Mar 31, 2013
To, The Members of Aqua Logistics Limited
The Directors are pleased to present the Fourteenth Annual Report of
the Company along with Audited Statement of Accounts for the period
ended on 31st March, 2013.
FINANCIAL HIGHLIGHTS
Your Company''s performance during the year under review is summarized
below:
(Rs. in Lacs)
Particulars For the
year ended For the
year ended
31-03-2013 31-03-2012
Sales & Other Income 26067.98 31298.97
Profit Before Depreciation, Interest, 1915.65 1841.57
Exceptional, Extraordinary Items and Taxes
Interest and Financial Charges 1265.92 1178.27
Depreciation 392.11 386.84
Profit Before Exceptional, Extraordinary Items 257.62 276.46
and Taxes
Exceptional Items 99.93 99.93
Extraordinary Items 2908.59 5.69
Profit / (Loss) Before Tax (2750.90) 170.83
Provision For Tax 0.00 40.00
Deferred Tax Liabilities 89.81 15.47
Profit / (Loss) After Tax (2840.70) 115.36
Profit brought forward from Previous Year 6153.73 6038.37
Profit carried to Balance Sheet 3313.04 6153.74
REVIEW OF OPERATIONS
During the year, your Company has registered a significant volatility
and thereby a lower growth in its overall performance, entirely due to
the extreme weak economic fundamentals within the country and in
overseas market. The broad spectrum of industries in India has gone
through a very bad patch during this fiscal, with top line of
operations and margins shrinking. Logistics industry has been no
exception to this, as its performance largely depends on the GDP growth
within the various segment of industry. Income from operations is Rs
26067.98 lacs as compared to Rs. 31298.97 lacs in the previous year
showing decrease of 16.71%. The decrease in revenue is mainly due to
decrease in revenue from freight forwarding services and largely in
project logistics. However, in-spite of all odds and adversities your
Company has achieved reasonable level of sales targets, which is
grossly attributable to Company''s customer-centric approach and its
ability to provide customer specific solutions, customer centric focus
on pricing and innovative marketing strategy, timely project executions
and better control over cost.
Profit before Depreciation, Interest and Tax (PBDIT) has increased from
Rs. 1841.57 lacs for the year ended March 31, 2012 to Rs. 1915.65 lacs
showing a slight growth of operations this fiscal. During FY 2013, your
Company has recorded Net Loss after Tax to Rs. 2840.70 lacs from a PAT
level of Rs. 115.37 lacs in FY 2012 due to loss on sale of Investments
in subsidiary companies.
The Directors of your Company are currently doing their best to improve
the Company''s earning and the results will show up in the ensuing
quarters.
BUSINESS & FUTURE OUTLOOK
According to the World Bank''s 2012 Logistics Performance Indicator,
India is ranked 46th and is behind countries such as Japan, the United
States, Germany and China. Logistics costs account for around 6-10% of
average retail prices in India as against the global average of 4-5%.
Therefore, there is a clear scope to improve margins by 3-5% by
improving the efficiency of the supply chain and logistics processes.
India is the second largest producer of fruits and vegetables in the
world but, according to the India Tribune, due to inadequate supply
chain and logistics infrastructure and management, two-thirds of the
produce, worth US$ 65 billion in revenue, is wasted or lost in transit
every year.17 In the last few years, India has also been crippled by
rising food inflation rates, predominantly due to high supply chain
costs in the Indian food and grocery industry, estimated at US$ 24
billion. When it comes to temperature-sensitive transportation and
storage, the gap is more glaring. According to industry analysts,
improving the back-end processes in the supply chain and integrating
cold chains can save US$ 15 billion annually while reducing the wastage
of perishable horticulture produce and ensuring additional export
revenue of over US$ 5 billion. In India, 65% of freight traffic moves
on the road network. Road freight volumes have increased at a much
higher rate than the growth of the road network over the last few
years, creating structural issues of capacity and quality. Complex
taxation and the use of different road permits/documents in different
states impose additional constraints on the movement of freight by
road.
Going forward Your Company intends to focus on this opportunity in
creating infrastructure to cater to this segment and is already in the
process of scouting for suitable partners to align with for seizing
this opportunity. This segment of logistics business requires huge
level of investments in infrastructure and is a short to medium term
opportunity with heavy dose of top line business and fantastic bottom
level business opportunity. Your Company is clearly focused on this and
is making the right moves to enter this area.
As far as the existing operations are concerned, Your company is
focused in reducing the lower margin business in the various segments
of logistics operations and focus only on reasonable margin oriented
businesses and is currently focused more in supply chain solutions and
delivery to existing clientele on selective basis. Your Company wants
to certainly restructure the operations from an improved margin
orientation business which only can sustain operations on long term
basis and can also provide value to its valued existing shareholders
and other stake holders.
