|
|
|
MIRA INFORM REPORT
|
Report No. : |
507289 |
|
Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT PIPAVAV PORT LIMITED |
|
|
|
|
Registered
Office : |
Pipavav Port, At Post Ucchaiya Via Rajula, District Amreli - 365560, Gujarat |
|
Tel. No.: |
91-2794-302400 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
05.08.1992 |
|
|
|
|
Com. Reg. No.: |
04-018106 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 4834.400Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63010GJ1992PLC018106 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0891020161 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG7914L |
|
|
|
|
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 to construct, operate and maintain an all-weather port and the port is designed to handle bulk, container and liquid cargo and to provide port services such as marine services, material handling and storage operations. (Registered Activity and also Confirmed by management) |
|
|
|
|
No. of Employees
: |
600 (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 : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was incorporated in the year 1992. It has exclusive rights to develop and operate the facilities of APM Terminals in Pipavav until September 2028, according to the concession agreement with Gujarat Maritime Board and the Government of Gujarat. For the quarterly results of December 2017, has gained sales turnover of INR 1626.84 million along with fair net profit margin. As per the financial of 2017, the company has achieved an average growth in its revenue as compared to the previous year and has earned a favourable net profit margin of 36.58%. The strong financial position of the company is marked by robust net worth base along with debt free balance sheet profile. The company has its share price trading at around INR 144.70 on BSE as on May 3, 2018 as against the Face Value (FV) of INR 10. Business is active. Payments are seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Loan = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
13.02.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Loan = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
13.02.2018 |
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
31-03-2018.
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 07.05.2018
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 PARTED BY
|
Name : |
Mr. Narendra Lakhntroa |
|
Designation : |
Finance Assistant Manager |
|
Contact No.: |
91-2794-302400 |
|
Date : |
03.05.2018 |
LOCATIONS
|
Registered/ Port Office : |
Pipavav Port, At Post Ucchaiya Via Rajula, District Amreli - 365560, Gujarat, India |
|
Tel. No.: |
91-2794-302400 |
|
Fax No.: |
91-2794-302413 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
301, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai - 400098, Maharashtra, India |
|
Tel. No.: |
91-22-30011300 |
|
Fax No.: |
91-22-30011333 |
|
|
|
|
Regional Offices : |
Located at: · Ahmedabad · Rajkot · Ludhiana · Jaipur ·
New Delhi |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Keld Pedersen |
|
Designation : |
Managing Director |
|
Address : |
Ingegardsvagen 6B Vastra Frolunda 42668 S |
|
Date of Birth/Age : |
29.04.1966 |
|
Qualification : |
Master Mariner from Copenhagen Navigation School, Diploma in Economics
and Management (Bachelor level), Executive Programs from London Business
School and IMD Switzerland |
|
Expertise in specific functional areas |
Business Management |
|
Date of Appointment : |
01.05.2015 |
|
DIN No.: |
07144184 |
|
|
|
|
Name : |
Mr. Pradeep Mallick |
|
Designation : |
Director |
|
Address : |
A/2, Pallonji Mansion, 43, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
20.11.1942 |
|
Qualification : |
B. Tech IIT Madras, Fellow of the Institution of Engineering & Technology, London, Diploma in Business Management, UK. |
|
Expertise in
specific functional areas |
Strategic Business Management |
|
Date of Appointment : |
04.09.2012 |
|
DIN No.: |
00061256 |
|
|
|
|
Name : |
Mr. Julian Michael Bevis |
|
Designation : |
Director |
|
Address : |
6, Hill Park, A. G. Bell Road, Malabar Hill, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
28.04.1950 |
|
Qualification : |
Masters from Oxford University |
|
Expertise in
specific functional areas |
Business Management |
|
Date of Appointment : |
25.07.2014 |
|
DIN No.: |
00146000 |
|
|
|
|
Name : |
Mr. Hariharan devnarayan iyer |
|
Designation : |
Alternate director |
|
Address : |
201, Khubsons, Almedia Park Road, Bandra (West), Mumbai –
400050, Maharashtra, India |
|
Date of Appointment : |
30.05.2005 |
|
DIN No.: |
00151584 |
|
|
|
|
Name : |
Mr. Tejpreet Singh Chopra |
|
Designation : |
Director |
|
Address : |
C - 1/40, Safdarjung Development Area, New Delhi – 110016,
India |
|
Date of Birth/Age : |
05.12.1969 |
|
Qualification : |
