|
|
|
MIRA INFORM REPORT
|
Report No. : |
504305 |
|
Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ALLCARGO LOGISTICS LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, The Avashya House, CST Road, Kalina, Santacruz (East),
Mumbai - 400098, Maharashtra |
|
Tel. No.: |
91-22-26675830/ 26675800 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
18.08.1993 |
|
|
|
|
Com. Reg. No.: |
11-073508 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 491.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63010MH2004PLC073508 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in providing integrated logistics solutions and offers specialised logistics services across multimodal transport operations, inland container depot, container freight station operations, contract logistics operations and project and engineering solutions [Registered Activity] |
|
|
|
|
No. of Employees
: |
4423 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1993 having good track record. It is engaged in providing logistic services. For the financial year 2017, the company has reported a marginal dip in its revenue as compared to its previous year but has maintained fair profit margin during the year. Rating takes into consideration, the strong financial risk profile because of healthy gearing and debt protection metrics. Rating continue to derive strength from its diversified operations and established position in the global NVOCC and domestic CFS businesses. The company is listed on BSE and NSE. Price quoted at BSE is at INR 152.55 against its face value of INR 2. As per 3rd quarter results of December 2017, the company has achieved revenue of INR 2744 million and has clocked profit margin of approximately 18%. However, these strengths are partially offset by susceptibility to risks inherent in the logistics industry. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealing 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
29.12.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
29.12.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 18.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-26675830/ 26675800]
[91-22-66798100] Number is ringing
LOCATIONS
|
Registered Office : |
6th Floor, The Avashya House, CST Road, Kalina, Santacruz
(East), Mumbai - 400098, Maharashtra, India |
|
Tel. No.: |
91-22-26675830/ 26675800 |
|
Fax No.: |
91-22-6679 8195 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Keki Manchersha Elavia |
|
Designation : |
Director |
|
Address : |
2A Anand Bhavan 36th Road, Bandra (West) Mumbai 400050, Maharashtra, India |
|
Date of Appointment : |
29.09.2006 |
|
DIN No.: |
00003940 |
|
|
|
|
Name : |
Mr. Jayaraman Ramachandran |
|
Designation : |
Director |
|
Address : |
417, Faculty Quarters, Indian Institute Of Management, Bannergh Atta Bangalore-560076, Karnataka, India |
|
Date of Appointment : |
14.04.2013 |
|
DIN No.: |
00004593 |
|
|
|
|
Name : |
Mr. Shashi Kiran Janardhan Shetty |
|
Designation : |
Managing Director |
|
Address : |
7s2, Samshiba Apartments, Nargis Dutt Road, Pali Hill, Bandra (West), Mumbai 400050, Maharashtra, India |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00012754 |
|
|
|
|
Name : |
Mr. Adarsh Sudhakar Hegde |
|
Designation : |
Managing Director |
|
Address : |
302, Greenstar Rizvi Complex Sherley Rajan Road, Bandra (West), Mumbai 400050, Maharashtra, India |
|
Date of Appointment : |
21.08.2006 |
|
DIN No.: |
00035040 |
|
|
|
|
Name : |
Mr. Kaiwan Dossabhoy Kalyaniwalla |
|
Designation : |
Director |
|
Address : |
Phirojshah Building, 3rd Floor, 70 C, Gowalia Tank Road, Mumbai-400036, Maharashtra, India |
|
Date of Appointment : |
10.08.2016 |
|
DIN No.: |
00060776 |
|
|
|
|
Name : |
Mrs. Arathi Shetty |
|
Designation : |
Director |
|
Address : |
7 S2, Shamshiba Apartments, Nargis Dutt Road, Pali Hill, Bandra (West), Mumbai 400050, Maharashtra, India |
|
Date of Appointment : |
18.08.1993 |
|
DIN No.: |
00088374 |
|
|
|
|
Name : |
Mr. Hari Lakshminarayan Mundra |
|
Designation : |
Director |
|
Address : |
A-61, Twin Towers Off Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
30.05.2012 |
|
DIN No.: |
00287029 |
|
|
|
|
Name : |
Mr. Mohinder Pal Bansal |
|
Designation : |
Director |
|
Address : |
1403/B, Casa Grade Tower - 1, Opposite Peninsula Complex, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Date of Appointment : |
18.10.2010 |
|
DIN No.: |
01626343 |
KEY EXECUTIVES
|
Name : |
Mr. Jatin Jayantilal Chokshi |
|
Designation : |
Chief Finance Officer |
|
Address : |
603, Parasrampuria Enclave Haji Bapu Road, Malad (East), Mumbai-400097, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AAAPC4510F |
