MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

485280

Report Date :

12.01.2018

 

IDENTIFICATION DETAILS

 

Name :

MAHESHWARI LOGISTICS LIMITED [w.e.f. 05.12.2016]

 

 

Formerly Known As :

MAHESHWARI LOGISTICS PRIVATE LIMITED

 

 

Registered Office :

MLL House, Shed No. A2-3/2, Opposite UPL, 1st Phase, GIDC, Vapi, Valsad -396195, Gujarat

Tel. No.:

91-260-2431024

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

12.10.2006

 

 

Com. Reg. No.:

04-049224

 

 

Capital Investment / Paid-up Capital :

INR 147.986 Million

 

 

CIN No.:

[Company Identification No.]

L60232GJ2006PLC049224

 

 

IEC No.:

Not Available

 

 

TIN No.:

Not Available

 

 

GSTIN/UIN :

24AAECM8332N1Z6

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECM8332N

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The company engaged in the different business lines that are representing the company as follows.

 

Coal Division: The coal division of the company deals with the trading of coal/lignite/pet-coke (including the import of coal and sale in the domestic market).

 

Paper division: The company deals in the manufacturing of the kraft paper which is used in manufacturing of corrugated box.

 

Logistics Division: The logistics division of the company deals, in providing the logistic services.

[Registered Activity]

 

 

No. of Employees :

266 (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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 2632000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2006 as a ‘Private Limited Company’ but later in December 2016 it got converted into ‘Limited Company’ and it is engaged in coal trading, coal sintering and providing logistic services.

 

As per financials of March 2017, the company has registered a growth of 22.84% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 1.32% under review.

 

Rating takes into consideration the company’s satisfactory track record of business operations marked by healthy net worth base along with comfortable debt coverage indicators and good liquidity position.

 

Rating also takes into account the extensive promoters spanning over two decades in the trading and logistics business and reputed clientele base of the company.

 

Share are quoted high on Stock Exchange. (Share are traded at a price of INR 186.60 against its face value of INR 10 on NSE).

 

Payments are reported to be regular.

 

In view of aforesaid, the company can be considered 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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

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

 

 

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 12.01.2018.

 

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.

 

LOCATIONS

 

Registered Office :

MLL House, Shed No. A2-3/2, Opposite UPL, 1st Phase, GIDC, Vapi, Valsad -396195, Gujarat, India

Tel. No.:

91-260-2431024

Fax No.:

91-260-2427024

E-Mail :

info@mlpl.biz

Website :

www.mlpl.biz

 

 

Manufacturing Unit :

Paper Division:

1525, 1538, 1555 and 1556, G.I.D.C., Vapi-Koparli Road, Village –Ambheti, Taluka Kaparada, District Valsad – 396 195, Gujarat, India

 

 

Coal Screening Unit :

Coal Division:

Shed No. A, 2/14, GIDC, Phase-1, Vapi-396195, Gujarat, India

 

 

Branch Office 1 :

Gandhidham Office :

Shop No.7, 1st Floor, Block No.6, Ambika Transport Nagar, NH 8A, Gandhidham, Kutch, Gujarat, India

 

 

Branch Office 2 :

Jamnagar Office :

(Transport Parking Work Shop) Plot No.34-35-42, M11 House, Opposite Nagarjun Petrol Pump, Moti Khawdi, District Jamnagar-361140, Gujarat, India

 

 

Branch Office 3 :

Surat (I) :

302, 3rd Floor, Laxuria Business Hub., Piplod Dumas Road Near, V. R Moal Surat, Gujarat, India

 

 

Branch Office 4 :

Surat (II) :

Block No.1931, Plot No.-A-18, Near Naroli Three Road Toll Naka, Tadkeshwar, Mandavi, Surat, Gujarat, India

 

 

Branch Office 5 :

Ahmedabad Office :

405, Ratnaraj Spring, Opposite HDFC Bank, Rasala Marg, Navrangpura, Ahmedabad-380009, Gujarat, India

 

 

Branch Office 6 :

Rajasthan Office :