BA (Hons) in Economics from St. Stephen’s College, Delhi University, MBA from Cornell University |
|
Expertise in
specific functional areas |
Strategic Business Management |
|
Date of Appointment : |
04.09.2012 |
|
DIN No.: |
00317683 |
|
|
|
|
Name : |
Mr. Pravin Kanubhai Laheri |
|
Designation : |
Director |
|
Address : |
A-404, Bageshree Opposite Fun Republic, Satellite Road, Ahmedabad
– 380054, Gujarat, India |
|
Date of Birth/Age : |
28.03.1945 |
|
Qualification : |
Bachelor in Arts and Law, Masters in Science and Economics from University of Wales |
|
Expertise in
specific functional areas |
Corporate, Labour and Industrial Laws |
|
Date of Appointment : |
29.08.2008 |
|
DIN No.: |
00499080 |
|
|
|
|
Name : |
Jan Sorensen Damgaard |
|
Designation : |
Director |
|
Address : |
42 KEPPEL BAY DR #08-103 Singapore 098656 SG |
|
Date of Appointment : |
11.05.2017 |
|
DIN No.: |
06408939 |
|
|
|
|
Name : |
Mrs. Hina Ashokbhai Shah |
|
Designation : |
Director |
|
Address : |
Moksh, B-1/29 Sterling City, Bopal, Ahmedabad – 380058,
Maharashtra, India |
|
Date of Birth/Age : |
22.11.1948 |
|
Qualification : |
Masters in Chemistry apart from various courses in Management |
|
Expertise in
specific functional areas |
CSR activities |
|
Date of Appointment : |
30.07.2013 |
|
DIN No.: |
06664927 |
|
|
|
|
Name : |
David Skov |
|
Designation : |
Director |
|
Address : |
20 Olu Holloway Road, Ikoyi Lagos Na Nga |
|
Date of Appointment : |
11.05.2017 |
|
DIN No.: |
07810539 |
KEY EXECUTIVES
|
Name : |
Santosh Bhalchandra Breed |
|
Designation : |
Chief Finance Officer |
|
Address : |
A-10/6, Jeevan Nagar, Mithagar Road, Mulund (East) Mumbai - 400081, Maharashtra, India |
|
Date of Appointment : |
02.11.2017 |
|
PAN No.: |
AAPPB3531Q |
|
|
|
|
Name : |
Mr. Manish Rajendraprasad Agnihotri |
|
Designation : |
Company Secretary |
|
Address : |
C-4/403, Valley Towers, Opposite Apna Bazar, Post Office, Thane – 400610, Maharashtra, India |
|
Date of Appointment : |
13.05.2005 |
|
PAN No.: |
AAOPA2305G |
|
|
|
|
Name : |
Mr. Narendra Lakhntroa |
|
Designation : |
Finance Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on March, 2018
|
Category of
shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
207903931 |
43.01 |
|
|
(B) Public |
275535979 |
56.99 |
|
|
Grand Total |
483439910 |
100.00 |
|
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER
AND PROMOTER GROUP
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
A1) Indian |
|
|
|
|
A2) Foreign |
|
|
|
|
Any Other
(specify) |
207903931 |
43.01 |
|
|
APM TERMINALS MAURITIUS LIMITED |
207903931 |
43.01 |
|
|
Sub Total A2 |
207903931 |
43.01 |
|
|
A=A1+A2 |
207903931 |
43.01 |
|
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 % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
91300094 |
18.89 |
|
|
ICICI PRUDENTIAL MIDCAP FUND |
35005553 |
7.24 |
|
|
HDFC TRUSTEE COMPANY LIMITED - HDFC CAPITAL
BUILDER FUND |
29913819 |
6.19 |
|
|
FRANKLIN INDIA MONTHLY INCOME PLAN |
15654298 |
3.24 |
|
|
AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS
MUTUAL FUND A/C AXIS LONG TERM EQUITY FUND |
6973115 |
1.44 |
|
|
Alternate Investment Funds |
1187330 |
0.25 |
|
|
Foreign Portfolio Investors |
139493704 |
28.85 |
|
|
MATTHEWS ASIA DIVIDEND FUND |
21381946 |
4.42 |
|
|
ABU DHABI INVESTMENT AUTHORITY - JHELUM |
5616328 |
1.16 |
|
|
JP MORGAN INDIAN INVESTMENT COMPANY
(MAURITIUS) LIMITED |
6127547 |
1.27 |
|
|
JPMORGAN SICAV INVESTMENT COMPANY
(MAURITIUS) LIMITED |
7549818 |
1.56 |
|
|
JPMORGAN INDIA FUND |
6147509 |
1.27 |
|
|
PLATINUM ASIA FUND |
6045654 |
1.25 |
|
|
VANGUARD INTERNATIONAL EXPLORER FUND |
6724221 |
1.39 |
|
|
KOTAK MAHINDRA (INTERNATIONAL) LIMITED |
16480233 |
3.41 |
|
|
EASTSPRING INVESTMENTS INDIA EQUITY OPEN
LIMITED |
5117763 |
1.06 |
|
|
SCHRODER ASIAN ALPHA PLUS FUND |
5137873 |
1.06 |
|
|
SCHRODER ASIAPACIFIC FUND PLC |
6334113 |
1.31 |
|
|
Financial Institutions/ Banks |
5581538 |
1.15 |
|
|
ADMINISTRATOR OF THE SPECIFIED UNDERTAKING
OFTHE U |
5277189 |
1.09 |
|
|
Sub Total B1 |
237562666 |
49.14 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
17029068 |
3.52 |
|
|
Individual share capital in excess of INR
0.200 million |
4358455 |
0.90 |
|
|
NBFCs registered with RBI |
32548 |
0.01 |
|
|
Any Other (specify) |
16553242 |
3.42 |
|
|
Trusts |
21070 |
0.00 |
|
|
Non-Resident Indian (NRI) |
1702109 |
0.35 |
|
|
Clearing Members |
167590 |
0.03 |
|
|
Bodies Corporate |
14659473 |
3.03 |
|
|
MAX LIFE INSURANCE COMPANY LIMITED A/C -
ULIF00225/06/04LIFEBALANC104 - BALANCED FUND |
5217482 |
1.08 |
|
|
Foreign Nationals |
3000 |
0.00 |
|
|
Sub Total B3 |
37973313 |
7.85 |
|
|
B=B1+B2+B3 |
275535979 |
56.99 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged to construct, operate and maintain an all-weather port and the port is designed to handle bulk, container and liquid cargo and to provide port services such as marine services, material handling and storage operations. (Registered Activity and also Confirmed by management) |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Others NEFT / RTGS / IMPS |