|
|
|
|
Name : |
Ms. Shruta Jatin Sanghavi |
|
Designation : |
Company Secretary |
|
Address : |
D-504, Gayatri Darshan Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
07.11.2016 |
|
PAN No.: |
AKQPS4757E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
169806945 |
69.11 |
|
|
(B) Public |
75888579 |
30.89 |
|
|
Grand Total |
245695524 |
100.00 |
Statement showing shareholding
pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
162350930 |
66.08 |
|
|
Shashi Kiran
Shetty |
151637193 |
61.72 |
|
|
Arathi Shetty |
7351353 |
2.99 |
|
|
Adarsh Sudhakar
Hegde |
3362384 |
1.37 |
|
|
Any Other
(specify) |
7456015 |
3.03 |
|
|
Shashi Kiran
Shetty (A Trustee of Shloka Shetty Trust) |
7456015 |
3.03 |
|
|
Sub Total A1 |
169806945 |
69.11 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
169806945 |
69.11 |
Statement showing shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
11753897 |
4.78 |
|
|
SBI Magnum
Balanced Fund/SBI Magnum Global Fund |
8934360 |
3.64 |
|
|
Alternate
Investment Funds |
759741 |
0.31 |
|
|
Foreign Portfolio
Investors |
38795640 |
15.79 |
|
|
Acacia Partners,
LP |
5763774 |
2.35 |
|
|
Government Pension
Fund Global |
5367513 |
2.18 |
|
|
Acacia
Institutional Partners, LP |
4035016 |
1.64 |
|
|
HSBC Global
Investment Fund - Asia Ex Japan Equity Smaller Companies |
3212846 |
1.31 |
|
|
Acacia
Conservation Fund LP |
3104200 |
1.26 |
|
|
Acacia Banyan
Partners |
2690010 |
1.09 |
|
|
Financial
Institutions/ Banks |
197554 |
0.08 |
|
|
Sub Total B1 |
51506832 |
20.96 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
636 |
0.00 |
|
|
Sub Total B2 |
636 |
0.00 |
|
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital upto INR 0.200 Million |
14082720 |
5.73 |
|
|
Individual share
capital in excess of INR 0.200 Million |
3049588 |
1.24 |
|
|
Any Other
(specify) |
7248803 |
2.95 |
|
|
Trusts |
23831 |
0.01 |
|
|
HUF |
661775 |
0.27 |
|
|
Foreign
Individuals |
1000 |
0.00 |
|
|
NRI – Non- Repat |
438279 |
0.18 |
|
|
NRI – Repat |
1701017 |
0.69 |
|
|
Clearing Members |
1211561 |
0.49 |
|
|
Bodies Corporate |
3094090 |
1.26 |
|
|
Director or
Director's Relatives |
117250 |
0.05 |
|
|
Sub Total B3 |
24381111 |
9.92 |
|
|
B=B1+B2+B3 |
75888579 |
30.89 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing integrated logistics solutions and offers specialised logistics services across multimodal transport operations, inland container depot, container freight station operations, contract logistics operations and project and engineering solutions [Registered Activity] |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
4423 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited · Citi Bank NA · DBS Bank Limited · HDFC Bank Limited · Honkong and Sanghai Banking Corporation Limited · Kotak Mahindra Bank Limited · Standard Chartered Bank · Yes Bank Limited · RBL Bank Limited · BNP Paribas · ING Belgium NV · KBC Bank · ICICI Bank Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Internal Auditor: |
|
|
Name : |
Mr Mukundan K V Chartered Accountant |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S R Batliboi & Associates LLP Chartered Accountants |
|
|
|
|
Name : |
Shaparia Mehta & Associates LLP Chartered Accountants |
|
|
|
|
Secretarial
Auditors: |
|
|
Name : |
Mehta & Mehta Chartered Accountants |
|
|
|
|
Solicitors And
Legal Advisors: |
|
|
Name : |
Maneksha & Sethna Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related parties
where control exists - Subsidiaries (direct and indirect: |
|
|
Direct subsidiaries |
· Hindustan Cargo Limited · Acex Logistics Limited · Contech Logistics Solutions Private Limited (formerly known as Contech Transport Services Private Limited) · Ecu Line (India) Private Limited · Allcargo Shipping Co.Private Limited · Southern Terminal and Trading Private Limited · AGL Warehousing Private Limited · Transindia Logistic Park Private Limited · Combi Line Indian Agencies Private Limited · Allcargo Logistics LLC ·
Allcargo Belgium N.V |
|
|
|
|
Indirect
subsidiaries : |