Atel Nagar, Old Housing Board, Near Ankita Construction, H.No.1/130, J. K. Choraha, Nimbahera-380009, Gujarat, India

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Varun Krishnavtar Kabra

Designation :

Managing Director

Address :

T 4 A, Shantinagar Society, Usmanpura, Ahmedabad – 380013, Gujarat, India

Date of Appointment :

01.09.2009

DIN No.:

02760600

 

 

Name :

Mr. Vipul Rameshbhai Vashi

Designation :

Director

Address :

2nd Floor, Pushpam, Gayatri Mandir Road, Near Pepilon Hotel, Vapi – 396195, Gujarat, India

Date of Birth/Age :

15.03.1970

Qualification:

Graduate (Mechanical Engineer)

Date of Appointment :

01.12.2016

DIN No.:

06930448

 

 

Name :

Mr. Ruchir Anirudh Jani

Designation :

Director

Address :

B-6, Vraj Co Operating Housing Society, Resi, Plot No. 45,46,47, GIDC, Vapi, Tal Pardi, Valsad – 396195, Gujarat, India

Date of Birth/Age :

11.06.1973

Qualification:

Civil Engineer

Date of Appointment :

08.12.2016

DIN No.:

07673659

 

 

Name :

Mr. Rajendra Tejkaran Maniyar

Designation :

Director

Address :

501, Royal Twins, Part-1, Daman Road, Chala Vapi – 396191, Gujarat, India

Date of Birth/Age :

16.08.1961

Qualification:

Higher Secondary

Date of Appointment :

08.12.2016

DIN No.:

07673763

 

Name :

Mrs. Mayadevi Krishnaawtar Kabra

Designation :

Director

Address :

T 4 A, Shantinagar Society, Usmanpura, Ahmedabad – 380013, Gujarat, India

Date of Appointment :

15.07.2008

DIN No.:

02226124

 

Name :

Mr. Amit Kailashnarayan Maheshwari

Designation :

Whole Time Director

Address :

202, Balaji Tower, Daman Road, Chala Vapi, District Valsad,  Vapi – 396191, Gujarat, India

Date of Appointment :

27.11.2007

DIN No.:

01680183

 

Name :

Mr. Vinay Premnarayan Maheshwari

Designation :

Whole Time Director

Address :

A-5, Vraj Bunglow, Plot No. H1-45/46/47, Chharwada Road, GIDC Vapi, Pardi I.E. Pardi Valsad, Vapi – 396195, Gujarat, India

Date of Birth/Age :

18.12.1978

Qualification:

Bachelor Of Commerce From Shri Shahu Ji Maharaj University, Kanpur

Date of Appointment :

12.10.2006

DIN No.:

01680099

 

Name :

Mr. Giriraj Baluram Laddha

Designation :

Director

Address :

Row House -21,Chanderlok Society B/H Balaji Tower, Chala Vapi – 396191, Gujarat, India 

Date of Birth/Age :

12.08.1967

Qualification:

Chartered Accountant

Date of Appointment :

01.12.2016

DIN No.:

00412835

 

Name :

Mrs. Mukta Maheshwari

Designation :

Director

Address :

103, Mahavir Bunglow, Mahavir Nagar, Vapi Valsad – 396191, Gujarat, India

Date of Appointment :

18.05.2012

DIN No.:

00194635

 

 

KEY EXECUTIVES

 

Name :

Mr. Neerajkumar Premnarayan Maheshwari

Designation :

Chief Executive Officer

Address :

103, Mahavir Bunglow, Mahavir Nagar, Vapi – 396191, Gujarat, India

Date of Birth/Age :

44 Years

Date of Appointment :

01.12.2016

PAN No.:

ABXPM7234N

 

 

Name :

Mr. Pradeep Kumar Dad

Designation :

Chief Financial Officer

Address :

Plot No. A2, Maheshwari Appartment, Opposite UPL, 1st Phase, Vapi – 396195, Gujarat, India

Date of Birth/Age :

29 Years

Date of Appointment :

01.12.2016

PAN No.:

BAUPD7639D

 

 

Name :

Mrs. Tanu Pareek

Designation :