||||
|
|
|
||||
|
Purchasing : |
Others NEFT / RTGS / IMPS |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Others (Shipping)
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
600 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
|
Address : |
252, Veer Savakar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Tel. No.: |
91-22-66691500 |
|
Fax No.: |
91-22-66547804 / 07 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Party with
substantial interest and its associates : |
|
|
|
|
|
Associates: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
INR 10/- each |
INR 6000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
483439910 |
Equity Shares |
INR 10/- each |
INR 4834.400
Million |
|
|
|
|
|
Reconciliation
of number of equity shares outstanding as at the beginning and at the end of
reporting period
|
Particulars |
31.03.2017 |
|
|
|
Number |
INR in Million |
|
Equity
shares at the commencement of the period |
483439910 |
4834.400 |
|
At
the end of the period |
483439910 |
4834.400 |
Rights, preferences
and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Equity
shares in the Company held by each shareholder holding more than 5% shares #
|
Name
of Shareholder |
Relationship |
31.03.2017 |
|
|
|
|
Number |
% |
|
|
|
|
|
|
APM
Terminals Mauritius Limited |
Party
with substantial interest |
207903931 |
43.01% |
# As per the records of the Company, including its register of members.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4834.400 |
4834.400 |
4834.400 |
|
(b) Reserves & Surplus |
15360.580 |
15131.410 |
13073.470 |
|
(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) |
20194.980 |
19965.810 |
17907.870 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
880.290 |
609.550 |
229.370 |
|
(d) long-term provisions |
0.000 |
0.000 |
242.780 |
|
Total
Non-current Liabilities (3) |
880.290 |
609.550 |
472.150 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
256.350 |
141.510 |
270.770 |
|
(c) Other current liabilities |
1807.950 |
1715.120 |
1087.550 |
|
(d) Short-term provisions |
366.160 |
355.040 |
166.850 |
|
Total
Current Liabilities (4) |
2430.460 |
2211.670 |
1525.170 |
|
|
|
|
|
|
TOTAL |
23505.730 |
22787.030 |
19905.190 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
16753.330 |
13417.130 |
13372.260 |
|
(ii) Intangible Assets |
8.560 |
6.620 |
20.940 |
|
(iii) Capital work-in-progress |
922.210 |
3915.320 |
652.570 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
830.000 |
830.000 |
830.000 |
|
(c) Deferred tax assets (net) |
416.050 |
701.490 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
1780.850 |
|
(e) Other Non-current assets |
510.510 |
438.780 |
28.240 |
|
Total
Non-Current Assets |
19440.660 |
19309.340 |
16684.860 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
155.580 |
154.930 |
134.890 |
|
(c) Trade receivables |
285.730 |
288.490 |
355.960 |
|
(d) Cash and cash equivalents |
3522.450 |
2949.010 |
2439.110 |
|
(e) Short-term loans and
advances |
2.400 |
3.000 |
219.310 |
|
(f) Other current assets |
98.910 |
82.260 |
71.060 |
|
Total
Current Assets |
4065.070 |
3477.690 |
3220.330 |
|
|
|
|
|
|
TOTAL |
23505.730 |
22787.030 |
19905.190 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6831.040 |
6599.540 |
8670.270 |
|
|
Other Income |
353.590 |
303.690 |
400.530 |
|
|
TOTAL
|
7184.630 |
6903.230 |
9070.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Operating Expenses |
1212.880 |
1320.680 |
1852.200 |
|
|
Employees benefits expense |
484.150 |
464.120 |
617.390 |
|
|
Other expenses |
948.110 |
1054.110 |
1189.030 |
|
|
Exceptional Item |
0.000 |
0.000 |
448.010 |
|
|
TOTAL |
2645.140 |
2838.910 |
4106.630 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4539.490 |
4064.320 |
4964.170 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.030 |
1.590 |
258.510 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4535.460 |
4062.730 |
4705.660 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1065.150 |
973.390 |
832.860 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
3470.310 |
3089.340 |
3872.800 |
|
|
|
|
|
|
|
Less |
TAX |
971.190 |
1177.500 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2499.120 |
1911.840 |
3872.800 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
5.17 |
3.95 |
8.01 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
4607.860 |
4695.130 |
5239.890 |
|
Net cash flow from operating activity |
4020.080 |
3894.06 |
4435.350 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
1690.590 |
1516.720 |
1626.840 |
|
Total Expenditure |
653.970 |
689.110 |
680.330 |
|
PBIDT (Excl OI) |
1036.620 |
827.610 |
946.510 |
|
Other Income |
91.900 |
122.070 |