· Comptech Solutions Private Limited · Amfin Consulting Private Limited · ECU International (Asia) Private Limited · Ecu-Line Algerie sarl · Ecu Worldwide (Argentina) SA (formerly known as Ecu Logistics SA) · Ecu Worldwide (Belgium) (formerly known as EcuLine N.V). · Ecu-Logistics N.V. · FMA-Line Holding N. V. (formerly known as Ecubro N.V.) · Ecu-Tech bvba (Liquidated on 13 September, 2016) · Ecuhold N.V. · Ecu International N.V. · Ecu Global Services N.V. · HCL Logistics N.V. AGL N.V. · Ecu Worldwide Logistics do Brazil Ltda (formerly known as Ecu Logistics do Brasil Ltda.) · Ecu-Line Bulgaria EOOD (ceased w.e.f. 01 January, 2016) · Ecu Worldwide (Poland) Sp zoo (formerly known as Ecu-Line Polska SP. Z.o.o.) · Ecu-Line Doha W.L.L · Ecu Worldwide Romania SRL (formerly known as Ecu-Line Romania SRL) · Ecu - Worldwide (Singapore) Pte. Ltd (formerly known as Ecu-Line Singapore Pte. Ltd.) · Ecu Worldwide (South Africa) Pty Ltd (formerly known as Ecu-Line South Africa (Pty.) Ltd.) · Ecu-Line Spain S.L · Mediterranean Cargo Center S.L. (MCC) · ECU Worldwide Lanka (Private) Ltd. (foremerly known as Ecu Line Lanka (Pvt) Ltd.) · Société Ecu-Line Tunisie Sarl · Ecu Worldwide Turkey Tasimacilik Limited · Sirketi (formerly known as Ecu Uluslarasi Tas. Ve Ticaret Limited Sti.) · China Consolidated Company Ltd. · Star Express Company Ltd · Ecu Worldwide (UK) Ltd (formerly known as EcuLine UK Ltd) · Ecu Worldwide (Uruguay) SA (formerly known as DEOLIX S.A.) · CLD Compania Logistica de Distribucion SA. · Guldary S.A. · Administradora House Line C.A. · Ecu Worldwide (Mauritius) Ltd.(formerly known as Ecu-Line Mauritius Ltd.) · Asia Line Ltd Consolidadora · Ecu- Line C.A Ecu Shipping Logistics (K) Ltd. · Ecu-Line Middle East LLC · Ecu Worldwide (Malaysia) SDN. BHD. (formerly known as Ecu-Line Malaysia Sdn. Bhd.) · Eurocentre FZCO Ecu-Line Hungary Kft. (liquidated on 08 December, 2016) Ecu Worldwide (Kenya) Ltd (formerly known as EcuLine Kenya Ltd.) · Ecu-Line Abu Dhabi LLC · CCS Shipping Ltd. · Flamingo Line Del Peru SA · Ecu Worldwide (Chile) S.A (formerly known as EcuLine Chile S.A) · Flamingo Line Chile S.A. Ecu Worldwide (Guangzhou) Ltd.(formerly known as Ecu-Line Guangzhou Ltd) · China Consolidation Services Shipping Ltd · Ecu Worldwide (CZ) s.r.o. (formerly known as EcuLine (CZ) s.r.o). · Ecu - Worldwide - (Ecuador) S.A.(formerly known as Ecu-Line del Ecuador S.A.) Flamingo Line del Ecuador SA · Ecu World Wide Egypt Ltd (formerly known as Ecu Line Egypt Ltd.) · Ecu Worldwide (El Salvador) · S.P. Z.o.o S.A. de CV (formerly known as Flamingo Line El Salvador SA de CV) Ecu Worldwide (Germany) GmbH (formerly known as Ecu-Line Germany GmbH) · ELWA Ghana Limited Ecu Worldwide (Guatemala) S.A. (formerly Flamingo Line de Guatemala S.A.) · Ecu Worldwide (Hong Kong) Ltd.(formerly known as Ecu-Line Hong Kong Ltd.) Ecu International Far East Ltd. · Contech Transport Services (Pvt) Limited · PT Ecu Worldwide Indonesia (formerly known as PT EKA Consol Utama Line) Ecu Worldwide Italy S.r.l. (formerly known as EcuLine Italia srl.) · Eurocentre Milan srl. Ecu Worldwide (Cote d’Ivoire) sarl (formerly known as Ecu-Line Côte d’Ivoire Sarl) · Jordan Gulf for Freight Services Agencies Co.LLC · Ecu-Line Malta Ltd. CELM Logistics SA de CV · Ecu Worldwide Mexico (formerly known as Ecu Logistics de Mexico SAde CV) Ecu Worldwide Morocco (formerly known as EcuLine Maroc S.A.) · Ecu Worldwide (Netherlands) B.V.(Ecu-Line Rotterdam BV) · Rotterdam Freight Station BV · Ecu Worldwide (Panama) SA (formerly Ecu-Line de Panama SA) · Ecu-Line Paraguay SA · Ecu Worldwide (Philippines) Inc. (formerly known as Ecu-Line Philippines Inc.) Eculine Worldwide Logistics Co. Ltd. (Incorporated on 28 January, 2016) · Ecu Worldwide (Uganda) Limited (incorporated on 15 December, 2015) · Ecu-Line Zimbabwe (Pvt) Ltd. · Ecu-Line Peru SA · Ecu-Line Saudi Arabia LLC · Ecu Worldwide (Japan) Ltd. (formerly known as Ecu-Line Japan Ltd.) · S.H.E. Maritime Services Ltd. (Merged with ECU Worldwide (UK) Ltd. w.e.f. 01 May, 2015) · Ecu Worldwide Australia Pty Ltd (formerly known as Ecu-Line Australia Pty Ltd.) Ecu Worldwide New Zealand Ltd (formerly known as Ecu-Line NZ Ltd.) · Ecu Worldwide (Thailand) Co. Ltd.(formerly known as Ecu-Line (Thailand) Co. Ltd.) · Ecu Worldwide (Cyprus) Ltd. (formerly known as Ecu-Line Mediterranean Ltd.) Ecu Worldwide China (Shanghai) Ltd (formerly known as China Consolidation Services Ltd.) Ecu-Line Switzerland GmbH · Ecu Worldwide Canada Inc (formerly known as EcuLine Canada Inc) · Cargo Freight Stations, SA · Ocean House Ltd. · Ecu Worldwide (Colombia) S.A.S.(formerly known as Ecu-Line de Colombia S.A.S) · Centro Brasiliero de Armazenagem E Distribuiçao Ltda (Bracenter) · European Customs Broker N.V. · Ecu Worldwide Vietnam Co., Ltd.(formerly known as Ecu-Line Vietnam Co.Ltd) Econocaribe Consolidators, Inc · OTI Cargo Inc · Ports International, Inc. · Econoline Storage Corp · ECI Customs Brokerage, Inc · Integrity Enterprises Pty Ltd PRISM Global, LLC · FCL Marine Agencies B.V. · PRISM Global Ltd. · FMA-LINE France S.A.S. · Ecu Worldwide Costa Rica S.A.(formerly known as Conecli International S.A) FMA-LINE Nigeria Ltd.(incorporated on 27 July, 2015) · FMA Line Agencies Do Brasil Ltda. (incorporated on 11 March, 2016) · FCL Marine Agencies Belgium bvba (subsidiary w.e.f. 07 September, 2016) Oconca Shipping (HK) Ltd. (incorporated on 30 December, 2016) · Oconca Container Line S.A. Ltd. (incorporated on 30 December, 2016) |
