST Road, Kalina, Santacruz
(East), Mumbai - 400098, Maharashtra, India |
|
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 |
|
Tel. No.: |
91-22-66798100 |
|
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 31.03.2015
|
Name : |
Mr. Shashi Kiran Shetty |
|
Designation : |
Chairman and Managing Director |
|
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|
Name : |
Mrs. Arathi Shetty |
|
Designation : |
Non-Executive Director |
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|
Name : |
Mr. Adarsh Hegde |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Umesh Shetty |
|
Designation : |
Executive Director |
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|
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|
Name : |
Mr. Akhilesh Gupta |
|
Designation : |
Non-Executive Director |
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|
Name : |
Mr. Kaiwan Kalyaniwalla |
|
Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Keki Elavia |
|
Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Mohinder Pal Bansal |
|
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 |
|
Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Dholakia |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Nitin Agarwal |
|
Designation : |
Finance Head |
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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 30.06.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
84320899 |
66.90 |
|
|
3813125 |
3.03 |
|
|
3813125 |
3.03 |
|
|
88134024 |
69.92 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
88134024 |
69.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
323 |
0.00 |
|
|
6849 |
0.01 |
|
|
7375510 |
5.85 |
|
|
7382682 |
5.86 |
|
|
|
|
|
|
1592719 |
1.26 |
|
|
|
|
|
|
2961100 |
2.35 |
|
|
1086704 |
0.86 |
|
|
24890533 |
19.75 |
|
|
69287 |
0.05 |
|
|
144973 |
0.12 |
|
|
16403868 |
13.01 |
|
|
5000 |
0.00 |
|
|
30435 |
0.02 |
|
|
5000 |
0.00 |
|
|
8231970 |
6.53 |
|
|
30531056 |
24.22 |
|
Total Public shareholding (B) |
37913738 |
30.08 |
|
Total (A)+(B) |
126047762 |
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) |
126047762 |
0.00 |
BUSINESS DETAILS
|
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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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
883 (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 : |
SHORT TERM BORROWINGS Cash credit facilities from banks carry interest ranging
from 10.20% - 10.40% p.a. (previous year 10-13% p.a.) computed on a monthly basis
on the actual amount utilised, and are repayable on demand. These are secured
against immovable property situated in Mumbai, pari pasu charge on present
and future movable assets, inventories and book debts. Bills discounting facilities from banks carry interest ranging from 10-13% p.a. (previous year 11-13% p.a.) and are repayable over a period of 45 to 90 days. |
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Statutory Auditors 1: |
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|
Name : |
Appan and Lokhandwala Associates Chartered Accountants |
|
Address : |
402, Shiv-Ahish, Plot No.10, 19th Road, Chembur, Mumbai -
400071, Maharashtra, India |
|
Tel. No.: |
91-22-61177600 |
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|
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Statutory Auditors 2: |
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|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
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Mobile No.: |
91-22-30902511 |
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|
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Secretarial Auditors: |
Mehta and Mehta Company Secretaries |
|
|
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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 |
|
Address : |
8, Ambalal Doshi Marg, Hamam Street, Fort, Mumbai – 400023, Maharashtra, India |
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Subsidiaries: |
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Associates: |
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Joint Ventures: |
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Entities over which
key managerial personnel or their relatives exercises significant influence: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177,475,000 |
Equity Shares |
Rs.2/- each |
Rs.355.000 Million |
|
500 |
4% Cumulative Preference Shares |
Rs.100/- each |
Rs.0.100 Million |
|
|
|
|
|
|
|
Total |
|
Rs.355.100
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126,047,762 |
Equity Shares |
Rs.2/- each |
Rs.252.100 Million |
|
|
|
|
|
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, 2015 |
|
|
|
Number of shares (units) |
Amount in Million |
|
At the commencement of the year |
126,047,762 |
252.100 |
|
Add: Equity shares issued on exercise of employee stock options (`
20,760) |
-- |
-- |
|
Less: Equity shares held by merged entity cancelled |
-- |
-- |
|