Company Secretary

Address :

5-Mahesh Sadan Near, Pital Factory, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

27 Years

Date of Appointment :

07.03.2017

PAN No.:

AUBPP1766H

 

 

BOARDS’ COMMITTEE :

 

 

Audit Committee :
  • Mr. Giriraj Baluram Laddha (Chairman)
  • Mr. Rajendra Tejkaran Maniyar (Member)
  • Mrs. Mukta Maheshwari (Member)

 

 

Nomination and Remuneration Committee
  • Mr. Ruchir Anirudh Jani (Chairman)
  • Mr. Giriraj Baluram Laddha (Member)
  • Mrs. Mukta Maheshwari (Member)

 

 

Shareholder’s Relationship Committee :
  • Mr. Giriraj Baluram Laddha (Chairman)
  • Mr. Ruchir Anirudh Jani (Member)
  • Mrs. Mukta Maheshwari (Member)

 

 

Corporate Social Responsibility :
  • Mr. Rajendra Tejkaran Maniyar (Chairman)
  • Mr. Giriraj Baluram Laddha (Member)
  • Mrs. Mukta Maheshwari (Member)

 

 

SHAREHOLDING PATTERN

 

AS ON 30.09.2017

 

Category of Shareholder

No. of Shares

Percentage of Holding

Promoter and promoter Group

8611400

58.19

Public

6187200

41.81

Total

14798600

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The company engaged in the different business lines that are representing the company as follows.

 

Coal Division: The coal division of the company deals with the trading of coal/lignite/pet-coke (including the import of coal and sale in the domestic market).

 

Paper division: The company deals in the manufacturing of the kraft paper which is used in manufacturing of corrugated box.

 

Logistics Division: The logistics division of the company deals, in providing the logistic services.

[Registered Activity]

 

 

Products / Services :

NIC Code

Name and Description of main products / services

4661

Coal Sales

4923

Lorry Revenue

1701

Kraft paper

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

Customers :

·         ACC

·         Ultratech Cement

·         Ambuja Cement

·         Gayatrishakti Paper and Board Limited

·         Shree Cement Limited

·         N.R. Agarwal Industries Limited

·         Nirma

·         Essar

 

 

No. of Employees :

266 (Approximately)

 

 

Bankers :

Banker Name :

HDFC Bank Limited

Branch :

Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

  • ICICI Bank Limited
  • State Bank of India, Mid Corporate Branch, A-201 & 301, ICC Building, Opposite Civil Hospital, Majura Gate, Ring Road, Surat – 395002, Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

From Bank

 

 

HDFC - Duster Loan

0.000

0.045

HDFC - Scorpio Loan

0.000

0.049

HDFC - Bank A/c 5 Trucks

7.620

0.000

HDFC - Bank A/c 10 Trucks

19.617

0.000

HDFC - Bank A/c 5 Trucks (April 16)

8.214

11.299

HDFC - Bank A/c Indica Nim (June 2016)

0.155

0.000

HDFC - Bank A/c Indica Gandhidham (June 2016)

0.155

0.000

HDFC - Bank A/c Innova (July 2016)

0.779

0.000

HDFC - Bank A/c Scorpio (July 2016

0.548

0.000

HDFC - Bank A/c S-cross (June 2016)

0.377

0.000

HDFC - Bank A/c Forklift (July 2016)

0.765

0.000

HDFC - Bank A/c Forklift (Sept 2016)

0.309

0.000

HDFC - Bank A/c Forklift (Dec 2016)

0.432

0.000

ICICI Bank Limited - Truck Loan (2 Trucks)

2.115

3.773

ICICI Bank Limited - Truck Loan (3 Trucks)

3.782

6.256

ICICI Bank Limited - Ritz Car Loan

0.000

0.052

ICICI Bank Limited - I10

0.179

0.305

ICICI Bank Limited - Honda City Car Loan

0.000

0.032

ICICI Bank Limited - Maruti Ciaz Car Loan

0.000

0.179

S.B. P.P. Co. Op. Bank - Creta Loan

0.000

1.102

(Secured by way of hypothecation of respective asset)