|
|
|
|
Associates (direct
and indirect) |
Allcargo Logistics Lanka (Private) Limited |
|
|
|
|
Indirect associates
- |
· Gantoni General Enterprises Ltd. · FCL Marine Agencies Gmbh (Hamburg) · FCL Marine Agencies Gmbh (Bermen) · INEGA N.V. OVCL Vietnam Ltd |
|
|
|
|
Joint ventures
(direct and indirect) Direct joint venture |
· Transnepal Freight Services Private Limited · Avvashya CCI Logistics Private Limited (formerly known CCI Integrated Logistics Private Limited) (w.e.f. 29 June, 2016) · South Asia Terminals Private Limited · Allcargo Logistic Park Private Limited |
|
|
|
|
Indirect joint
venture - |
· Fasder S.A. · Ecu Worldwide Peru S.A.C.(formerly known as Ecu Logistics Peru SAC) |
|
|
|
|
Entities over which
key managerial personnel or their relatives exercise significant influence: |
· Allnet Infotech Private Limited · Meridien Tradeplace Private Limited · Panna Estates LLP · Sealand Crane Private Limited · Talentos (India) Private Limited · Maneksha and Sethna Avashaya Foundation Trust |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
274975000 |
Equity Shares |
INR 2/- each |
INR 549.900 Million |
|
500 |
4% cumulative redeemable preference shares |
INR 100/- each |
INR 0.100 Million |
|
|
|
|
|
|
|
Total |
|
INR 550.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
245695524 |
Equity Shares |
INR 2/- each |
INR 491.400
Million |
|
|
|
|
|
Terms/ rights
attached to equity shares
The Company has only one class of equity shares having par value of INR 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Reconciliation of
number of the equity shares outstanding at the beginning and at the end of the
year:
|
Equity shares |
March 31, 2017 |
|
|
|
Number of shares (units) |
Amount in Million |
|
At the beginning of the year |
252095524 |
504.200 |
|
Add: Bonus shares issued during the year |
-- |
-- |
|
Less: Buyback during the year |
6400000 |
12.800 |
|
Outstanding at the end of the year |
245695524 |
491.400 |
Details of
shareholders holding more than 5% equity shares of the Company
|
Name of Equity Shareholder |
March 31, 2017 |
|
|
|
Number |
% holding in the class |
|
Equity shares of INR 2 each fully paid-up held by : |
|
|
|
- Mr. Shashi Kiran Shetty |
151637193 |
61.72 |
Aggregate number of equity shares issued as bonus, shares issued
for consideration other than cash and buy back of equity shares during the
period of five years immediately preceding the reporting date:
|
Particulars |
31.03.2017 |
|
Equity shares of INR 2 each, fully paid up, alloted as bonus
shares by capitalisation of general reserve and securities premium |
126.048 |
|
Equity shares of INR 2 each, fully paid up, bought back by
utilisation of securities premium |
6.400 |
|
Equity shares of INR 2 each issued under Employee Stock Options
plans for which only exercise price has been recovered in cash |
0.009 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
491.400 |
504.200 |
252.100 |
|
(b) Reserves & Surplus |
12932.700 |
13118.400 |
12550.400 |
|
(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) |
13424.100 |
13622.600 |
12802.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1749.900 |
16.200 |
1940.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
1118.900 |
|
(c)
Other long term liabilities |
43.700 |
30.600 |
20.800 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1793.600 |
46.800 |
3080.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1653.800 |
737.400 |
328.400 |
|
(b)
Trade payables |
1078.800 |
883.200 |
1066.900 |
|
(c)
Other current liabilities |
1242.500 |
2004.900 |
871.200 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
301.100 |
|
Total
Current Liabilities (4) |
3975.100 |
3625.500 |
2567.600 |
|
|
|
|
|
|
TOTAL |
19192.800 |
17294.900 |
18450.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8859.300 |
7993.800 |
8656.100 |
|
(ii)
Intangible Assets |
31.500 |
28.100 |
34.600 |
|
(iii)
Capital work-in-progress |
364.900 |
96.500 |
120.200 |
|
(iv) Intangible assets under development |
1.300 |
5.900 |
0.000 |
|
(b) Non-current
Investments |
4840.900 |
3788.100 |
3768.700 |
|
(c) Deferred tax assets
(net) |
151.400 |
270.100 |
0.000 |
|
(d) Long-term Loan
and Advances |
169.500 |
455.000 |
2606.000 |
|
(e)
Other Non-current assets |
691.900 |
781.300 |
17.200 |
|
Total
Non-Current Assets |
15110.700 |
13418.800 |
15202.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
468.600 |
607.600 |
30.200 |
|
(b)
Inventories |
94.300 |