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 31 March 2015, the Company has paid an interim dividend of Rs. 0.60 per equity share (previous year: dividend of Rs. Nil per share) and also proposed final dividend of Rs.1.40 per equity share (previous year: dividend of Rs.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, 2015 |
|
|
|
Number |
% of total shares in the class |
|
Equity shares of Rs.2 each fully paid-up held by : |
|
|
|
- Mr. Shashi Kiran Shetty |
78,623,390 |
62.38 |
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
252.100 |
252.100 |
252.800 |
|
(b) Reserves & Surplus |
12550.400 |
11906.600 |
11498.600 |
|
(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) |
12802.500 |
12158.700 |
11751.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1940.300 |
1696.300 |
2082.900 |
|
(b) Deferred tax liabilities
(Net) |
1118.900 |
1088.900 |
975.600 |
|
(c) Other long term
liabilities |
20.800 |
20.500 |
22.000 |
|
(d) long-term provisions |
42.300 |
41.200 |
33.300 |
|
Total
Non-current Liabilities (3) |
3122.300 |
2846.900 |
3113.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
328.400 |
156.700 |
350.300 |
|
(b) Trade payables |
1102.200 |
976.200 |
884.300 |
|
(c) Other current liabilities |
871.200 |
2901.700 |
3542.400 |
|
(d) Short-term provisions |
258.800 |
257.500 |
333.200 |
|
Total
Current Liabilities (4) |
2560.600 |
4292.100 |
5110.200 |
|
|
|
|
|
|
TOTAL |
18485.400 |
19297.700 |
19975.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8656.100 |
9697.900 |
9801.600 |
|
(ii) Intangible Assets |
34.600 |
40.300 |
30.600 |
|
(iii) Capital work-in-progress |
118.500 |
66.400 |
112.800 |
|
(iv) Intangible assets under
development |
1.700 |
2.900 |
15.500 |
|
(b) Non-current Investments |
3768.400 |
3487.400 |
3996.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2606.300 |
2204.700 |
2362.800 |
|
(e) Other Non-current assets |
17.200 |
4.100 |
21.500 |
|
Total
Non-Current Assets |
15202.800 |
15503.700 |
16340.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
30.200 |
1197.900 |
901.500 |
|
(b) Inventories |
87.600 |
88.900 |
89.700 |
|
(c) Trade receivables |
1682.600 |
1586.400 |
1496.600 |
|
(d) Cash and cash equivalents |
203.400 |
99.900 |
96.000 |
|
(e) Short-term loans and
advances |
708.400 |
496.900 |
541.800 |
|
(f) Other current assets |
570.400 |
324.000 |
508.900 |
|
Total
Current Assets |
3282.600 |
3794.000 |
3634.500 |
|
|
|
|
|
|
TOTAL |
18485.400 |
19297.700 |
19975.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
11376.500 |
9890.100 |
10180.900 |
|
|
Other Income |
415.600 |
330.300 |
642.600 |
|
|
TOTAL
(A) |
11792.100 |
10220.400 |
10823.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Services Rendered |
7401.100 |
6381.300 |
0.000 |
|
|
Employees benefits expense |
831.900 |
716.400 |
767.300 |
|
|
Other expenses |
815.700 |
785.600 |
7339.100 |
|
|
TOTAL
(B) |
9048.700 |
7883.300 |
8106.400 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2743.400 |
2337.100 |
2717.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
380.000 |
286.300 |
266.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2363.400 |
2050.800 |
2450.400 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1108.600 |
1347.500 |
1167.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1254.800 |
703.300 |
1282.800 |
|
|
|
|
|
|
|
Less |
TAX (H) |
279.900 |
142.100 |
127.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
974.900 |
561.200 |
1155.500 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Revenue from export
operations - Multi-modal transport operations |
872.500 |
709.700 |
787.200 |
|
|
- Project and engineering solutions |
104.700 |
77.800 |
187.100 |
|
|
- Third party logistics |
0.000 |
0.000 |
2.900 |
|
|
Other income - Business support charges |
83.500 |
82.200 |
49.300 |
|
|
- Management Fees |
8.900 |
12.300 |
10.500 |
|
|
- Corporate Guarantee Commission/ SBLC
charges |
74.200 |
82.800 |
0.000 |
|
|
TOTAL EARNINGS |
1143.800 |
964.800 |
1037.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
|
|
|
|
Components and Stores parts |
16.100 |
17.000 |
9.500 |
|
|
Capital Goods |
0.000 |
80.700 |
257.300 |
|
|
TOTAL
IMPORTS |
16.100 |
97.700 |
266.800 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
7.73 |
4.45 |
9.00 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
473.100 |
2493.300 |
2250.000 |
|
Cash generated from operations |
2232.500 |
1795.400 |
2603.800 |
|
Net cash flow from operating activity |
1961.300 |
1759.800 |
2301.100 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
Audited / UnAudited |
UnAudited |
|
Net Sales |
3046.500 |
|
Total Expenditure |
2419.800 |
|
PBIDT (Excl OI) |
626.700 |
|
Other Income |
55.200 |
|
Operating Profit |
681.900 |
|
Interest |
69.000 |
|
Exceptional Items |
NA |
|
PBDT |
612.900 |
|
Depreciation |
249.300 |
|
Profit Before Tax |
363.600 |
|
Tax |
71.600 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
292.000 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
