TIDMMPL
RNS Number : 3526Q
Mercantile Ports & Logistics Ltd
27 October 2021
27 October 2021
Mercantile Ports & Logistics Limited
("MPL", the "Group" or the "Company")
Interim Results
Mercantile Ports & Logistics (AIM: MPL), which is operating
and continuing to develop a modern port and logistics facility in
Navi Mumbai, Maharashtra, India, announces its interim results for
the period ended 30 June 2021.
Summary of key points during and post period :
-- The Group successfully restructured the term loan with following key highlights.
Rate of interest reduced from 13.45% to 9.5%
Principal repayment start date shifted from October 2020 to
October 2022.
Moratorium on interest payments until February 2022
-- Strong balance sheet with total assets of GBP148 million
(June 2020: GBP168 million), a debt to equity ratio of 0.47 (June
2020: 0.38) and cash of GBP1.68 million at 30 June 2021 (June 2020:
GBP 7.80 million).
-- Group revenue of GBP0.85 million (June 2020: GBP0.16 million) .
-- Loss for the 30 June 2021 GBP 3.40 million (June 2020: GBP2.6 million)
-- Net asset value as at 30 June 2021 GBP 91.25 million (June 2020: GBP108.63 million)
-- New contract signed with Saurashtra Cements limited and with
Esquire Shipping & Trading Private Limited.
Jeremy Warner Allen, Executive Chairman of MPL , stated 2020 saw
the coronavirus COVID-19 pandemic as a defining global health
crisis and perhaps the greatest challenge the world has faced since
World War II. Despite this, progress at our Karanja facility
continued as the management team strived to support the existing
clients, including the Tata Projects and Daewoo Engineering Joint
Venture (the "JV"). In the first half of 2021, the Company has
signed new contracts with Saurashtra Cements Limited and with
Esquire shipping & Trading Private Limited. We are also busy
with negotiations with other prospective customers which are
expected to boost the top line of the Group.
Jay Mehta, CEO of MPL stated, "These financial results show an
all-round performance aligned to a clearer business strategy. The
Group is expecting further strong operational and financial
performance in H2 2021, which is extremely pleasing and does, I
believe, show that our strategy is working.
Enquiries:
Mercantile Ports & Logistics Jay Mehta
Limited
C/O Newgate Communications
+44 (0)203 757 6880
Cenkos Securities plc Stephen Keys
(Nomad and Broker) +44 (0)207 397 8900
Newgate Communications Isabelle Smurfit
(Financial PR) +44 (0)203 757 6880
mpl@newgatecomms.com
Chairman's Statement
Against the backdrop of a serious wave of Covid-19 in India, and
in particular Maharashtra earlier this year, MPL has continued to
navigate difficult issues well in these challenging times. In the
First Half of 2021, the Company managed to restructure its
corporate debt amongst the consortium of Indian Banks. The fact
that the Company successfully negotiated down its interest payments
by approximately 400 bps is a significant development and shows the
growing confidence that our banking partners have with regards to
the development and operation of our business on the ground. In
addition to the interest rate reduction, the Company took advantage
of Covid-19 related mitigation relief packages sanctioned by the
Government of India to defer interest payments and defer principal
payment of the loan till October 2022. The goal of the Company
continues to be to further strengthen its capital structure by
refinancing its entire debt at a lower interest rate.
Despite there being a mandatory lockdown in the first half of
the year, MPL managed to build a strong pipeline with end users of
its facility and signed two long term contracts to handle 6-7
million tons of bulk cargo over the next three years. Our contract
with Daewoo Tata Joint Venture, which was signed in 2019, continues
to progress well and we have also increased the personnel in the
business development team with representatives from Hunch Venture
playing an integral role in helping us attract new customers.
While there is always a threat of another potential Covid-19
wave to hit India, the fact that over a billion doses of vaccine
have been administered, gives a hopeful sense that the worst may be
behind us now. The current economic backdrop is of the economy
growing strongly across all sectors especially in solving the
logistics log jam across the country. We believe that our business
on the ground will continue to play a role in decongesting and
improving the logistical outcomes in the most important and vibrant
trading center in the country. I, along with the rest of the board,
am excited about the future opportunities for MPL India.
MPL's management team continues to work with existing and
potential customers in order to fully utilize our available
capacity at Karanja Port.
Since the period end, MPL was pleased to secure GBP10.1 million
by way of a placing with new and existing shareholders which will
aid the development of MPL's business.
On behalf of the Board, I should like to thank our employees and
management for their continued support and commitment to the
Company in very difficult circumstances caused by the pandemic.