Your Company is also focused currently in reducing its short and long
term liabilities significantly by aligning with strategic investors so
that the interest burden which is erasing the margins to be retained
can be restored and the operational efficiency can be brought back into
black during this fiscal. Lot of efforts are under way to achieve this
and Your company is confident of achieving this at a reasonable time
frame.
Your Company is completely aware of the weak economic fundamentals
prevailing in the domestic and overseas markets at this point in time.
There is a huge negative sentiment prevailing. But Your Company feels
that these are the best times to initiate and enter newer segments of
logistics businesses which can provide long term value to shareholders
and stake holders. Further, with the economic sentiment within the
country likely to show positive results in the third quarter of this
fiscal, Your Company is confident of restoring back its original glory
of CAGR and PAT.
DIVIDENDS
In order to conserve the profits of the business of the company, to
meet the growing funding requirements, your Directors have not
recommended any dividend for the year under report.
PUBLIC DEPOSITS
Your Company has neither invited nor accepted any deposits from public,
within the meaning of section 58A of the Companies Act, 1956 and Rules
made thereunder.
SUBSIDIARY COMPANIES:
The major part of the Subsidiary Companies have been hived off and sold
during this fiscal to an Overseas Investor and for the balance tiny
subsidiaries, in accordance with the General Circular no. 2/2011 File
no. 51/12/2007-CL-III dated 8th February, 2011 issued by the Ministry
of Corporate Affairs, Government of India, granting general exception
to the Companies Under Section 212 (8) of the Companies Act, 1956 the
Balance Sheet, Profit and Loss Account and other Reports and statement
of the Subsidiary Companies are not being attached with the Balance
Sheet of the Company. The Company will make available the Annual
Accounts of the Subsidiary Companies and the related detailed
information to any shareholder of the seeking such information at any
point of time. The Annual Accounts of the subsidiary companies also
available for inspection by any shareholder at the Registered Office of
the Company and that of the respective subsidiary companies. The
Consolidated Financial Statement of the Company and all the
subsidiaries duly audited by the statutory auditor of the Company are
presented in the Annual Report of the Company.
AMOUNT TO BE CARRIED TO RESERVES
Since it is not proposed to declare any dividend, the entire amount of
Rs. (2840.70) is proposed to be transferred to the Reserves of the
Company.
AUDITORS
M/s. Anil Nair & Associates, Chartered Accountants, Chennai, the
Statutory Auditors of the Company, retires at the conclusion of this
Annual General Meeting. They have furnished a certificate stating that
their appointment if made will be within the limits laid down u/s 224
(1B) of the Companies Act, 1956. The Board recommends re-appointment of
M/s. Anil Nair & Associates as Statutory Auditors of the Company for
the current financial year and to fix their remuneration.
AUDITORS'' REPORT
The notes to the Annual Accounts of the Company, referred to in the
Auditor''s Report are self - explanatory and do not require any
clarification from the Board except with regard to the following:
Though there are no qualifications in the Auditors Report there are
certain issues which have been highlighted viz financial stress on the
Company which is reflected by statutory dues are in arrears, dues to
banks and a financial institution are pending. In order to overcome the
situation, Your Company is focused currently in reducing its short and
long term liabilities significantly by aligning with strategic
investors so that the interest burden which is erasing the margins to
be retained can be restored and the operational efficiency can be
brought back into black during this fiscal. Lot of efforts are under
way to achieve this and Your company is confident of achieving this at
a reasonable time frame.
DIRECTORS
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Mr. B. S. Radhakrishnan is liable to
retire by rotation at the ensuring Annual General Meeting of the
Company and being eligible, have offered himself for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
(Amendment) Act, 2000, with respect to Directors'' responsibility
statement, it is hereby confirmed:
1. that in the preparation of the accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the Company for the period under review;
3. that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. that the Directors have prepared the accounts for the financial
year ended 31st March, 2013 on a going concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
PARTICULARS UNDER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956
Conversion of Energy
The Operations of the Company do not consume high levels of energy.
Adequate measures have been taken to conserve energy everywhere. Your
Company uses latest technology and energy efficient equipments. As
energy cost forms a very small part of the total costs, the impact on
cost is not material.
Technology Absorption, Adaptation and Innovation
Your Company is in an Industry, which demands absorption of emerging
technologies and trends so as to cater to the needs of its esteemed
Clients. Your Company has developed methods for absorption and
adaptation of new / emerging / developing technologies, in consonance
with the needs of its Clients and its own requirements.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Earnings in Foreign Exchange were Rs.23.15 lacs (Previous Year
Rs.278.96 lacs) as against Expenditure incurred in Foreign Currency of
Rs. 24.51 (Previous Year Rs. 238.05 lacs). Since the Company does not
own any manufacturing facilities, the other particulars under the
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
None of employees has received remuneration/salary exceeding the limit
as stated in Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975 as amended.