292.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.57 |
5.67 |
11.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
24.11 |
23.63 |
26.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.53 |
4.47 |
8.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.36 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
0.88 |
0.71 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.300.20/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
252.800 |
252.100 |
252.100 |
|
Reserves & Surplus |
11498.600 |
11906.600 |
12550.400 |
|
Net
worth |
11751.400 |
12158.700 |
12802.500 |
|
long-term borrowings |
2082.900 |
1696.300 |
1940.300 |
|
Short term borrowings |
350.300 |
156.700 |
328.400 |
|
Current Maturities of
Long-Term Debts |
2250.000 |
2493.300 |
473.100 |
|
Total
borrowings |
4683.200 |
4346.300 |
2741.800 |
|
Debt/Equity
ratio |
0.399 |
0.357 |
0.214 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
10180.900 |
9890.100 |
11376.500 |
|
|
|
(2.856) |
15.029 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
10180.900 |
9890.100 |
11376.500 |
|
Profit |
1155.500 |
561.200 |
974.900 |
|
|
11.35% |
5.67% |
8.57% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
During the year, the Company achieved total revenue of Rs.11792.100 Million as compared to Rs.10220.400 Million in the previous year, representing a year-on-year growth of 15%. The growth is mainly attributable to increase in revenue across all lines of business.
The Company’s Earnings before Interest, Tax and Depreciation (EBITDA) stood at Rs.2743.400 Million during the year as compared to Rs.2337.100 Million during the previous year, representing a growth of 17%.
The Net Profit after Tax of the Company increased by 74% during the year and stood at Rs.974.900 Million as compared to Rs.561.200 Million in the previous year.
BUSINESS PERFORMANCE:
Total revenue from operations at Rs.56288.000 Million for the year ended March 31, 2015, as against Rs.48512.300 Million for the corresponding previous period, an increase of 16%, mainly on account of increase in volumes and revenues across all of our businesses
EBIDTA at Rs.5279.800 Million for the year ended March 31, 2015, as against Rs.4278.100 Million for the corresponding previous period, an increase of 23%
EBIT of Rs.3706.100 Million for the year ended March 31, 2015, as against Rs.2523.500 Million for the corresponding previous period, an increase of 47%. Last year’s EBIT is after onetime write-off of goodwill
EPS for the year ended March 31, 2015 was Rs.19.0 for a face value of Rs.2 per share
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The global economy has seen a moderate and uneven growth in 2014, as the prolonged recovery process from the global financial crisis was still saddled with unfinished post-crisis adjustments. Global recovery was also hampered by some new challenges, including a number of unexpected shocks, such as the heightened geopolitical conflicts in various areas of the world. Growth of world gross product (WGP) is estimated to be 2.6% in 2014, marginally better than the growth of 2.5% registered in 2013, but lower than the projected 2.9%. Six years after the global financial crisis, gross domestic product (GDP) growth for a majority of the world economies has shifted to a noticeably lower path compared to pre-crisis levels.
A salient feature for major developed countries during 2014 has been the erratic movements in their quarterly GDP growth rates. Growth rates in developing countries and economies in transition have become more divergent during 2014, as a sharp deceleration occurred in a number of large emerging economies, particularly in Latin America and the Commonwealth of Independent States (CIS). A number of these economies have encountered various country-specific challenges, including structural imbalances, infrastructural bottlenecks, increased financial risks and ineffective macroeconomic management, as well as geopolitical and political tensions. In contrast, East Asia, including China, managed to register relatively robust growth,
while India led South Asia to a moderate strengthening.
Overall, global growth is expected to rise moderately, to 3.0% in 2015, and average about 3.3% through 2017. High-income countries are likely to see growth of 2.2% in 2015-17, up from 1.8% in 2014, on the back of gradually recovering labor markets, ebbing fiscal consolidation, and still-low financing costs. In developing countries, as the domestic headwinds that held back growth in 2014 ease and the recovery in high-income countries slowly strengthens, growth is projected to gradually accelerate, rising from 4.4% in 2014 to 4.8% in 2015 and 5.4% by 2017. Lower oil prices will contribute to diverging prospects for oil exporting and importing countries, particularly in 2015. The key developments to look for will include monetary and fiscal policies for major economies, exchange rates for major currencies, international prices of oil and other primary commodities.