74.040 |
|
Operating Profit |
1128.520 |
949.680 |
1020.550 |
|
Interest |
0.460 |
0.860 |
1.190 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1128.060 |
948.820 |
1019.360 |
|
Depreciation |
264.420 |
253.050 |
250.850 |
|
Profit Before Tax |
863.640 |
695.770 |
768.510 |
|
Tax |
306.680 |
253.950 |
268.560 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
556.960 |
441.820 |
499.950 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
556.960 |
441.820 |
499.950 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
15.27 |
15.96 |
14.99 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
23.91 |
22.88 |
24.36 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
29.18 |
26.23 |
36.80 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.26 |
0.23 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.10 |
0.10 |
0.08 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.12 |
0.11 |
0.09 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.88 |
0.87 |
0.78 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1126.42 |
2556.18 |
19.20 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
36.58 |
28.97 |
44.67 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
10.63 |
8.39 |
19.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
12.37 |
9.58 |
21.63 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.67 |
1.57 |
2.11 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.61 |
1.50 |
2.02 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.86 |
0.88 |
0.90 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.67 |
1.57 |
2.11 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 144.70/- |
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 |
4834.400 |
4834.400 |
4834.400 |
|
Reserves & Surplus |
13073.470 |
15131.410 |
15360.580 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
17907.870 |
19965.810 |
20194.980 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
8670.270 |
6599.540 |
6831.040 |
|
|
|
(23.883) |
3.508 |
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 |
8670.270 |
6599.540 |
6831.040 |
|
Profit |
3872.800 |
1911.840 |
2499.120 |
|
|
44.67% |
28.97% |
36.58% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
4834.400 |
4834.400 |
|
(b) Reserves & Surplus |
|
16588.810 |
16036.450 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
21423.210 |
20870.850 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
880.290 |
609.550 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
880.290 |
609.550 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
256.350 |
141.510 |
|
(c) Other current liabilities |
|
1807.950 |
1715.120 |
|
(d) Short-term provisions |
|
366.160 |
355.040 |
|
Total
Current Liabilities (4) |
|
2430.460 |
2211.670 |
|
|
|
|
|
|
TOTAL |
|
24733.960 |
23692.070 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
16753.330 |
13417.130 |
|
(ii) Intangible Assets |
|
8.560 |
6.620 |
|
(iii) Capital work-in-progress |
|
922.210 |
3915.320 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
2058.230 |
1735.040 |
|
(c) Deferred tax assets (net) |
|
416.050 |
701.490 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
510.510 |
438.780 |
|
Total
Non-Current Assets |
|
20668.890 |
20214.380 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
155.580 |
154.930 |
|
(c) Trade receivables |
|
285.730 |
288.490 |
|
(d) Cash and cash equivalents |
|
3522.450 |
2949.010 |
|
(e) Short-term loans and
advances |
|
2.400 |
3.000 |
|
(f) Other current assets |
|
98.910 |
82.260 |
|
Total
Current Assets |
|
4065.070 |
3477.690 |
|
|
|
|
|
|
TOTAL |
|
24733.960 |
23692.070 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
6831.040 |
6599.540 |
|
|
Other Income |
|
315.590 |
303.690 |
|
|
TOTAL |
|
7146.630 |
6903.230 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Operating expenses |
|
1212.880 |
1320.680 |
|
|
Employees benefits
expense |
|
484.150 |
464.120 |
|
|
Other expenses |
|
948.110 |
1054.110 |
|
|
Share of net profit of
associates accounted for |
|
(361.190) |
(363.090) |
|
|
TOTAL |
|
2283.950 |
2475.820 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
4862.680 |
4427.410 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
4.030 |
1.590 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
4858.650 |
4425.820 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1065.150 |
973.390 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
3793.500 |
3452.430 |
|
|
|
|
|
|
|
Less |
TAX |
|
971.190 |
1177.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
2822.310 |
2274.930 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
5.84 |
4.71 |
LEGAL CASES
LEGAL CASE DETAIL FILE ATTACHED
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW
i. The Company was incorporated on 5 August 1992 to construct, operate and maintain an all-weather port at Pipavav, District Amreli, in the State of Gujarat.