ACKNOWLEDGEMENTS
Your Directors hereby wish to place on record their appreciation of the
significant contribution made by each and every employee of the
Company. The Directors also thank all other stakeholders for their
support and encouragement. Your Directors look forward to your
continued support in the years to come.
For and on behalf of the Board of Directors
Place: Mumbai Chairman
Dated: 14th August, 2013
Mar 31, 2012
To The Members of Aqua Logistics Limited
The Directors are pleased to present the Thirteenth Annual Report of
the Company along with Audited Statement of Accounts for the period
ended on 31st March, 2012.
FINANCIAL HIGHLIGHTS
Your Company's performance during the year under review is summarized
below:
(Rs. in Lacs)
Particulars For the
year ended For the
year ended
31-03-2012 31-03-2011
Sales & Other Income 31298.97 38215.29
Profit Before Depreciation, Interest and Taxes 1735.95 3661.76
Interest and Financial Charges 1178.27 725.00
Depreciation 386.84 388.37
Profit before Tax 170.84 2548.39
Provision For Tax 40.00 141.56
Deferred Tax Liability 15.47 120.13
Profit after Tax Before Prior Period Item (NET) 115.37 2286.70
Prior Period Items (NET) 0.00 47.70
Profit After Tax 115.37 2239.00
Profit brought forward from Previous Year 6038.37 3,799.37
Profit carried to Balance Sheet 6153.74 6038.37
REVIEW OF OPERATIONS
During the year, your Company has registered Income from operations of
Rs.31,035.01 lacs as compared to Rs. 38,087.93 lacs in the previous
year.
Profit before Depreciation, Interest and Tax (PBDIT) has decreased from
Rs. 3661.76 lacs for the year ended March 31, 2011 to Rs. 1735.95 lacs
showing the decrease of 52.59%. During FY 2012, your Company has
recorded PBDIT of 5.55% of the income from operations as against 9.58%
during FY 2011. The reduction in operating margin is due to decrease in
income from operation..
During the year, Profit after Tax (PAT) has decreased from Rs. 2239.00
lacs for the FY 2011 to Rs. 115.37 lacs in FY 2012 due to decrease in
income from operations. During FY 2012 your Company recorded PAT margin
of 0.37% as against 5.86% for FY 2011.
The Directors of your Company are currently doing their best to improve
the Company's earning and the results show up in the ensuing
quarters.
BUSINESS & FUTURE OUTLOOK
Business is not usual due to the changing trends and volatile market
conditions. Your Company is making enormous efforts to streamline all
its business verticals; be it Distribution of Resources to various
verticals or the strategy itself. Allocation of resources is currently
being done based on the latest information and purely based on
cash-flows. The expected effect is to increase in our clientele base
and to improve customer satisfaction, trust and collaborate more with
clients on their specific demands and requirement. This is truly a
differentiator at Aqua Logistics Limited.
Changes are taking place as you are reading this on Strategic Level,
Operational & Tactical Levels. Aqua Logistics has gone through all the
different eras starting from just being a logistics support provider on
to becoming a truly world class SCM Company. Aqua Logistics understands
the need to specialize and is poised to becoming a fully integrated SCM
Company so that more and more clients stay focused on their core
competencies and let the SCM handled by Aqua Logistics. More focus
being laid on understanding Customer's manufacturing, installation
and service management processes. So, the focus for the future shall be
on controlling cost and improving services of customers. Special Focus
shall be laid on productivity measures to utilize more of our
capacities and all the above with unmatchable speed and efficiency is
assured to our clients and investors.
DIVIDENDS
In order to conserve the profits of the business of the company, to
meet the growing funding requirements, your Directors have not
recommended any dividend for the year under report.
PUBLIC DEPOSITS
Your Company has neither invited nor accepted any deposits from public,
within the meaning of section 58A of the Companies Act, 1956 and Rules
made thereunder.
SUBSIDIARY COMPANIES
In accordance with the General Circular no. 2/2011 File no.
51/12/2007-CL-III dated 8th February, 2011 issued by the Ministry of
Corporate Affairs, Government of India, granting general exemption to
the Companies Under Section 212 (8) of the Companies Act, 1956 the
Balance Sheet, Profit and Loss Account and other Reports and statement
of the Subsidiary Companies are not being attached with the Balance
Sheet of the Company. A summary of the financial information of the
subsidiary companies is also attached to the Annual Report of the
Company.
AMOUNT TO BE CARRIED TO RESERVES
Since it is not proposed to declare any dividend, the entire amount of
Rs. 115.37 lacs is proposed to be transferred to the Reserves of the
Company.
AUDITORS
M/s. Anil Nair & Associates, Chartered Accountants, Chennai, the
Statutory Auditors of the Company, retires at the conclusion of this
Annual General Meeting. They have furnished a certificate stating that
their appointment if made will be within the limits laid down u/s 224
(1B) of the Companies Act, 1956. The Board recommends re-appointment of
M/s. Anil Nair & Associates as Statutory Auditors of the Company for
the current financial year and to fix their remuneration.