The Economic Survey put India’s growth at 7.4% for FY2015. The new fiscal year is expected to see the highest economic output growth in recent years. The Economic Survey has it at 8.1-8.5%, while the International Monetary Fund’s (IMF’s) 7.5% and the Asian Development Bank’s 7.8% have India growing faster than China.
The optimism of achieving higher growth rate in the next financial year stems from a range of factors. In the short run, growth will receive a boost from lower oil prices, from likely monetary policy easing facilitated by lower inflation and lower inflationary expectations, and forecast of a normal monsoon. In the months ahead, several reforms will help boost investment and growth, particularly in the area of infrastructure. The government would continue the process of fiscal consolidation, embedding actions in a medium-term framework and would be able to attain its stated objective of 4.1% fiscal deficit, and that the medium-term target remains at 3.0% of the GDP.
Growth of the Logistics business is directly correlated with economic activity and empirical evidence suggests that the Logistics industry grows at 1.5-2.0x the GDP growth of a nation.
The Indian logistics industry is valued at an estimated US$ 130-150 billion and it has seen a CAGR of around 15.0-16.0% over the last five years. It is expected to go through a period of strong growth, possibly in the range of 15.0%-17.0% CAGR over next 4-5 years. It is poised for accelerated growth, led by GDP revival, infrastructure ramp-up, volume growth in containerization, new terminals at ports leading to incremental growth in volumes, dedicated freight corridor (DFC), impending GST implementation, other initiatives like “Make in India” and new businesses segments like coastal shipping, 3PL, cold chain and e-commerce creating opportunities in long run,.
RISKS AND CONCERNS
The Company has adopted ISO 31000 for risk management framework. A detailed policy drawn up and dedicated risk workshops are conducted for each business vertical and key support functions wherein risks are identified, assessed, analysed and accepted / mitigated to an acceptable level within the risk appetite of the organization. The risk registers are also reviewed from time to time.
ECONOMIC RISK
A part of business is substantially dependent on the prevailing global economic conditions. As witnessed in previous years, global trade directly impacts our MTO business. Factors that may adversely affect the global economy and in turn India’s economic growth, that could affect the CFS/ ICD, warehousing and project & engineering solutions businesses, include slowdown in the rate of infrastructure development, inflation, changes in tax, trade, fiscal and monetary policies, scarcity of credit etc. However, given the planned infrastructure investments in FY 2013-2017 will rise to a cumulative US$ 1 Trillion compared to US $ 542 billion in FY 2007- 2012, growth in global EXIM traffic and with increasing outsourcing of the logistics function by companies, we do not expect to be significantly affected by this risk.
OUTLOOK
The economy is likely to expand by more than 7.0% in FY2015 and likely to maintain this pace in FY2016.
The Economic Survey put India’s growth at 7.4% for FY2015 and the new fiscal year is expected to see the highest economic output growth in recent years according to various sources.
The optimism of achieving higher growth rate in the next financial year stems from a range of factors including lower oil prices, monetary policy easing, lower inflationary expectations, forecast of a normal monsoon and fiscal, monetary and regulatory reforms Along with economy, Indian logistics industry is also poised for accelerated growth, led by GDP revival, infrastructure rampup, volume growth in containerization, new terminals at ports leading to incremental growth in volumes, dedicated freight corridor (DFC), impending GST implementation, other initiatives like “Make in India” and new businesses segments like coastal shipping, 3PL, cold chain and e-commerce.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Other loans and
advances |
|
|
|
Bills discounting from banks |
91.000 |
50.000 |
|
|
|
|
|
Total |
91.000 |
50.000 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10593447 |
01/09/2015 |
4,491,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL |
C65391286 |
|
2 |
10544227 |
26/12/2014 |
720,000,000.00 |
BNP Paribas |
East Towers
(Sood Towers), 8th Floor, 25, Bharakhamba Road, New Delhi, Delhi - 110001, INDIA |
C40987356 |
|
3 |
10523696 |
11/09/2014 |
770,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C25480559 |
|
4 |
10522345 |
05/09/2014 |