ii. The port is designed to handle bulk, container, liquid cargo and RORO and to provide port services such as marine services, material handling and storage operations.
iii. The Company has entered into a 30 year Concession Agreement with Government of Gujarat and Gujarat Maritime Board (“GMB”) dated 30 September 1998 to engage in the business of developing, constructing, operating and maintaining the port on a BOOT (Build Own Operate Transfer) basis.
iv. During the year 2005, AP Moller-Maersk group together with certain financial investors acquired the complete shareholdings held by the original promoter viz. Seaking Infrastructure Limited (“SKIL”) group, on receipt of approval from Government of Gujarat, and Gujarat Maritime Board. Accordingly, AP Moller-Maersk group became the key promoter of the Company under the Concession agreement.
v. Pursuant to the approval of the shareholders of the Company in an extra ordinary general meeting held on 17 November 2009, the Company has issued and allotted through Initial Public Offering (IPO) 108,695,652 equity shares of INR 10 each at a premium of INR 36 per share aggregating to a total of INR 5,000 million to all categories of investors. The issue was made in accordance with the terms of the Company’s prospectus dated 30 August 2010 and the shares got listed on 9 September 2010 on Bombay Stock Exchange and National Stock Exchange.
OPERATIONS:
The Company is engaged in the business of Port Development and Operations at Pipavav Port, Gujarat under the 30 year Concession vide Agreement dated 30th September 1998 from Gujarat Maritime Board. The Port located in Southwest Region of Gujarat handles Dry Bulk, Containers, Liquid, and RORO vessels.
OUTLOOK
As per the estimates released by the WTO, the world GDP is likely to be at 2.7% this year and 2.8% in the next year. The Container shipping industry is expecting the global container trade to grow by 2%. In view of subdued growth in global trade, the shipping lines are expected to reduce/ rationalize the capacity in various trades to align with global supply and demand requirements.
The Container market on the West coast in India has increased by about 6% largely driven by strong imports. India is amongst the very few global markets reporting the growth numbers. The growth trend in imports is expected to continue during the current year while the exports remain under pressure.
The dry bulk cargo comprises import of Coal and Fertiliser. Coal imports have been witnessing consistent decrease in volumes due to better availability of domestic coal and also because of the Government’s focus on promoting clean renewable energy through wind and solar power. The Fertiliser imports remain volatile depending upon the monsoon and the availability of the fertiliser stock in the domestic market. Moreover the compulsory Neem coating is also likely to reduce the imports.
Liquid cargo mainly LPG and RORO are the two promising areas. The Government’s initiative of providing LPG connection in the rural areas is likely to increase the LPG imports. With Gujarat developing into an Auto Hub, the car exports from Gujarat has been doing well.
MANAGEMENT DISCUSSION
AND ANALYSIS
Introduction
The Company is presenting its first Ind AS compliant financial statements as per the requirement under the Companies Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Accordingly, the previous year’s figures have been re-grouped wherever applicable.
The following discussion and analysis of the financial performance and activity of Gujarat Pipavav Port Limited is intended to provide an analysis of the business and the financial statements for the year, with selected comparative information
for the year ended 31 March 2016. This section has been prepared by the Management of Gujarat Pipavav Port Limited (referred to as “APM Terminals Pipavav” or “the Port” or “the Company”) and should be read in conjunction with the financial statements and the notes thereon, which follow the section.
The Company holds 38.8% shares in Pipavav Railway Corporation Limited (PRCL) and in view of the provisions of Section 2(6) of the Companies Act, 2013, PRCL is an Associate Company and pursuant to the provisions of Section 129 of the Act, its accounts are to be consolidated with the Company’s accounts. More than 50% of PRCL’s shareholding is held by Government/ Public Sector Undertakings so PRCL is required to accomplish Statutory Audit followed with the CAG Audit. As on the date of this Report PRCL’s Audited Financial Statements are not available, therefore the Company has prepared its Consolidated Financial Statement based on Unaudited financial statements provided by the PRCL Management.