AUDITORS' REPORT
The notes to the Annual Accounts of the Company, referred to in the
Auditor's Report are self - explanatory and do not require any
clarification from the Board.
DIRECTORS
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Mr. S.S. Balakrishnan who has appointed to
fill the casual vacancy which was arising out of resignation of Mr.
V.S. Narayanan is liable to retire by rotation at the ensuring Annual
General Meeting of the Company and being eligible, have offered himself
for reappointment.
Mr. V. S. Narayanan resigned as Director with effect from 5th December,
2011 due to his personal works. The Board placed on record appreciation
of his service to the Company during his tenure of directorship.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
(Amendment) Act, 2000, with respect to Directors' responsibility
statement, it is hereby confirmed:
1. that in the preparation of the accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the Company for the period under review;
3. that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. that the Directors have prepared the accounts for the financial
year ended 31st March, 2012 on a going concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
PARTICULARS UNDER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956
Conservation of Energy
The Operations of the Company do not consume high levels of energy.
Adequate measures have been taken to conserve energy everywhere. Your
Company uses latest technology and energy efficient equipments. As
energy cost forms a very small part of the total costs, the impact on
cost is not material.
Technology Absorption, Adaptation and Innovation
Your Company is in an Industry, which demands absorption of emerging
technologies and trends so as to cater to the needs of its esteemed
Clients. Your Company has developed methods for absorption and
adaptation of new / emerging / developing technologies, in consonance
with the needs of its Clients and its own requirements.
Foreign Exchange Earnings and Outgo
The Earnings in Foreign Exchange were Rs. 278.96 lacs (Previous Year Rs.
61.87 lacs) as against Expenditure incurred in Foreign Currency of Rs.
238.05 Lacs (Previous Year Rs. 936.17 lacs). Since the Company does not
own any manufacturing facilities, the other particulars under the
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
None of employees has received remuneration/salary exceeding the limit
as stated in Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975 as amended.
ACKNOWLEDGEMENTS
Your Directors hereby wish to place on record their appreciation of the
significant contribution made by each and every employee of the
Company. The Directors also thank all other stakeholders for their
support and encouragement. Your Directors look forward to your
continued support in the years to come.
For and on behalf of the Board of Directors
Place: Mumbai Chairman
Dated: 4th September, 2012
Mar 31, 2011
The Members of Aqua Logistics Limited
The Directors are pleased to present the Twellth Annual Report of the
Company along with Audited Statement of Accounts for the period ended
on 31st March, 2011.
FINANCIAL HIGHLIGHTS
Your Company's performance during the year under review is summarized
below:
(Rs. in Lacs)
Particulars For the year
ended For the year
ended
31-03-2011 31-03-2010
Sales & Other Income 38217.73 32238.42
Profit Before Depreciation, Interest and
Taxes 3661.76 3279.79
Interest and Financial Charges 725.00 516.65
Depreciation 388.37 149.03
Profit before Tax 2548.39 2614.11
Provision For Tax 375.00 473.00
Deferred Tax Liability 120.13 207.00
Adjustment for MAT -233.44 -120.00
Profit after Tax Before Prior Period
Item (NET) 2286.70 2054.12
Prior Period Items (NET) 47.70 0.00
Profit After Tax 2239.00 2054.12
Profit brought forward from Previous Year 3,799.37 1745.25
Profit carried to Balance Sheet 6038.37 3,799.37
REVIEW OF OPERATIONS
During the year, your Company has registered a quantum jump in Sales.
Income from operations is Rs. 38,087.93 lacs as compared to Rs.
32,201.21 lacs in the previous year showing increase of 18.28%. The
increase in revenue is mainly due to increase in revenue from freight
forwarding services and project logistics. This increase is mainly
attributable to the capability build-up by our company in the previous
years, addition of new clients and the capital infusion to increase our
operations.
Profit before Depreciation, Interest and Tax (PBDIT) has increased from
Rs. 3279.79 lacs for the year ended March 31, 2010 to Rs. 3661.76 lacs
showing the increase of 11.65%, mainly on account of increase in
operations. During FY 2011, your Company has recorded PBDIT of 9.58% of
the income from operations as against 10.17% during FY 2010. The
reduction in operating margin is due to increase in operating cost.
During the year, Profit after Tax (PAT) has increased from Rs. 2054.12
lacs for the FY 2010 to Rs. 2239.01 lacs in FY 2011 due to increase in
income from operations. During FY 2011 your Company recorded PAT margin
of 9% as against 6.37% for FY 2010.
The Directors of your company are hopeful of earning higher profits
margin in the next year.
BUSINESS & FUTURE OUTLOOK
Supply Chain management is a topic of importance among the logistic
managers and researchers because it is a consider with the competitive
edge. Supply chain management is a topic of importance among the
logistics and supply chain management deals with the management of
materials, information and financial fows in a net work consisting of
suppliers, manufactures, distributors and customers. As an integrated
supply chain services company, your company is providing end to end
logistics and supply chain solutions to across the various industrial
vertical. The logistics business contributes around 13% to India's GDP.