90.800 |
87.600 |
|
(c)
Trade receivables |
2235.700 |
1854.600 |
1682.600 |
|
(d)
Cash and cash equivalents |
143.800 |
160.200 |
203.400 |
|
(e)
Short-term loans and advances |
52.200 |
375.700 |
673.100 |
|
(f)
Other current assets |
1087.500 |
787.200 |
570.400 |
|
Total
Current Assets |
4082.100 |
3876.100 |
3247.300 |
|
|
|
|
|
|
TOTAL |
19192.800 |
17294.900 |
18450.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
11735.900 |
12056.800 |
11376.500 |
|
|
|
Other Income |
264.200 |
421.800 |
415.600 |
|
|
|
TOTAL |
12000.100 |
12478.600 |
11792.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7437.100 |
7636.900 |
7401.100 |
|
|
|
Employees benefits expense |
952.300 |
1080.000 |
831.900 |
|
|
|
Other expenses |
1017.900 |
1048.200 |
815.700 |
|
|
|
TOTAL |
9407.300 |
9765.100 |
9048.700 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2592.800 |
2713.500 |
2743.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
237.300 |
256.400 |
380.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2355.500 |
2457.100 |
2363.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
983.700 |
1003.100 |
1108.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1371.800 |
1454.000 |
1254.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
308.600 |
243.700 |
279.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1063.200 |
1210.300 |
974.900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from export
operations |
|
|
|
|
|
|
Multi-modal transport operations |
880.200 |
1019.200 |
872.500 |
|
|
|
Project and engineering solutions |
96.100 |
113.000 |
104.700 |
|
|
|
Other income |
|
|
|
|
|
|
Business support charges |
0.900 |
97.300 |
83.500 |
|
|
|
Corporate guarantee Fees |
10.000 |
28.700 |
8.900 |
|
|
|
Dividend income |
0.300 |
134.400 |
74.200 |
|
|
TOTAL EARNINGS |
987.500 |
1392.600 |
1143.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
13.700 |
20.400 |
16.100 |
|
|
|
Capital Goods |
223.500 |
45.400 |
0.000 |
|
|
TOTAL IMPORTS |
237.200 |
65.800 |
16.100 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
4.24 |
4.80 |
3.87 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
229.700 |
1195.700 |
473.100 |
|
|
|
|
|
|
Cash generated from operating activities |
2044.900 |
2317.800 |
2232.500 |
|
|
|
|
|
|
Net cash flows from operating activities |
1792.000 |
1972.000 |
1961.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
69.53 |
56.14 |
53.98 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.25 |
6.50 |
6.76 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
52.95 |
42.21 |
52.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
27.50 |
29.88 |
31.32 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.28 |
0.33 |
0.31 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.31 |
0.28 |
0.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.27 |
0.14 |
0.21 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.30 |
0.27 |
0.20 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.69 |
0.60 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
10.93 |
10.58 |
7.22 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
9.06 |
10.04 |
8.57 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.54 |
7.00 |
5.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.92 |
8.88 |
7.61 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.03 |
1.07 |
1.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
1.00 |
1.04 |
1.23 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.70 |
0.79 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.39 |
3.87 |
10.88 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.03 |
1.07 |
1.26 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 152.55/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
252.100 |
504.200 |
491.400 |
|
Reserves & Surplus |
12550.400 |
13118.400 |
12932.700 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12802.500 |
13622.600 |
13424.100 |
|
|
|
|
|
|
long-term borrowings |
1940.300 |
16.200 |
1749.900 |
|
Short term borrowings |
328.400 |
737.400 |
1653.800 |
|
Current Maturities of Long
term debt |
473.100 |
1195.700 |
229.700 |
|
Total
borrowings |
2741.800 |
1949.300 |
3633.400 |
|
Debt/Equity
ratio |
0.214 |
0.143 |
0.271 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
11376.500 |
12056.800 |
11735.900 |
|
|
|
5.980 |
-2.662 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
11376.500 |
12056.800 |
11735.900 |
|
Profit/ (Loss) |
974.900 |
1210.300 |
1063.200 |
|
|
8.57% |
10.04% |
9.06% |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G56209364 |
100127317 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
14/09/2017 |
- |
- |
700000000.0 |