The financial statements have been prepared on Going Concern basis and on Accrual basis of Accounting under the Historical Cost Convention and in accordance with Ind AS.
BACKGROUND
APM Terminals Pipavav,
India’s first private sector port, operates an all-weather port located on the Southwest
coast of Gujarat at a distance of 140 kms Southwest of Bhavnagar and around 152
nautical miles Northwest of Mumbai. The port lies on a strategic international
maritime trade route which connects India with the Far East, Middle East,
Africa, Europe and the US. The Port’s Container handling capacity is 1.35
Million TEUs. The Bulk Cargo capacity is approximately 4 to 5 Million MT per
annum depending on cargo mix and Liquid Cargo capacity is approximately 2
Million MT per annum. The Container berth is also used for handling the RORO
vessels.
APM Terminals is the Lead
Promoter and holds 43.01% of the total shareholding of the Company. APM
Terminals operates a Global Terminal Network of 20,000 employees serving 76
Port and Terminal facilities in 41 countries and 103 Inland Services Operations
in 38 Countries around the Globe. It provides Port Management and Operations to
over 60 Liner Shipping Companies which serve the world’s leading Importers and
Exporters.
Economy and Port
Sector
The WTO is forecasting that
global trade is expected to grow at ~2.4% in 2017. However, the uncertainty
about near-term economic and policy developments raise the risk. The
international trade has the potential to strengthen global growth if the
movement of goods and supply of services across borders remains largely
unfettered. However, if policymakers attempt to address job losses at home with
severe restrictions on imports, trade cannot help boost growth and may even
constitute a drag on the recovery. The WTO advises that the unpredictable
direction of the global economy in the near term and the lack of clarity about
action on monetary, fiscal
and trade policies by various governments with tighter fiscal policies and the
imposition of measures
to curtail trade could all
undermine higher trade growth over the next two years. The WTO expects the
global GDP growth at 2.7% in 2017 and 2.8% in 2018. While there are reasonable
expectations that such growth could be achieved, expansion along these lines
would represent a significant improvement on the 2.3% GDP growth in 2016. This
GDP estimate also assumes that developed economies maintain generally
expansionary monetary and fiscal policies, and that developing economies
continue to emerge from their recent slowdown.
The challenging market
conditions for our key customers, the Global Shipping Lines, continued during
the Year 2016. Since the financial crisis of Year 2008-09, the shipping
industry has been impacted by both supply and demand. While too many ships were
being built and not enough of them were being scrapped, the global trade also
continued to slow down. Another factor that has led to excess capacity build up
is that due to the drop in global fuel prices, the shipping lines are not
slow-steaming their vessels. This has resulted into shorter transit time for
the vessels and further increase in the capacity. All this has led to multiple
years of losses and stretched Balance Sheets which saw a major carrier Hanjin
go out of business, first such instance in 30 years which is a testimony to the
market situation for the lines. The industry is in consolidation mode with CMA
CGM completing its acquisition of Neptune Orient Lines (NOL) and two Chinese
carriers COSCO and China Shipping completed their merger. Maersk Line has
completed the signing of Agreement for purchase of Hamburg Süd. The other
mergers and acquisitions that have been completed or are in their various
stages of completion are merger of Hapag Lloyd and UASC and merger between the
three Japanese carriers namely NYK, MOL and K Line. Further, the Shipping Lines
are trying to strengthen themselves by forming alliances to share the slots on
the vessels. But these alliances have not been able to reduce the overall capacity so the freight
rates continued their downward trend. The Shipping Lines have indicated that
they plan to release surplus charter capacity by returning the charter vessels
to the vessel owners. This action will lead to reduction in their operating
cost and taking out some excess capacity which in turn can improve the freight
rates for the carriers.
The Indian trade is showing
steady growth with the Container market on West Coast that handles almost
two-thirds of the country’s container business, growing at about 6%. In the
context of the overall global trade it is a strong number and is one of the
very few growth markets but India has much larger potential to grow. AP Moller
Maersk in partnership with the Confederation of Indian Industry (CII) had
recently carried out an extensive study on current obstacles to Indian
logistics and associated trade growth. The study found that the cost of trade
in India is among the highest in the world when compared with peer countries.
Indian transport and logistics costs represent 14.4% of India’s Gross Domestic
Product (GDP) as compared with 8% for China. The report states that there is
often much debate about the direct costs of transportation and logistics, such
as terminal rates, freight rates and inland transport costs, the most
significant costs can be the indirect and hidden costs stemming from delays and
inefficiencies. Reducing these costs is a significant source of potential
savings and improved competitiveness for Indian exporters and importers. The
study covered four businesses namely textiles and garments; pharmaceuticals;
electronics; and auto components. The data indicated that India’s indirect
costs of trade (including delays, road congestion and non-essential paperwork)
represent as much as 38% to 47% of total transportation and logistics costs. A reduction of these extraneous costs by 10%
would create the potential for up to 5% to 8% in additional exports for the
country, or $5.5 billion in additional export revenue above the current level
of $63.3 billion, in these four sectors.