Yours company is well equipped to take benefit of the growing potential
in logistics industry and is hopeful of registering better performance
in terms of Sales & Profitability for the Year 2011-2012.
Statement persuant to Section 212(1)(e) of the Companies Act, 1956.
Particulars Aqua Logistics
HK Aqua Logistics Aqua Logistics
(M)
Private Limited (FZE) SDN.BHD
1. Financial Year of
the subsidiary 30th June, 2011 30th June, 2011 30th June, 2011
company ended on
2. Date from which it
becomes 18th March, 2010 22nd March,2010 5th March, 2010
subsidiary company
3. Country of
in-corporation Hong Kong U.A.E. Malaysia
4. No. of shares held
by the Company 55,01,000 Equity
Shares 1 Equity Share
of 18,57,200 Equity
and Face Value of HK$ 10.00
each AED 150,000
each Shares RM 1.00
each
5. Extent of interest
in subsidiary 100% 100% 100%
companies
6. Net aggregate
amount of the profits
i) Dealt with in the
company's accounts
a) For the financial
year of the Nil Nil Nil
subsidiary company
b) For the previous
financial year of
the subsidiary
company NA NA NA
ii) Not dealt with
in the company's
accounts
a) For the financial
year of the Nil Nil Nil
subsidiary company
b) For the previous
financial year of
the subsidiary
company NA NA NA
SIGNIFICANT DEVELOPMENTS
Your Company has acquired two Companies having logistics business,
namely Star Distribution Logistics Private Limited and changed its name
as Aqua Star Distribution Logistics Private Limited, Chennai based
Company and Nikkos Logistics Private Limited and changed its name as
Aqua Nikkos Logistics Private Limited Bangalore based company as group
companies.
CHANGE IN CAPITAL STRUCTURE
1. Face Value of the Equity Share of the Company was splitted from Rs.
10 to Re.1 w.e.f. 4th October, 2010
2. During the year, the Company allotted 41,12,000 Global Depository
Receipt (GDR) (on pari-passu basis) representing 9,45,76,000 Equity
Shares of Re.1/- each with each GDR representing 23 Equity Shares at
US$ 15.17 per GDR on February 10, 2011.
DIVIDENDS
In order to conserve the profits of the business of the company, to meet
the growing funding requirements, your Directors have not recommended
any dividend for the year under report.
PUBLIC DEPOSITS
Your Company has neither invited nor accepted any deposits from public,
within the meaning of section 58A of the Companies Act, 1956 and Rules
made thereunder.
AMOUNT TO BE CARRIED TO RESERVES
Since it is not proposed to declare any dividend, the entire amount of
Rs. 22,39,00,524 is proposed to be transferred to the Reserves of the
Company.
AUDITORS
M/s. Anil Nair & Associates, Chartered Accountants, Chennai, the
Statutory Auditors of the Company, retires at the conclusion of this
Annual General Meeting. They have furnished a certificate stating that
their appointment if made will be within the limits laid down u/s 224
(1B) of the Companies Act, 1956. The Board recommends re-appointment of
M/s. Anil Nair & Associates as Statutory Auditors of the Company for
the current financial year and to fix their remuneration.
AUDITORS' REPORT
The notes to the Annual Accounts of the Company, referred to in the
Auditor's Report are self à explanatory and do not require any
clarification from the Board.
DIRECTORS
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Mr. B.S.Radhakrishnan is liable to retire
by rotation at the ensuing Annual General Meeting of the Company and
being eligible, have offered himself for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
(Amendment) Act, 2000, with respect to Directors' responsibility
statement, it is hereby confrmed:
1. that in the preparation of the accounts for the financial year ended
31st March, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the Company for the period under review;
3. that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. that the Directors have prepared the accounts for the financial year
ended 31st March, 2011 on a going concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
PARTICULARS UNDER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956
Conservation of Energy
The Operations of the Company do not consume high levels of energy.
Adequate measures have been taken to conserve energy everywhere. Your
Company uses latest technology and energy efficient equipments. As
energy cost forms a very small part of the total costs, the impact on
cost is not material.
Technology Absorption, Adaptation and Innovation
Your Company is in an Industry, which demands absorption of emerging
technologies and trends so as to cater to the needs of its esteemed
Clients. Your Company has developed methods for absorption and
adaptation of new / emerging / developing technologies, in consonance
with the needs of its Clients and its own requirements.
Foreign Exchange Earnings and Outgo
The Earnings in Foreign Exchange were Rs. 25,165.23 lacs (Previous Year
Rs. 19,483.62 lacs) as against Expenditure incurred in Foreign Currency
of Rs. 23064.68 (Previous Year Rs. 18,806.57 lacs). Since the Company
does not own any manufacturing facilities, the other particulars under
the Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975 as
amended, the Company did not have employee whose salary exceed Rs.