52/60, MAHATMA GANDHI ROAD,FORTMUMBAIMH400001IN |
|
2 |
G48158844 |
100108931 |
KOTAK MAHINDRA BANK LIMITED |
21/06/2017 |
- |
- |
790000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
3 |
G43935543 |
100097716 |
KOTAK MAHINDRA PRIME LIMITED |
19/04/2017 |
- |
- |
20000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
4 |
G32555559 |
100070229 |
KOTAK MAHINDRA BANK LIMITED |
13/12/2016 |
- |
- |
1000000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
5 |
G21018247 |
100059163 |
HDFC BANK LIMITED |
13/10/2016 |
- |
- |
2700000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL (WEST)MUMBAIMH400013IN |
|
6 |
C77568780 |
10617031 |
RBL BANK LIMITED |
22/01/2016 |
- |
- |
1250000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMH416001IN |
|
7 |
C74264466 |
10609633 |
HDFC BANK LIMITED |
01/12/2015 |
- |
- |
8000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL (WEST)MUMBAIMH400013IN |
|
8 |
C72600083 |
10606759 |
HDFC BANK LIMITED |
01/12/2015 |
- |
- |
152000000.0 |
FORT BRANCH, MANEKJI WADIA BLDG, GROUND FLOOR,NANIK MOTWANI MARG, FORTMUMBAIMH400023IN |
|
9 |
C65391286 |
10593447 |
HDFC BANK LIMITED |
01/09/2015 |
- |
- |
4491000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL (WEST)MUMBAIMH400013IN |
|
10 |
C25480559 |
10523696 |
HDFC BANK LIMITED |
11/09/2014 |
- |
- |
770000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial paper |
1653.800 |
737.400 |
|
|
|
|
|
Total |
1653.800 |
737.400 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Disputed
liabilities |
|
|
|
- Income Tax |
0.000 |
0.000 |
|
- Customs |
21.100 |
21.100 |
|
- Service Tax |
28.100 |
28.300 |
|
- Entry Tax |
10.800 |
6.700 |
|
- Stamp duty |
42.200 |
42.200 |
|
- Electricity dues |
0.000 |
0.000 |
|
- Claims against the Company, not acknowledged as debt |
110.800 |
38.300 |
|
Corporate guarantees given by the Holding Company on
behalf of its subsidiaries |
2383.900 |
3409.900 |
|
Bank guarantees |
645.400 |
658.100 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income
from operations |
|
|
|
|
Revenue from operations |
2744.000 |
2866.200 |
8736.100 |
|
Other Income |
36.400 |
262.400 |
445.300 |
|
Total
Income |
2780.400 |
3128.600 |
9181.400 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Operating Expenses |
1848.600 |
1854.900 |
5765.100 |
|
Employee benefits expense |
250.200 |
230.700 |
753.700 |
|
Finance Costs |
55.700 |
52.700 |
167.600 |
|
Depreciation and
amortisation expense |
250.400 |
250.200 |
760.500 |
|
Other expenditure |
287.600 |
321.400 |
922.300 |
|
Total
Expenses |
2692.500 |
2709.900 |
8369200 |
|
|
|
|
|
|
Profit
before tax (7-8) |
87.900 |
418.700 |
812.200 |
|
Tax
expense |
|
|
|
|
Current Tax |
(3.900) |
103.100 |
178.900 |
|
Deferred Tax |
(3.100) |
(114.000) |
(198.500) |
|
Profit/
(Loss) for the period |
94.900 |
429.600 |
831.800 |
|
Other
comprehensive income |
|
|
|
|
Item that will not be reclassified to profit or loss |
(0.100) |
(0.300) |
(0.400) |
|
Item that will be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
Total
comprehensive income |
94.800 |
429.300 |
831.400 |
|
Paid
- up Equity Share Capital (Face
value of INR 2/- per share) |
491.400 |
491.400 |
491.400 |
|
Earnings Per Share (EPS) |
|
|
|
|
a)
Basic and diluted |
0.39 |
1.75 |
3.38 |
NOTES:
1) The statement of unaudited standalone financial results for the quarter and nine months ended December 31, 2017 has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 13, 2018.The Joint Statutory Auditors have conducted review of these results pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. There are no qualifications in the report issued by the auditors.
2) The standalone and consolidated financial results of the Company are available on the Company's website www.allcargologistics.com.
3) Previous quarter’s / period / year figures have been regrouped/reclassified wherever necessary to conform to the current quarter's presentation.
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Sr. No. |
Particular |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
|
|
1283.600 |
1366.500 |
3910.600 |
|
|
b. container Freight Station Operations |
933.300 |
978.400 |
2974.800 |
|
|
|
627.900 |
608.200 |
2139.900 |
|
|
|
23.900 |
20.300 |
52.300 |
|
|
Less: Inter
Segment Revenue |
(124.700) |
(107.200) |
(341.500) |
|
|
Net Sales / Income
from Operations |
2744.000 |
2866.200 |
8736.100 |
|
2. |
Segment Result |
|
|
|
|
|
|
112.000 |
110.300 |
308.100 |
|
|
e. container Freight Station Operations |
303.500 |
329.600 |
951.800 |
|
|
|
(120.600) |
(45.900) |
(149.300) |
|
|
|
0.000 |
0.000 |
0.000 |
|
|
Total |
294.900 |
394.000 |
1110.600 |
|
|
Less : i.