 

 

From Other

 

 

Hero Fincorp Limited

47.722

0.000

Kotak Mahindra Prime Limited

(Secured by way of hypothecation of respective asset)

1.594

0.000

 

 

 

SHORT TERM BORROWINGS

 

 

From Bank

 

 

State Bank of India – SLC

30.000

30.000

State Bank of India – CC

(This credit Facility is secured by way of 1st Pari Passu charge by way of hypothecation over Stock, receivables and other chargeable current assets (present and future) of the company with other consortium

lender and immovable properties by way of 1st pari passu charge with the consortium lender, of the company and that of Directors and their relatives (as collateral security by way of equitable mortgage) and by the guarantees of director and their relatives)

456.503

317.447

ICICI Bank Limited – CC

(This credit Facility is secured by way pf hypothecation of company's entire stocks, book debts & receivables (present and future) , ranking pari passu with other participating bank of consortium and first charge, ranking pari passu with other participating banks by way of equitable mortgage of immovable properties of the

company and that of Directors and their relatives (as collateral security by way of equitable mortgage) and by the guarantees of director and their relatives)

17.426

17.700

Total

598.292

388.239

 

 

STATUTORY AUDITORS:

 

Name :

Kakaria and Associates

Chartered Accountants

Address:

Kakaria’ Excellenza, Royal Fortune Complex, Daman Road, Chala, Vapi-396191, Gujarat, India

Tel. No.:

91-260-3981000

E-Mail:

ho@kakariaassociates.com

Website :

www.kakariaassociates.com

Membership No.:

35416

 

 

INTERNAL AUDITORS:

 

Name :

Shaliendra Jain and Associates

Chartered Accountants

 

 

SECRETARIAL AUDITOR:

 

Name :

Ms. Manisha Choudhary

Chartered Accountant

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprise owned by key management personnel or relatives of key management personnel :
  • Maheshwari Brothers
  • Mahesh Roadways
  • Maheshwari Developers
  • Star Developers
  • Maheshwari Infotech LLP

 

 

Enterprises in which key management personnel are common :
  • Maheshwari Infotech LLP
  • Disha Paper Venture Private Limited
  • Maya Texturisers Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

16000000

Equity Shares

INR 10/- each

INR 16.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

14798600

Equity Shares

INR 10/- each

INR 147.986 Million

 

 

 

 

 

Rights and restriction attached to Shares:

 

Equity Shares

The Company has one class of equity shares having a par value of INR 10/- each. Each shareholder is eligible for one vote per share held

 

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

 

Equity Shares

Number of Shares

Amount

Shares outstanding at the beginning of the year

(Out of which 3520000 equity shares of INR 10 each issued in F.Y.2011-12 as fully paid -up bonus shares)

5401300

5.401

Shares Issued during the year by way of Bonus Shares

5401300

5.401

Shares Issued during the year by way of IPO

3996000

3.996

Shares outstanding at the end of the year

14798600

147.986

 

Details of shares held by each shareholder holding more than 5% shares:

 

Name of Shareholder

Number of Shares

% holding

EQUITY SHARES

 

 

Mukta N. Maheshwari

2800000

18.92

Varun Kabra

1100000

7.43

Vinay P Maheshwari

1235000

8.35

Maya Texurisers Private Limited

1000000

6.76

Maheshwari Infotech - LLP

1016000

6.87

Amit K.Maheshwari

960000

6.49

Mayadevi K Kabra

--

--

 

None of the shares were bought back by the company during the last five years:

 

During the financial year 2016-17, the Company had increased it Authorised Share Capital from INR 100.000 million to INR 160.000 million after taking necessary approval from the shareholders in the EGM held on 25/10/2016. The Company, after getting necessary approval from the shareholders in the EGM held on 01/12/2016 had issued 3996000 Equity Shares of INR 10/- each at an issue price of INR 68/- each (including Premium of INR 58/- per share) by way of Initial Public Offering. The IPO was made with the object of meeting the Working Capital Requirement and General Corporate Purpose requirement of the Company and the proceeds from the IPO was fully utlised for the purpose as stated in the prospectus.