5,00,000 per month or was in excess of Rs. 60,00,000 per annum and
therefore, no details are given as required u/s 217 (2A) of the
Companies Act, 1956. Details of Remuneration paid to Directors are
covered under Notes to Accounts.
ACKNOWLEDGEMENTS
Your Directors hereby wish to place on record their appreciation of the
significant contribution made by each and every employee of the Company.
The Directors also thank all other stakeholders for their support and
encouragement. Your Directors look forward to your continued support in
the years to come.
For and on behalf of the Board of Directors
Place: Mumbai Chairman
Dated: 23rd August, 2011
Mar 31, 2010
The Directors are pleased to present the Eleventh Annual Report of the
Company along with Audited Statement of Accounts for the period ended
on 31st March, 2010.
FINANCIAL HIGHLIGHTS
Your Companys performance during the year under review is summarized
below:
(Rs.in Lakhs)
Particulars For the year ended For the year ended
31-03-2010 31-03-2009
Sales & Other Income 32238.42 21405.24
Profit Before Depreciation,
Interest and Taxes 3279.79 2300.04
Interest and Financial Charges 516.64 474.72
Depreciation 149.03 113.92
Profit before Tax 2614.12 1711.40
Provision For Tax 473.00 320.14
Deferred Tax Liability 207.00 233.75
Fringe Benefit Tax 0.00 42.61
Adjustment for MAT (120.00) 0.00
Profit after Tax 2054.12 1114.90
Profit brought forward from Previous Year 1745.25 630.35
Profit carried to Balance Sheet 3799.37 1745.25
REVIEW OF OPERATIONS
During the year, your Company has registered a quantum jump both in
Sales and Profit. Income from operations isRs. 32,201.21 Lakhs as
compared to Rs. 21,340.05 Lakhs during the FY 2009 showing increase of
50.90%. The increase in revenue is mainly due to increase in revenue
from freight forwarding services and project logistics. This increase
is mainly attributable to the capability build-up by your company in
the previous years, addition of new clients and the capital infusion to
increase operations.
Profit before Depreciation, Interest and Tax (PBDIT) has increased from
Rs. 2,300.04 Lakhs for the year ended March 31, 2009 to Rs. 3279.79
Lakhs showing the increase of 42.60%, mainly on account of increase in
operations. During FY 2010, your Company has recorded PBDIT of 10.17%
of the income from operations as against 10.75% during FY 2009. The
reduction in operating margin is due to increase in operating cost.
During the year, Profit after Tax (PAT) increased from Rs. 1,114.90
Lakhs for the FY 2009 to Rs. 2054.12 Lakhs in FY 2010 due to increase
in income from operations. During FY 2010, your Company recorded PAT
margin of 6.37% as against 5.21% for FY 2009.
The Directors of your company are hopeful of earning higher profits
margin in the next year.
BUSINESS & FUTURE OUTLOOK
As an integrated supply chain services company your company is
providing end to end logistics and supply chain solutions across
various industry vertical. The Indian Logistics Industry is at growing
path with Indias gross domestic product (GDP) growing at over 8.60%
per year and also the manufacturing sector. The logistics industry in
India is expected to reach a market size of over USD 125 Billion in
year 2010 due to growth in infrastructure, organized retail and agri
processing industry.
Your company is well equipped to take benefit of the growing potential
in logistics industry and is hopeful of registering better performance
in terms of Sales & Profitability for the Year 2010-11.
INCORPORATION OF SUBSIDIARY COMPANIES
During the year, Aqua Logistics HK Pvt. Ltd was incorporated in Hong
Kong and Aqua Logistics, FZE was incorporated in Sharjah, U.A.E. as
wholly-owned subsidiary Companies.
RECONGNITIONS
We have been certified ISO 9001:2000 for Quality Management System by
Zenith Quality Assessors, the Certification Body.
ISSUE OF SECURITIES OF THE COMPANY
During the year, your Company had made an Initial Public Offer (IPO) of
Rs. 15,000 Lakhs. The Company allotted 69,16,225 Equity Shares of Rs.
10/- each at a price of Rs. 220 per Equity Share (including a premium
of Rs. 210 per equity share) for Non Institutional and QIB Bidders and
Rs. 215 per Equity Share (including a premium of Rs. 205 per equity
share) for Retail Individual Bidders . The Equity Shares of the Company
were listed on Bombay Stock Exchange and National Stock Exchange on
February 23, 2010.
DIVIDENDS
In order to conserve the profits of the business of the company, to
meet the growing funding requirements, your Directors have not
recommended any dividend for the year under report.
PUBLIC DEPOSITS
Your Company has neither invited nor accepted any deposits from public,
within the meaning of section 58A of the Companies Act, 1956 and Rules
made thereunder.