The Government of India’s focus
on ‘port-led’ development by bringing the industries closer to the coast and
promoting water transportation is likely to considerably reduce the overall
logistics cost thus improving the export competitiveness of various businesses
and create more employment opportunities for the country’s growing youth
population. The country with its 7,500 kms long coastline covering 13 states
and Union territories has vast potential for increasing the coastal trade. The
Government of Gujarat has taken lead by developing an Auto Hub in the Sanand-
Mehsana area and the region has already commenced Export of cars. The sector
shows strong promise of growth opportunity from the State. This can be a good
example for other industries to take lead and set up their manufacturing base
in Dholera, the State Government’s project for port based development. The
Nonmajor ports in Gujarat have an edge over Major ports due to better draft and
availability of larger Handling as well as Evacuation capacity. Such
efficiencies can contribute to the export competitiveness of businesses.
In the case of Dry Bulk
cargo, Coal and Fertiliser are the two main commodities imported in the country
and Iron Ore is exported but mainly from Eastern part of the country. The Coal
Imports continue to witness reduction due to improved availability of Domestic
Coal and the Government’s focus on encouraging renewable energy sector. The
cost per unit for solar power is cost competitive and provides clean power. All
this has consistently contributed in lower coal imports over last few years.
The Fertilizer imports have been subdued because of the availability of the
stock but there is always a seasonal fluctuation in the demand and import of
the cargo. The Government’s initiative of directing all the Ports handling
imported fertilizer to carry out compulsory coating of Neem on the cargo in
order to prevent its misuse and ensure that the subsidized commodity is indeed
used only for the agricultural purpose could also be the reason for reduced
imports.
OPERATIONS REVIEW
Container volume throughput
for the year ended 31 March 2017 was 663,380 TEUs compared to 694,614 TEUs in
the previous year. The reduction in volume has been mainly on account of the
shift of one service from the port, discontinuance of one service and Hanjin
going out of business.
The Dry Bulk cargo volumes
at Pipavav continue to be driven primarily by Coal and Fertilizer albeit a
significantly reduced Coal imports due to lower imports and the existing rail
freight differential issues accentuated by every hike in rail freight. The Port
handled 2.11 Million MT during the year ended 31st March 2017, compared to 2.47
Million MT during the previous year.
On Liquid cargo front, the
Port handled over about 685,960 MT during 31st March 2017 compared to 706,877
MT during the year ended 31st March 2016. The volume has been led mainly by the
LPG imports with the Government’s focus on providing LPG gas connection in the
rural areas of the country.
The RORO business continues
to be promising as the Port handled 83,607 cars during 31st March 2017 against
19,644 cars after commencing the business in August 2015 in the previous
financial year. With the Government’s focus on the costal movement of cargo,
movement of cars through costal route has a huge potential which can reduce the
pressure on roads. The lower diesel prices and repeated increase in the rail
freight had put Indian Railways at a disadvantage compared to the trucks for
freight movement. The initiatives by Railways is likely to reverse this trend
slowly and steadily which is faster and environment friendly mode of transport.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
B61730388 |
10385516 |
HDFC BANK LIMITED |
17/10/2012 |
- |
- |
500000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
|
2 |
Y10193372 |
90103680 |
INDUSTRIAL INVESTMENT BANK OF INDIA |
10/05/1996 |
16/08/2004 |
- |
100000000.0 |
19; NETAJI SUBHASH ROAD KOLKATA-700001 WEST BENGAL INDIA |
|
3 |
C61177820 |
10470252 |
International Finance Corporation |
18/12/2013 |
- |
28/07/2015 |
9451512000.0 |
2121, Pennsylvania Avenue. N. W.Washington D. C.WashingtonNA20433US |
|
4 |
C17139031 |
10411192 |
IDFC Limited |
26/02/2013 |
- |
14/08/2014 |
3250000000.0 |
KRM Tower, 8th Floor,No. 1, Harrington Road, Chetpet Chennai-600031 TAMILNADU INDIA |
|
5 |
B79283883 |
10160604 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
09/06/2009 |
27/09/2011 |
09/07/2013 |
11000000000.0 |
KRM Tower, 8th Floor,No. 1, Harrington Road, Chetpet Chennai-600031 TAMILNADU INDIA |
|
6 |
A90452392 |