 

 

FINANCIAL DATA

[all figures are 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

147.986

54.013

52.080

(b) Reserves & Surplus

773.225

535.072

442.609

(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)

921.211

589.085

494.689

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

158.253

141.015

36.750

(b) Deferred tax liabilities (Net)

7.005

0.000

0.000

(c) Other long term liabilities

82.500

80.055

60.515

(d) long-term provisions

1.669

0.000

(0.066)

Total Non-current Liabilities (3)

249.427

221.070

97.199

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

503.929

365.147

249.986

(b) Trade payables

1576.262

928.524

750.806

(c) Other current liabilities

103.897

29.830

66.715

(d) Short-term provisions

64.967

43.606

14.581

Total Current Liabilities (4)

2249.055

1367.107

1082.088

 

 

 

 

TOTAL

3419.693

2177.262

1673.976

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

322.484

165.099

116.993

(ii) Intangible Assets

5.882

6.173

0.309

(iii) Capital work-in-progress

4.590

18.767

0.735

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

1.766

2.364

(d)  Long-term Loan and Advances

9.669

3.046

1.174

(e) Other Non-current assets

129.964

103.129

41.829

Total Non-Current Assets

472.589

297.980

163.404

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

348.899

134.424

54.762

(c) Trade receivables

2205.765

1379.923

1316.771

(d) Cash and cash equivalents

64.572

141.653

89.337

(e) Short-term loans and advances

313.613

203.808

34.234

(f) Other current assets

14.255

19.474

15.468

Total Current Assets

2947.104

1879.282

1510.572

 

 

 

 

TOTAL

3419.693

2177.262

1673.976

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

7380.054

6008.035

5332.222

 

Other Income

18.824

46.698

17.031

 

TOTAL

7398.878

6054.733

5349.253

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

986.380

441.199

0.000

 

Purchases of Stock-in-Trade

3543.037

3018.579

3213.752

 

Operational Expenses relating to Provision of Services

2512.794

2123.628

1647.346

 

Changes in inventories of finished goods work-in-progress and Stock-in-Trade

(156.285)

(1.248)

73.427

 

Employees benefits expense

95.759

73.579

61.418

 

Exceptional and Extraordinary items

0.000

45.480

0.000

 

Other expenses

117.582

117.535

160.938

 

TOTAL

7099.267

5818.752

5156.881

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION

299.611

235.981

192.372

 

 

 

 

 

Less

FINANCIAL EXPENSES

93.568

107.078

72.377

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION

206.043

128.903

119.995

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

48.863

23.947

25.123

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

157.180

104.956

94.872

 

 

 

 

 

Less

TAX

59.981

31.824

30.255

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

97.199

73.132

64.617

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

282.292

209.160

144.707

 

 

 

 

 

Add

Fixed Assets Adjustment

0.000

0.000

(0.164)

 

 

 

 

 

 

Balance Carried to the B/S

379.491

282.292

209.160

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

Basic

12.06

14.04

13.27

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

74.918

28.665

55.113

Cash generated from operations

(199.294)

20.627

124.805

Net cash flow from/(used in) operating activities

(291.718)

(33.456)

93.743

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

109.09

83.83

90.14

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

3.35

4.35

4.05

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

127.02

97.96

85.27

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.86

1.76

3.51

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.90

1.24

1.63

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.73

0.71

0.70

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.80

0.91

0.69

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.44

2.32

2.19

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.36

0.32

0.24

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

3.20

2.20

2.66

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to Sales

((PAT / Sales) * 100)

%

1.32

1.22

1.21

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

2.84

3.36

3.86

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.55

12.41

13.06

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.31

1.37

1.40

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.16

1.28

1.35

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.27

0.27

0.30

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

4.98

9.90

6.56

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.31

1.37

1.40

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 186.60/- (NSE)

 

 

FINANCIAL ANALYSIS

[all figures are 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

52.080

54.013

147.986

Reserves & Surplus

442.609

535.072

773.225

Net worth

494.689

589.085

921.211

 

 

 

 

