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Containerway International Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 4.49 Cr. P/BV -11.95 Book Value (Rs.) -1.15
52 Week High/Low (Rs.) 15/14 FV/ML 10/1 P/E(X) 0.00
Bookclosure 29/09/2018 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :1996-03 
Your Directors have the pleasure of presenting the twelfth Annual Report together with the audited accounts for the year ended 31st March 1996.

FINANCIAL RESULTS

------------------------------------------------------------
                                 For the year   For the year
                                        ended          ended
                                      31.3.96        31.3.95
                                (Rs. in lacs)  (Rs. in lacs)
------------------------------------------------------------
Total Income                        3569.63        1354.79
Profit before Interest and 
Depreciation                         177.05         100.22
Interest                              43.35          27.69
Profit before depreciation           133.70          72.53
Depreciation                          57.60          30.40
                                    -------        -------
Profit before tax                     76.10          42.13
Provision for Taxation                 5.50          15.64
                                    -------        -------
Profit after Tax                      70.60          26.49
Surplus from earlier years brought 
forward                               19.32          54.23
Prior period Adjustments (Debit)       8.14              -
                                     ------          -----
Net Surplus available for 
Appropriation                         81.78          80.72
Transfer to capital account by way of
Capitalization of Reserves                -          50.00
Transfer to General Reserves          20.00              -
Carried over to next year             26.72          19.32
                                      -----          -----
Net Available for Distribution as 
Dividend                              35.06          11.40
                                      -----          -----
DIVIDEND

While your Company has a large requirement of funds to finance its growth in the fast track, your Directors feel that short term interests of members must also be taken care of because of not so buoyant Capital market.

Your Directors thus recommend a dividend of 15% on the paid-up equity of the Company subject to the deduction of tax at source wherever applicable. If approved at the forthcoming AGM, dividend will be paid to those shareholders whose names appear in the Register of Members as on 16th September, 1996. The dividend will be paid pro-rata in respect of capital added during the year.

OPERATIONS

Your Company recorded a significant increase in all its business segments. The turnover has increased from Rs.13,54 crores to Rs. 35.69 crores. However, the growth in the turnover was largely in segments of business where contribution is only marginal.

BUSINESS PROSPECTS

Continued economic liberalisation and opening up of the Indian economy is being encouraged by the present govern- ment. Exports are being encouraged as a result of which the international freight logistics industry has a bright future.

The funds raised by the Company through its maiden public issue in July 1995 have been utilized to increase the fleet strength by 36 vehicles, upgrade offices, communication and systems. The Company has also opened its first repre- sentative office at New York (USA).

The strength of the Company lies in its fully integrated freight operations. Prospects for the haulage division continue to be buoyant and revenue should increase considerably because of increased demand. The International Freight For warding Division has achieved large volumes. In the year ahead, after a period of consolidation, prospects are bright as the Company has created a niche market particularly to the CIS countries and Moscow.

As a measure of future Integration of activities, the Company has obtained approval from the Reserve Bank of India to lease three hundred 20 foot-containers and a hundred 40 foot containers of value approximately USD 1.10 million equivalent to Rs. 385.00 lacs for the Non Vessel Operating Container Carrier (NVOCC) Division . This division is being headquartered in Madras and the containers will be traded mainly to CIS destinations, Gulf, Sri Lanka and Singapore. The prospects for this division are encouraging. This division will start operating in the first half of October, 1996. This particular activity is beyond the scope originally envisaged in the project pertaining to the public issue. This particular activity being a business authorised under Sub-clause 27 under part C of the Clause III of the Memorandum of Association of your Company, relating, to the business objectives authorised to be carried on by your Company needs to be approved by the members by way of a Special Resolution which is being placed for the consideration of the mem- bers at the ensuing Annual General Meeting.

Your Company as a matter of routine strengthening of the base, is in the process of making substantial addition to the fleet during the current financial year as well as disposing off old vehicles which are difficult to maintain. This way the fleet of the Company will be young and of good asset value.

CORPORATE STRATEGY

The Company being in the service industry must employ committed and motivated Personnel keeping our client's interest of paramount importance. The Company has built up and placed key personnel at strategic locations to ensure that Containerway International Limited becomes the leading integrated professional international logistic firm. Having met with success, in setting up a representative office in New York the Company is now hoping to position representa- tives at London, Moscow and Almaty (Kazakhstan).

SHARE CAPITAL

Your Company offered 9,97,500 equity shares of Rs 10/- each at a premium of Rs 5/- aggregating to Rs. 149.63 lacs through prospectus dated 29th May 1995 for public subscription. The said public issue was well received by the investing public which is evident from the fact that the issue was oversubscribed over two times. These shares were allotted on 19th September 1995 in accordance with the basis of allotment as approved by the Stock Exchange at Calcutta in consultation with the representative of the Securities Exchange Board of India.

FIXED DEPOSITS

Your Company has not accepted any fixed deposits from the public during the period under review.

INFORMATION UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Your Company has no activity relating to conservation of energy and technological absorption.

The company has incurred foreign exchange expenses on insurance amounting to Rs. 5.11 lacs (Pound Sterling 9385.50) and business travel abroad amounting to Rs. 8.95 lacs (US$26132.77).

SUBSIDIARY

Your Company has one wholly owned subsidiary namely Pracht Forwarding and Travels Pvt. Ltd. which is engaged in the business of clearing and forwarding. Details as required to be furnished in accordance with the requirement under Section 212 of The Companies Act, 1956 is annexed to the statement of accounts under review.

STATEMENT UNDER CLAUSE 43 OF THE LISTING AGREEMENT

Performance of the Corn an vis-a-vis projection made in the public issue prospectus dated 29th May 1995.

-------------------------------------------------------------- Utilisation of Projected Actual Variation Variation % Funds: --------------------------------------------------------------- Vehicles Purchase 300 318.36 -18.36 -6.12 Setting up of offices (Note No.1) 139 47.25 91.75 66.01 Communication & systems (Note No. 2) 50 41.71 8.29 16.58 Share Issue Expenses 25 18.30 6.70 26.80 ---------------------------------------------------------------

Notes

1. The variation is due to the fact that business generated with current infrastructure was encouraging. Overseas arrangements have started and the need for investing in overseas offices is not felt necessary for the time being.

2. By engaging a good software consultant, the expenses on hardware and software have resulted in a positive variance.

------------------------------------------------------------ Profitability: Projected Actual Variation Variation % -------------------------------------------------------------- Turnover (Note No. 3) 1764.50 3569.00 1804.50 102.27 Net Profit (Note No. 4) 119.00 70.60 -48.40 -40.67 -------------------------------------------------------------

Notes

3. The turnover includes freight revenue. Additionally the increase in turnover was largely in segment of business where contribution is only marginal.

4. While the projected profitability was for the full year of expanded operation, postponement of public issue by six months affected the profits.


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