Finance Costs |
(55.700) |
(52.700) |
(167.600) |
|
|
ii. Un-allocable expenditure |
(187.700) |
(185.000) |
(576.100) |
|
|
Add: Other Income |
36.400 |
262.400 |
445.300 |
|
|
Profit/(Loss)
before tax and Exceptional Items |
87.900 |
418.700 |
812.200 |
|
3. |
Segment Assets |
|
|
|
|
|
|
1467.300 |
1500.800 |
1467.300 |
|
|
e. container Freight Station Operations |
4248.700 |
4282.400 |
4248.700 |
|
|
|
5309.300 |
5548.200 |
5309.300 |
|
|
|
7775.900 |
7206.800 |
7775.900 |
|
|
Total Assets |
18801.200 |
18538.200 |
18801.200 |
|
|
Segment
Liabilities |
|
|
|
|
|
|
837.000 |
327.800 |
837.000 |
|
|
e. container Freight Station Operations |
495.700 |
494.800 |
495.700 |
|
|
|
456.800 |
509.400 |
456.800 |
|
|
|
312.500 |
275.800 |
312.500 |
|
|
Total Liabilities |
2102.000 |
2207.800 |
2102.000 |
COMPANY OVERVIEW
Subject (the
‘Company’) 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, contract logistics operations and
project and engineering solutions.
The Company is a public limited Company incorporated and domiciled in India and has its registered office at 6th Floor, Avashya House, CST Road, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India. The Company is listed on Bombay Stock Exchange and National Stock Exchange of India.
The standalone financial statements were authorised for
issue in accordance with a resolution of the directors on 22 May 2017.
BUSINESS OVERVIEW
Multimodal Transport
Operations (MTO)
· MTO segment of the Company involves Non Vessel Owning Common Carrier (‘NVOCC’) operations related to Less than Container Load (‘LCL’) consolidation and Full Container Load (‘FCL’) forwarding activities in India and across the world through overseas subsidiaries of Ecu Worldwide.
· Allcargo is amongst the leading players in the global LCL consolidation market with a strong network across 160 plus countries and 300 plus offices covering over 4,000 port pairs across the world.
·
The Company has grown successfully with
judicious mix of organic and inorganic growth through merger and acquisition
strategies.
Container Freight
Stations (CFS)/ Inland Container Depots (ICD)
· The CFS/ICD segment operations cater to the handling of import/export cargo, customs clearance and other related ancillary services.
·
The Company operates CFS and ICD facilities at
JNPTNhava Sheva, Chennai, Mundra, Dadri and Kheda.
Project and
Engineering Solutions (P&E)
· Segment operates in the project logistics, equipment leasing and coastal shipping.
·
P&E segment provides integrated end-to-end
project, engineering and logistic services through a diverse fleet of
owned/rented special equipments like hydraulic axles, cranes, trailers, barges,
reach-stackers, forklifts and ships to carry bulk and Over Dimensional/Over
Weight cargos as well as project engineering solutions across various sectors.
Contract Logistics
· Contract logistics is one of the fastest growing subsector of logistics in India and is poised to grow substantially post implementation of the Goods and Service Tax.
· The Company had a presence in this segment since last few years. In FY2016-17, the Company expanded and strengthened its presence in this segment by acquiring major equity stake in Avvashya CCI Logistics Private Limited (‘ACCI’).
· ACCI is one of the predominant player in this segment managing activities for key clients in Chemicals, Auto and Engineering, Pharma, Fashion and Retail sectors.
·
This segment is scalable and growth oriented.
STATE OF THE
COMPANY’S AFFAIRS
Major highlights of state of the Company’s affairs during the year are given as under:
Even though last year was challenging due to factors like volatile market conditions, demonetization, low inflationary pressures and the impact of regulatory changes, the Company was able to maintain growth attributable to some of the robust measures undertaken at all levels. The measures include value based commercial deals, aggressive marketing strategy, disciplined project executions, innovation and digitalization, cost optimization, prudent financial and human resources management.
Details of organic and inorganic growth strategy of the
Company during the year are given below:
The Company along with Hindustan Cargo Limited, (‘HCL’, a wholly owned subsidiary of the Company) had transferred their contract logistics business and freight forwarding business to ACCI as a going concern on a slump sale basis for a consideration other than cash in the form of equity stake of 6.63% and 10.57%, respectively, in ACCI pursuant to the Business Transfer Agreement dated June 17, 2016 executed amongst them. The Company had also acquired 43.93% equity shares in ACCI for a cash consideration of ` 13,000 lakhs. Post this transaction, the Company and HCL collectively own 61.13% in ACCI w.e.f. June 29, 2016
The Company has completed acquisition of CFS business undertaking of Transindia Logistic Park Private Limited (‘TLPPL’, a wholly owned subsidiary of the Company) situated at JNPT Nhava Sheva, Uran, Raigad, as a going concern on a slump sale basis for a total consideration of INR 8,05.000 million effective from January 1, 2017. This acquisition enabled the Company to operate under single brand umbrella at JNPT, which benefits the Company to operate at cost effectiveness and also ensures optimum utilization of resources.