AMOUNT TO BE CARRIED TO RESERVES
Since it is not proposed to declare any dividend, the entire amount of
Rs. 20,54,11,752 is proposed to be transferred to the Reserves of the
Company.
AUDITORS
M/s. Anil Nair & Associates, Chartered Accountants, Chennai, the
Statutory Auditors of the Company, retires at the conclusion of this
Annual General Meeting. They have furnished a certificate stating that
their appointment if made will be within the limits laid down u/s 224
(1B) of the Companies Act, 1956. The Board recommends re-appointment of
M/s. Anil Nair & Associates as Statutory Auditors of the Company for
the current financial year and to fix their remuneration.
AUDITORS REPORT
The notes to the Annual Accounts of the Company, referred to in the
Auditors Report are self - explanatory and do not require any
clarification from the Board.
DIRECTORS
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Mr. Ravi Sharma is liable to retire by
rotation at the ensuring Annual General Meeting of the Company and
being eligible, have offered himself for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
(Amendment) Act, 2000, with respect to Directors responsibility
statement, it is hereby confirmed:
1. that in the preparation of the accounts for the financial year
ended 31st March, 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. that the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the Company for the period under review;
3. that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. that the Directors have prepared the accounts for the financial
year ended 31st March, 2010 on a going concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
PARTICULARS UNDER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956
Conservation of Energy
The Operations of the Company do not consume high levels of energy.
Adequate measures have been taken to conserve energy everywhere. Your
Company uses latest technology and energy efficient equipments. As
energy cost forms a very small part of the total costs, the impact on
cost is not material.
Technology Absorption, Adaptation and Innovation
Your Company is in an Industry, which demands absorption of emerging
technologies and trends so as to cater to the needs of its esteemed
Clients. Your Company has developed methods for absorption and
adaptation of new / emerging / developing technologies, in consonance
with the needs of its Clients and its own requirements.
Foreign Exchange Earnings and Outgo
The Earnings in Foreign Exchange were Rs. 19,483.62 Lakhs (Previous
Year Rs. 4526.03 Lakhs) as against Expenditure incurred in Foreign
Currency of Rs. 18,806.57 (Previous Year Rs. 5,637.51 Lakhs). Since the
Company does not own any manufacturing facilities, the other
particulars under the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975 as
amended, the Company did not have employee whose salary exceed Rs.
2,00,000 per month or was in excess of Rs. 24,00,000 per annum and
therefore, no details are given as required u/s 217 (2A) of the
Companies Act, 1956. Details of Remuneration paid to Directors are
covered under Notes to Accounts.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record their gratitude
for the valuable support and cooperation extended during the year by
the Government of India, Governments of various countries, the
concerned State Governments and other Government Departments and
Agencies, the Stakeholders, Business Associates including Bankers,
Financial Institutions, Vendors and Service Providers.
Your Board also wishes to place on record their appreciation for the
dedication and commitment shown by the employees at all levels who have
contributed to the success of your Company.
For and on behalf of the Board of Directors
Place: Mumbai Chairman
Dated: August 7, 2010
Mar 31, 2009
The Directors take pleasure in presenting the Tenth Annual Report of
the Company together with Audited Statement of Accounts for the period
ended on 31st March, 2009.
FINANCIAL HIGHLIGHTS
Your Companys performance during the year under review is summarized
below:
(Rs. in Lacs)
For the year For the year
ended ended
Particulars 31-03-2009 31-03-2008
Sales & Other Income 21405.24 10913.57
Profit Before Depreciation,
Interest and Taxes 2300.04 1318.58
Interest and Financial Charges 474.71 382.44
Depreciation 113.92 56.53
Profit before Tax 1711.40 879.62
Provision For Tax 320.14 221.64
Deferred Tex Liability 233.75 64.51
Fringe Benefit Tax 42.61 32.00
Profit after Tax 1114.90 561.47
Profit brought forward from
Previous Year 630.35 268.88
Profit carried to Balance Sheet 1745.25 830.35
REVIEW OF OPERATIONS
During the year, your Company has registered a quantum jump both in
Sales and Profit. Income from operations is Rs. 21,340.05 lacs as
compared to Rs. 10898.54 lacs during the FY 2008 showing increase of
95.81%. The increase in revenue is mainly due to increase in revenue
from freight forwarding services and project logistics. This increase
is mainly attributable to the capability build-up by our company in the
previous years, addition of new clients and the capital infusion to
increase our operations.
Profit before Depreciation, Interest and Tax (PBDIT) has increased from
Rs. 1,318.58 lacs for the year ended March 31, 2008 to Rs. 2,300.04
lacs showing the increase of 74.43%, mainly on account of increase in
operations. During FY 2009, your Company has recorded PBDIT of 10.78%
of the income from operations as against 12.10% during FY 2008. The
reduction in operating margin is due to increase in operating cost.