1,600,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C22888622 |
|
5 |
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 |
|
6 |
10470934 |
29/01/2014 * |
2,275,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Flr, Bombay Dyeing Mills Compound, |
B97252449 |
|
7 |
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, |
C00436394 |
|
8 |
10440699 |
31/07/2013 |
3,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W |
B81171324 |
|
9 |
10435201 |
28/06/2013 |
7,515,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B78908258 |
|
10 |
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 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
|
|
Particulars |
30.06.2015 |
|
1 |
|
Income from Operations |
3002.800 |
|
|
|
Other Operating Income |
43.700 |
|
|
Total Income from
Operations (Net) |
3046.500 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Operating Expenses |
1899.800 |
|
|
b) |
Purchase of stock in trade |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
-- |
|
|
d) |
Employee benefit expenses |
271.900 |
|
|
e) |
Depreciation and amortization expense |
249.300 |
|
|
f) |
Other expenses |
205.000 |
|
|
g) |
Provision for Doubtful debts |
43.100 |
|
|
Total Expenses |
2669.100 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
377.400 |
|
4 |
Other Income |
55.200 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
432.600 |
|
|
6 |
Finance Costs |
69.000 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
363.600 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
363.600 |
|
|
10 |
Tax Expense |
|
|
|
|
Current Tax |
112.200 |
|
|
|
Deferred Tax |
(40.600) |
|
|
|
MAT Entitlement (Current year) |
-- |
|
|
|
(Previous year) |
-- |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
292.000 |
|
|
12 |
Extraordinary Items |
-- |
|
|
13 |
Net Profit /(Loss) for the period |
292.000 |
|
|
14 |
Share of Profit/ (Loss) of Associates |
-- |
|
|
15 |
Minority Interest |
-- |
|
|
16 |
Net Profit after
taxes, minority interest and share of profit/ (Loss) of associates |
292.000 |
|
|
17 |
Paid up equity share capital (Face Value per share Rs.2/- each) |
252.100 |
|
|
18 |
Reserve excluding revaluation reserves as per balance sheet of previous accounting year |
|
|
|
19 |
i |
Earnings per share (before extraordinary items) (Face Value of Rs.2/- each) (not annualized) |
|
|
|
a |
Basic |
2.30 |
|
|
b |
Diluted |
2.30 |
|
|
|
|
|
|
|
ii |
Earnings per share (before extraordinary items) (Face Value of Rs.2/- each) (not annualized) |
|
|
|
a |
Basic |
2.30 |
|
|
b |
Diluted |
2.30 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
37913738 |
|
|
|
- Percentage of Shareholding |
30.08% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
8720124 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
67.89% |
INVESTORS
COMPLAINTS
|
Particulars |
3 Months Ended Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT-WISE REVENUE,
RESULT AND CAPITAL EMPLOYED FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
Sr. No. |
Particular |
Quarter ended |
|
|
|
30.06.2015 |
|
|
|
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
1056.800 |
|
|
b. container Freight Station Operations |
838.300 |
|
|
|
1168.600 |
|
|
|
76.100 |
|
|
Less: Inter
Segment Revenue |
(93.300) |
|
|
Net Sales / Income
from Operations |
3046.500 |
|
2. |
Segment Result |
|
|
|
Profit/(Loss) before tax Interest Exceptional Items |
|
|
|
|
66.700 |
|
|
e. container Freight Station Operations |
262.700 |
|
|
|
190.500 |
|
|
|
2.000 |
|
|
Total |
521.900 |
|
|
Less : i.
Finance Costs |
(69.000) |
|
|
ii. Other Un-allocable expenditure net off un-allocable income |
(144.500) |
|
|
Add: Other Un-allocable Income |
55.200 |
|
|
Profit/(Loss)
before tax and Exceptional Items |
363.600 |
|
3. |
Capital Employed |
|
|
|
|
353.200 |
|
|
e. container Freight Station Operations |
1914.200 |
|
|
|
6711.600 |
|
|
|
363.100 |
|
|
Total capital
employed in Segment |
9342.100 |
|
|
Add :
Un-allocable corporate assets Net of Liabilities |
7307.800 |
|
|
Total Capital
employed in the Company |
16649.900 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Disputed liabilities in Appeal |
|
|
|
Income Tax |
- |
672.900 |
|
Income Tax |
152.000 |
152.000 |
|
Customs |
21.100 |
21.100 |
|
Service Tax |
37.400 |
104.008 |
|
Entry Tax |
6.700 |
7.200 |
|
Stamp duty |
42.200 |
-- |
|
Electricity dues |
3.300 |
3.300 |
|
Corporate Guarantees given by the Company on behalf of its subsidiaries |
2422.300 |
4272.800 |
|
Bank guarantees |
1975.800 |
2848.900 |
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.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--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 |
|
66 |
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.