Long-Term Borrowings

36.750

141.015

158.253

Short Term Borrowings

249.986

365.147

503.929

Current Maturities of Long term debt

55.113

28.665

74.918

Total borrowings

341.849

534.827

737.100

Debt/Equity ratio

0.691

0.908

0.800

 

 

 

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

5332.222

6008.035

7380.054

 

 

12.674

22.836

 

 

 

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

5332.222

6008.035

7380.054

Profit

64.617

73.132

97.199

 

1.21%

1.22%

1.32%

 

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

Yes

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

Yes

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

Litigations that the firm/promoter involved in

--

32

Market information

--

33

Payments terms

No

34

Negative Reporting by Auditors in the Annual Report

No

 

NOTE: The Registered office of the company has been shifted from 239, Pancharanta Complex, GIDC, Vapi-396195, Gujarat, India to the present address w.e.f. 01.11.2016.

 

BUSINESS OPERATIONS

 

Currently in India, the economy and marketplace is undergoing rapid changes and transformation. The volatility in the macro economy during the FY 2016- 17 continued to cast its shadow and most of the markets where the Company operates, were impacted. In present environment the Companies are operating in a marketplace where the survival of the fittest is the law. Under such market conditions, the Company recorded an exemplary financial performance. The major factors contributing for such performance and growth across all the geographies and industry verticals was the Company’s customer centric approach and its ability to innovate customer specific products, focus on pricing, disciplined execution of complex projects and the rigor in strong internal processes.

 

This coupled with favorable foreign exchange rate provided better profit margin. The business operations of the Company during the year was satisfactory, the Company has achieved remarkable growth in the kraft paper division which was  newly set-up in the year July - 2015 with the installed capacity of 54,000 to 72,000 meters P.A. and for saving of power, Company is planning to install captive power plant. In Logistics unit the Board of Directors are hoping positive market conditions, company is giving efforts to capture the new areas to provide transportation services, like approaching some areas of Madhya Pradesh and Maharashtra. In Coal unit the Board of Directors are planning to improve the geographical presence by emerging in new markets of the countries like South Africa, Australia and planning to increase the sale of coal in the domestic market.

 

FINANCIAL PERFORMANCE

 

The performance of the company is note-worthy. The Net profit of the company after Taxation has increased to INR 97.199 Million as compared to INR 73.132 Million in the previous year. While the turnover of the company has increased to INR 7380.054 Million as compared to INR 6008.035 Million in the previous year.

 

Management of the company striving hard by making more sincere efforts for the better growth and prospects of the company in the future and to yield better returns for the members of the company.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

BUSINESS OVERVIEW

Maheshwari Logistics Limited is a publicly held Company engaged in the different business lines that are representing the company as follows:

 

Coal Division:

The coal division of the company deals with the trading of Coal/ Lignite/pet-coke (including the import of coal and sale in the domestic market).

 

Paper division:

The Company deals in the manufacturing of the kraft paper which is used in manufacturing of corrugated box. The installed capacity is from 54000 to 72000 mt p.a.

 

Logistics Division:

The Logistics division of the company deals, in providing the logistics services covering areas of the service are Rajasthan, Gujarat, Maharastra and some part of Madhya Pradesh. The main clients of the company are cement, paper, fertilizers, textile and tile industry. The company have own fleet of trucks and network of the third party transportation gives us an access of more than 5000 trucks.

 

UNSECURED LOANS:

 

PARTICULARS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

FROM DIRECTORS, RELATIVES AND SHAREHOLDERS

 

 

a) From Directors

 

 

Vinay Maheshwari

32.000

0.000

b) From Shareholders and Relatives of Directors (Obtained before 05/12/2016)

 

 

Neeraj Kumar P. Maheshwari (Proprietor of Maheshwari Brothers)

23.678

94.074

Gopal Lal Kabra

0.000

3.000

Ramadevi Kabra

0.000

3.000

Shital Kabra

0.000

2.500

 FROM OTHERS

 

 