During the year, Profit after Tax (PAT) has increased from Rs. 562.76
lacs for the FY 2008 to Rs. 1,114.90 lacs, in FY 2009 due to increase
in income from operations. During FY 2009, your Company recorded PAT
margin of 5.21% as against 5.16% for FY 2008.
The directors of your company are hopeful of earning higher profits
margin in the next year.
BUSINESS 8 FUTURE OUTLOOK
As an integrated supply chain services company your company is
providing end to end logistics and supply chain solutions to across the
various industrial vertical. The Indian Logistics Industry is at
growing path with Indias gross domestic profit (GDP) growing at over
8% per year and also the manufacturing sector. The logistics industry
in India is expected to reach a market size of over USD 125 Billion in
year 2010 due to growth in infrastructure, organized retail and agri
processing industry.
Your company in well equipped to take benefit of the growing potential
in logistics industry and is hopeful of registering better performance
in terms of Sales & Profitability for the Year 2009-10.
SIGNIFICANT INITIATIVES
There is no significant initiative undertaken by your Company during
the year.
ISSUE OF SECURITIES OF THE COMPANY
During the year your Company issued 1,00,000 Equity shares of FV Rs. 10
to HT Media at a premium of Rs. 490 per share. Also, 13,60,000
additional Equity shares were issued during the year at par, to
employees within the group and to promoter group and others.
DIVIDENDS
In order to conserve the profits of the business of the company, to
meet the growing funding requirements, your Directors have not
recommended any dividend for the year under report.
PUBLIC DEPOSITS
Your Company has neither invited nor accepted any deposits from public,
within the meaning of section 58A of the Companies Act, 1956 and Rules
made thereunder.
AMOUNT TO BE CARRIED TO RESERVES
Since it is not proposed to declare any dividend, the entire amount of
Rs. 11,14,90,422 is proposed to be transferred to the Reserves of the
Company.
AUDITORS
M/s. Anil Nair & Associates, Chartered Accountants, Chennai, the
Statutory Auditors of the Company, retires at :he conclusion of this
Annual General Meeting. They have furnished a certificate stating that
their appointment if made will be within the limits laid down u/s 224
(1B) of the Companies Act, 1956. The Board recommends re-appointment of
M/s. Anil Nair & Associates as Statutory Auditors of the Company for
the current financial year and to fix their remuneration.
AUDITORS REPORT
The notes to the Annual Accounts of the Company, referred to in the
Auditors Report are self - explanatory and do not require any
clarification from the Board.
DIRECTORS
In accordance with the provisions of Section 260 of the Companies Act,
1956, Mr. B. S. Radhakrishnan and Mr. Ravi Sharma were co-opted as
Additional Directors of the Company w.e.f. March 5, 2009 and Mr. V. S.
Narayanan was opted as Additional Director of the Company w.e.f. May 4,
2009. The Company has received notices under Section 257 of the
Companies Act, 1956, proposing the candidature of Mr. B. S.
Radhakrishnan, Mr. Ravi Sharma Mr. V. S. Narayanan, as directors of
the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
(Amendment) Act, 2000, with respect to Directors responsibility
statement, it is hereby confirmed:
1. that in the preparation of the accounts for the financial year
ended 31st March, 2009, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. that the direclors have selected such accounting policies and
applied them consistently and made jucgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the Company for the period under review;
3. that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. that the Directors have prepared the accounts for the financial
year ended 31s1 March, 2009 on a going concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
PARTICULARS UNDER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956
Conversion of Energy
The Operations of the Company do not consume high levels of energy.
Adequate measures have been taken to conserve energy everywhere. Your
Company uses latest technology and energy efficient equipments. As
energy cost forms a very small part of the total costs, the impact on
cost is not material.
Technology Absorption, Adaptation and Innovation
Your Company is in an Industry, which demands absorption of emerging
technologies and trends so as to cater to the needs of its esteemed
Clients. Your Company has developed methods for absorption and
adaptation of new / emerging / developing technologies, in consonance
with the needs of its Clients and its own requirements.
Foreign Exchange Earnings and Outgo
The Earnings in Foreign Exchange were Rs. 4,526.03 lacs (Previous Year
Rs.934.04 lacs) as against Expenditure incurred in Foreign Currency of
Rs. 5,637.51 (Previous Year Rs. 1106.03 lacs). Since the Company does
not own any manufacturing facilities, the other particulars under the
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 are not applicable.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975 as
amended, the names and other particulars of employees are to set out in
Annexure to the Directors report.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record their gratitude
for the valuable support and cooperation extended during the year by
the Government of India, Governments of various countries, the
concerned State Governments and other Government Departments and
Agencies, the Stakeholders, Business Associates including Bankers,
Financial Institutions, Vendors and Service Providers.
Your Board also wishes to place on record their appreciation for the
dedication and commitment shown by the employees at all levels who have
contributed to the success of your Company.
For and on behalf of the Board of Directors
Chairman
Place: Mumbai
Dated: 30th July, 2009