The Kolkata Port Trust allotted the land to the Company for constructing and operating CFS. The Company has started the construction of CFS and once it becomes operational, the Company will have presence at eastern coast of India. This CFS is expected to be operational in FY2017-18.
The Company is also pursuing project to set up the Logistic Park at Jhajjar, Haryana and is in the process of completing all regulatory requirements for this project.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The global GDP growth is projected to increase, rising from
just under 3% in 2016 (slowest pace since 2009) to 3.3% in 2017
and around 3.5% in 2018. While the modest pick-up is welcome, it would still
leave global GDP growth below the historical average of around 4% in the two
decades. The growth in the volume of world merchandise trade is expected to
rebound this year from its tepid performance in 2016.
A moderate recovery is expected in 2017, with global growth forecast to increase to 3.3%, mainly driven by improvements in emerging market and developing economies. With the expected increase in commodity prices, the divergence in growth performance between commodity exporters and importers is on track to narrow in 2017. However the projections are subject to substantial downside risks, including a much sharper slowdown in major emerging as well as developing economies or financial market turmoil’s.
The Indian economy is expected to expand by between 6.75% and 7.5% in 2017-18, a government survey said, signaling that growth could recover sooner than expected after the scrapping of high-value banknotes to fight “black money”. The cash ban, however, will slow down growth for 2016/17 to below 7%, said the Economic Survey, which is an annual government report on the economy that also sets the tone for the general budget and floats new policy ideas. The survey also said that “demonetization” would bring long-term benefits to the economy. It also said structural reforms and Goods and Service Tax (GST) could boost growth rate to 8-10%. Given the ambition of Make in India initiative to make India a more of a global powerhouse, when it comes to exports and reduce dependence on imports, more goods will be produced in the country than ever before. The logistics sector will have to keep up with the pace of growth for the Make in India initiative and GST to succeed. Given that Indian economy is consumption driven, demand for organized logistics is increasing.
The GST will create a common Indian market, improve tax compliance and governance, and boost investment and growth; it is also a bold new experiment in the governance of India’s cooperative federalism. With the effect of GST, instead of maintaining smaller warehouses in each and every state, the Logistics companies will be setting up lesser and bigger warehouses, and can follow hub and spoke model for freight movement from warehouses to manufacturing plants, distributors and retailers. Hence, there is a bigger opportunity for integrated logistics service provider who can manage these bigger routes and deliver accurately and efficiently.
The contract logistics firms are evolving from traditional service delivery systems to highly integrated and technically equipped service providers striving to meet the service demands. GST provides them the ample opportunity to invest and expand the contract logistics base in India. The GST will strengthen the logistics companies in organised sector as opposed to the unorganised sector. Structural changes in logistics industry effected by GST will lead to commercial and economic efficiency. In India, the concept of the contract logistics is still at a nascent stage. It looks to be developing in the recent years with analysts forecasting growth at a CAGR of 21.16% over the period of 2013-2018. Inevitably, the sector will move in a direction where there will be a greater role to play for contract logistics.
The Cargo and Logistics Industry in India can expect to grow at CAGR of 16% in the coming years with inflow of new investments that in turn will create new opportunities for the logistics sector. The ‘Make in India’ campaign will see investments connect India to global production networks and would generate significant new business for logistics in India. This will make India an attractive location to do business as compared to others in the region.
ABOUT ALLCARGO
Allcargo Logistics Ltd., part of The Avvashya Group, is the leading integrated logistics solutions provider in India. The company offers specialized logistics services across Multimodal Transport Operations, Container Freight Station Operations, Coastal Shipping services with 3 owned and operated ships and Project & Engineering Solutions. Benchmarked quality standards, standardized processes and operation excellence across all the services and facilities, have enabled Allcargo Logistics Ltd. to emerge as the market leader in all these segments
Allcargo owns leading multinational companies in the
logistics space globally such as ECU WORLDWIDE, which world’s largest LCL
service provider is operating from Belgium. ECU Worldwide currently operates
with a comprehensive global network of 300+ offices in 160+ countries Allcargo
Logistics Limited is today one of India’s largest publicly owned integrated
logistics companies, listed on BSE Limited and National Stock Exchange of India
Limited and a constituent of the BSE Mid Cap and CNX Nifty 500 indices . (BSE
& NSE: ALLCARGO)
OUTLOOK
The Indian economy triggers are mostly normal monsoon, lower
oil prices, improved exports, GST and manufacturing, and supportive policy
environment. The Indian logistics and Cargo market is expected to grow at a
CAGR over 16%, driven by the Make in India, GST and growth in e-commerce
sectors and FMCG. This provides for accelerated growth, with improvement in
GDP, developments in infrastructure, increase in containerization, new
terminals, dedicated freight corridor (DFC), Inland Waterways & coastal
shipping
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Building
· Leasehold Improvements
· Plant and Machinery
· Heavy equipments
· Vehicles
· Office Equipment
· Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.61 |
|
UK Pound |
1 |
INR 94.21 |
|
Euro |
1 |
INR 81.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
SHW |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.