Capital First Limited

0.853

3.128

Dewan Housing Finance Corporation Limited

0.213

0.000

Edelweiss retail Finance Limited

0.300

0.000

HDFC Bank Limited

1.854

1.668

Fullerton India Credit Limited

0.560

1.827

Kotak Mahindra Bank

1.856

2.082

ICICI Bank Limited

0.000

1.249

Magma Fincorp Limited

0.273

3.142

Religare Finvest Limited

0.000

0.484

RBL Bank

0.079

1.576

TATA Capital Financial Services Limited

0.372

0.193

Zen Lifen Private  Limited

1.852

0.000

Total

63.890

117.923

 

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR HALF THE YEAR ENDED SEPTEMBER, 2017

 

(INR in Million)

Particulars

 

 

6 Months Ended

 

 

 

30.09.2017

 

 

 

[Unaudited]

INCOME FROM OPERATIONS

 

 

 

Net Sales

 

 

4170.752

Other Operating Income

 

 

4.569

Total Income from Operations

 

 

4175.321

 

 

 

 

EXPENSES

 

 

 

Cost of materials consumed

 

 

741.821

Purchase of Stock in Trade

 

 

2072.806

Operating Expenses relating to the Provision of

 

 

1048.325

Changes in inventories of finished goods and work-in-progress

 

 

13.947

Employee benefits expense

 

 

56.819

Depreciation and Amortization expenses

 

 

34.236

Other Expenditure

 

 

72.835

Total Expenses

 

 

4040.789

Profit / (Loss) from operations before other income, finance costs and exceptional items

 

 

134.532

Other income

 

 

9.428

Profit / (Loss) from ordinary activities before finance costs,  Exceptional items

 

 

143.960

Finance costs

 

 

65.649

Profit / (Loss) from ordinary activities before Exceptional items

 

 

78.312

Exceptional items

 

 

--

Profit / (Loss) before Tax

 

 

78.312

Tax Expense

 

 

27.102

Profit / (Loss) after Tax

 

 

51.210

Paid-up Equity Share Capital (Face value INR 10/- per share)

 

 

147.986

Reserves (excluding Revaluation Reserve)

 

 

773.225

 

 

 

 

Earnings per Share (EPS) – INR 10 each

 

 

 

Basic

 

 

3.46

Diluted

 

 

3.46

 

 

 

SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES AND CAPITAL EMPLOYED

 

(INR in Million)

Particulars

 

 

6 Months Ended

 

 

 

30.09.2017

 

 

 

[Unaudited]

1. Segment Revenue

 

 

 

a) Trading in Coal and Papers and Others

 

 

3127.031

b) transportation and Port Services

 

 

1229.151

c) Manufacturing Craft Paper

 

 

705.279

Total segment revenue

 

 

5061.461

Less: Inter – segment revenue

 

 

890.709

Total income from operations (net sales)

 

 

4170.752

 

 

 

 

2. Segment Results

 

 

 

Profit/ (loss) before tax and interest

 

 

 

a) Trading in Coal and Papers and Others

 

 

67.485

b) transportation and Port Services

 

 

23.577

c) Manufacturing Craft Paper

 

 

45.856

d) unallocated (Expenses)/ Income (net)

 

 

(16.829)

Total segment results

 

 

120.089

(Add)/Less: Finance Costs

 

 

(44.680)

Other un-allocable expenditure net off un-allocable other operating income

 

 

2.903

Total Profit Before Tax

 

 

78.312

 

 

 

 

Segment Assets

 

 

 

a) Trading in Coal and Papers and Others

 

 

1535.222

b) transportation and Port Services

 

 

445.959

c) Manufacturing Craft Paper

 

 

889.147

Other Un-allocable Assets

 

 

363.599

Total

 

 

3233.927

 

 

 

 

Segment Liabilities

 

 

 

a) Trading in Coal and Papers and Others

 

 

1089.348

b) transportation and Port Services

 

 

93.457

c) Manufacturing Craft Paper

 

 

125.839

Other Un-allocable Assets

 

 

932.161

Total

 

 

2240.805

 

 

 

 

3. Capital Employed

 

 

 

a) Trading in Coal and Papers and Others

 

 

445.874

b) transportation and Port Services

 

 