10011726 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
31/03/2006 |
- |
23/07/2010 |
354030000.0 |
KRM Tower, 8th Floor,No. 1, Harrington Road, Chetpet Chennai-600031 TAMILNADU INDIA |
|
7 |
A88422688 |
90102860 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD. |
06/07/2005 |
- |
08/06/2010 |
5962580000.0 |
RAMON HOUSE; H. T. PAREKH MARG169; BACKBAY RECLAMATION MUMBAI -400020 MAHARASHTRA INDIA |
|
8 |
A87015855 |
90103792 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD. |
09/12/2003 |
- |
08/06/2010 |
255800000.0 |
RAMON HOUSE; H. T. PAREKH MARG169; BACKBAY RECLAMATION MUMBAI-400020 MAHARASHTRA INDIA |
|
9 |
A86090925 |
90103751 |
EXPORT IMPORT BANK OF INDIA |
28/09/2000 |
06/09/2004 |
21/05/2010 |
750000000.0 |
CENTRE1; WORLD TRADE CENTRE21 FLOOR; CUFFE PARADE MUMBAI-400005 MAHARASHTRA INDIA |
|
10 |
A86090719 |
90103698 |
EXPORT IMPORT BANK OF INDIA |
02/05/1997 |
06/09/2004 |
21/05/2010 |
150000000.0 |
CENTRE1; WORLD TRADE CENTRE21 FLOOR; CUFFE PARADE MUMBAI-400005 MAHARASHTRA INDIA |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED DECEMBER 31, 2017
|
|
|
Particulars |
3 Months ended |
Preceding 3 Months ended |
Nine Months Ended |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Revenue From Operations |
1626.840 |
1516.72 |
4834.150 |
|
|
|
b) Other Operating Income |
74.040 |
122.070 |
288.010 |
|
|
Total Income from
Operations (Net) |
1700.880 |
1638.790 |
5122.160 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Operating expense |
323.140 |
309.760 |
926.370 |
|
|
d) |
Employee benefit expenses |
130.980 |
130.190 |
391.970 |
|
|
e) |
Finance Costs |
1.190 |
0.860 |
2.510 |
|
|
f) |
Depreciation and amortization expense |
250.850 |
253.050 |
768.320 |
|
|
g) |
Other expenses |
226.21 |
249.160 |
705.070 |
|
|
Total Expenses |
932.370 |
943.020 |
2794.240 |
|
|
9 |
Profit /(Loss)
before tax |
768.510 |
695.770 |
2327.920 |
|
|
10 |
Tax Expense |
268.560 |
253.950 |
829.190 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
499.950 |
441.820 |
1498.730 |
|
|
12 |
Paid up equity share capital (Eq. shares of INR.10/- each) |
|
|
|
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of INR 10/- each |
|
|
|
|
|
|
Basic & Diluted |
1.03 |
0.91 |
3.10 |
NOTES:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors on 29 January 2018 and 30 January 2018 respectively and have been subjected to limited review by Statutory Auditors.
2. This statement has been prepared in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the
Companies Act, 2013 and other recognised accounting practices and policies to
the extent applicable.
3. The Company has only one reportable business segment, which is "Port
Services" and only one reportable geographical segment, which is the port
at Pipavav. Accordingly, the Company is a single segment company in accordance
with Indian Accounting Standard 108 "Operating Segment".
4. The Board of Directors in the Board Meeting held on 02 November 2017
declared an interim dividend of INR 1.70 per share on 483,439,910 equity shares
of face value of INR 10 each, aggregating to INR 989 millions (including
Dividend Distribution Tax), for financial year 2017-18, which was paid by the
Company on 08 November 2017.
5. Figures for the previous periods have been reclassified/ regrouped wherever
applicable, to conform with the current period classification.
CONTINGENT
LIABILITIES:
Claims against Company not acknowledged as debt aggregates to INR 1869.30 million (31 March 2016: INR 1838.07 million; 1 April 2015: INR 1823.14 million). Provisions made in respect of the same aggregates to INR 365.04 million (31 March 2016: INR 355.04 million; 1 April 2015: INR 355.04 million). Above claim includes disputed claim with the associate Company, Pipavav Railway Corporation Limited of INR 699.33 million (31 March 2016: INR 699.33 million; 1 April 2015: INR 699.33 million). Other contingent liabilities in respect of taxation matter not acknowledged as debt aggregates to INR 1.57 million (31 March 2016: INR 14.17 million; 1 April 2015: INR 38.27 million). Provisions made in respect of the same is INR 1.12 million (31 March 2016: NIL; 1 April 2015: INR 8.00 million).
FIXED ASSETS
Tangible
- Land and site development
- Buildings
- Plant, Machinery and Equipment
- Dredging
- Railway sidings
- Furniture, Fittings and Leasehold Improvements
- Motor Vehicles
Intangible
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 66.66 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 80.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
TEJ |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
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.