352.502

c) Manufacturing Craft Paper

 

 

763.308

d) unallocated (Expenses)/ Income (net)

 

 

(568.561)

Total Capital Employed In the Company

 

 

993.123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STANDALONE STATEMENT OF ASSTES AND LIABILITIES

 

(INR in Million)

SOURCES OF FUNDS

 

 

30.09.2017

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

147.986

(b) Reserves & Surplus

 

 

845.137

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

993.123

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

 

350.718

(b) Deferred tax liabilities (Net)

 

 

0.000

(c) Other long term liabilities

 

 

82.500

(d) long-term provisions

 

 

1.669

Total Non-current Liabilities (3)

 

 

434.887

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

514.275

(b) Trade payables

 

 

1141.385

(c) Other current liabilities

 

 

93.102

(d) Short-term provisions

 

 

57.155

Total Current Liabilities (4)

 

 

1805.917

 

 

 

 

TOTAL

 

 

3233.927

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

321.245

(ii) Intangible Assets

 

 

5.660

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

(7.018)

(d)  Long-term Loan and Advances

 

 

15.318

(e) Other Non-current assets

 

 

127.648

Total Non-Current Assets

 

 

462.853

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

377.404

(c) Trade receivables

 

 

1808.802

(d) Cash and cash equivalents

 

 

80.310

(e) Short-term loans and advances

 

 

479.063

(f) Other current assets

 

 

25.495

Total Current Assets

 

 

2771.074

 

 

 

 

TOTAL

 

 

3233.927

 

 

INDEX OF CHARGES:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

G60330800

100133144

HDFC BANK LIMITED

29/09/2017

-

-

967000.0

SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA

2

G61572681

100133146

HDFC BANK LIMITED

29/09/2017

-

-

892000.0

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA

3

G19327907

100061642

HDFC BANK LIMITED

30/07/2016

-

-

721800.0

HDFC BANK LIMITED, HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI – 400013, MAHARASHTRA, INDIA

4

G06893747

100036662

HERO FINCORP LIMITED

09/06/2016

-

-

70000000.0

34, COMMUNITY CENTRE, BASANT LOKVASANT VIHAR, NEW DELHI – 110057, INDIA

5

G44388320

10321412

STATE BANK OF INDIA

22/10/2011

29/04/2017

-

1162000000.0

MID CORPORATE BRANCH, A-201 &301 ICC BUILDING, OPPCIVIL HOSPITAL MAJURA GATE RING ROAD, SURAT – 395002, GUJARAT, INDIA

6

B16284671

10319775

STATE BANK OF INDIA

20/04/2011

-

-

1250000.0

SPECIALSED COMMERCIAL BRANCH, VIA HOUSEGROUND FLOOR, VIA CHAR RASTA, GIDC, VAPI – 396195, GUJARAT, INDIA

7

B32487266

10284199

STATE BANK OF INDIA

24/03/2011

25/08/2011

-

390500000.0

MID CORPORATE BRANCH, GROUND FLOOR VIA HOUSE, G.ID.C., VAPI – 396195, GUJARAT, INDIA

8

G44505972

10283877

STATE BANK OF INDIA

24/03/2011

20/03/2017

-

1162000000.0

A-201&301 , ICC BUILDING, OPPCIVIL HOSPITAL, MAJURA GATE RING ROAD, SURAT – 395002, GUJARAT, INDIA

9

G38103529

10541720

ICICI BANK LIMITED

14/10/2014

-

08/03/2017

25000000.0

LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA – 390015, GUJARAT, INDIA

10

G38102224

10528145

ICICI BANK LIMITED

14/10/2014

-

08/03/2017

250000000.0

LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN

 

FIXED ASSETS:

  • Leasehold
  • Freehold Land
  • Buildings
  • Tube Well
  • Plant and Machinery
  • Computer
  • Vehicles
  • Furniture and Fixture

 

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 63.74

UK Pound

1

INR 86.01

Euro

1

INR 76.14

 

 

INFORMATION DETAILS

 

Analysis Done by :

VVK

 

 

Report Prepared by :

GEET

 

 

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)

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.