Jeremy Warner Allan, Chairman
Mercantile Ports & Logistics Limited __ October 2021
Note
6 months 6 months Year to
to to 31 Dec
30 June 30 June 2020
2021 2020
GBP000 GBP000 GBP000
CONTINUING OPERATIONS
Revenue 850 155 745
Operating costs (84) (58) (48)
Administrative expenses (2,171) (2,046) (4,944)
-------------- ------------------- --------------
OPERATING LOSS (1,405) (1,949) (4,247)
Finance income 29 44 104
( 1,976
Finance cost (2,031) (695) )
-------------- ------------------- --------------
NET FINANCING COST (2,002) (651) (1,872)
LOSS BEFORE TAX (3,407) (2,600) (6,119)
Tax expense for the period - - (456)
-------------- ------------------- --------------
LOSS FOR THE PERIOD (3,407) (2,600) (6,575)
Loss for the period attributable
to:
Non-controlling interest (7) (5) (11)
Owners of the parent (3,400) (2,595) (6,564)
-------------- ------------------- --------------
Loss for the period / year (3,407) (2,600) (6,575)
============== =================== ==============
Other comprehensive income/(expense)
Items that will not be reclassified
to profit or loss
Re-measurement of net defined
benefit liability - - (4)
Items that may be reclassified
to profit or loss
Exchange differences on translating
foreign operations 5 (3,018) 774 (6,161)
-------------- ------------------- --------------
Other comprehensive loss for the
period / year (3,018) 774 (6,165)
-------------- ------------------- --------------
Total comprehensive loss for the
period / year (6,425) (1,826) (12,740)
============== =================== ==============
Total comprehensive loss for the
period / year attributable to:
Non-controlling interest (7) (5) (11)
Owners of the parent (6,418) (1,821) (12,729)
-------------- ------------------- --------------
(6,425) (1,826) (12,740)
============== =================== ==============
Loss per share (consolidated):
Basic & Diluted, for the period
attributable to ordinary equity
holders ( GBP 0.002p) ( GBP 0.001p) ( GBP 0.003p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2021
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Note Period Period Year ended
ended ended 31 Dec
30 June 30 June 2020
2021 2020 (restated*)
GBP000 GBP000 GBP000
Assets
Property, plant and equipment 8 129,145 139,022 131,343
Intangible asset 4 4 4
--------- ------------------ -----------
Total non-current assets 129,149 139,026 131,347
--------- ------------------ -----------
Trade and other receivables 17,605 20,694 18,771
Cash and cash equivalents 1,679 7,796 3,895
--------- ------------------ -----------
Total current assets 19,284 28,490 22,666
Total assets 148,433 167,516 154,013
========= ================== ===========
Liabilities
Non-current
Employee benefit obligations 7 4 7
Borrowings 7 42,306 37,943 34,729
Lease liabilities payables 1,580 2,691 1,716
Non-current liabilities 43,893 40,638 36,452
--------- ------------------ -----------
Current
Employee benefit obligations 330 159 224
Borrowings 7 447 3,753 4,074
Current tax liabilities 403 202 384
Leases Liabilities payable 767 739 694
Trade and other payables 11,345 13,397 14,512
--------- ------------------ -----------
Current liabilities 13,292 18,250 19,888
--------- ------------------ -----------
Total liabilities 57,185 58,888 56,340
--------- ------------------ -----------
Net assets 91,248 108,628 97,673
========= ================== ===========
Equity
Share capital and share
premium 134,627 134,627 134,627
Retained earnings (13,794) (6,421) (10,394)
Translation reserve (29,582) (19,588) (26,564)
--------- ------------------ -----------
Equity attributable to
owners of parent 91,251 108,618 97,669
--------- ------------------ -----------
Non-controlling interest (3) 10 4
--------- ------------------ -----------
Total equity and liabilities 91,248 108,628 97,673
================ ================== =============
(*) Refer to note 9 for full details of the restatement of
position at 30 June 2020
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 JUNE 2021
Note 6 months 6 months Year to
to to 31 Dec 2020
30 June 30 June
2021 2020
GBP000 GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax for the period / year (3,407) (2,600) (6,119)
Non cash flow adjustments 6 3,020 1,466 2,020
--------- --------- -------------
Net cash generated/used from operating
activities (387) (1,134) (4,099)
--------- --------- -------------
Net changes in working capital 6 (489) 445 1,661
--------- --------- -------------
Net cash from operating activities (876) (689) (2,438)
--------- --------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (1,082) (7,717) (8,390)
Finance income 11 39 73
--------- --------- -------------
Net cash used in investing activities (1,071) (7,678) (8,317)
--------- --------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowing (net) 992 1,464 2,678
Repayment of bank borrowing principal (640) - -
Interest paid on borrowing (522) - (1,520)
Repayment of leasing liabilities principal
(net) (53) (3) (845)
Interest payment on leasing liabilities (24) (107) (188)
--------- --------- -------------
Net cash (used in) / generated from
financing activities (247) 1,354 125
--------- --------- -------------
Net change in cash and cash equivalents (2,194) (7,013) (10,630)
Cash and cash equivalents, beginning
of the period 3,895 14,823 14,823
Exchange differences on cash and cash
equivalents (22) (14) (298)
--------- --------- -------------
Cash and cash equivalents, end of
the period 1,679 7,796 3,895
========= ========= =============
Note :
1) The adjustments and working capital movements have been
combined in the above Statement of Cash Flows.
Consolid ated St atement of Changes in Equity
for the PERIOD ended 30 JUNE 2021
Stated Translation Retained Other Non- controlling Total
Capital Reserve Earnings Components Interest Equity
of equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------- ------------ ---------- ------------ -----------------
Balance at
1 January 2020 (restated) 134,627 (20,403) (3,826) -- 15 110,413
Issue of share capital -- -- -- -- -- --
Transactions with
owners 134,627 (20,403) (3,826) -- 15 110,413
--------- ------------ ---------- ------------ ----------------- ---------
Loss for the period/year -- -- (6,564) -- (11) (6,575)
Foreign currency translation
differences for foreign
operations -- (6,161) -- -- -- (6,161)
Re-measurement of
net defined benefit
pension liability -- -- -- (4) -- (4)
Re-measurement of
net defined benefit
pension liability
transfer to retained
earning -- -- (4) 4 -- --
Total comprehensive
income for the year -- (6,161) (6,568) -- (11) (12,740)
--------- ------------ ---------- ------------ ----------------- ---------
Balance at
31 December 2020 134,627 (26,564) (10,394) -- 4 97,673
========= ============ ========== ============ ================= =========
Balance at
1 January 2021 134,627 (26,564) (10,394) -- 4 97,673
Issue of share capital -- -- -- -- -- --
--------- ------------ ---------- ------------ ----------------- ---------
Transactions with
owners 134,627 (26,564) (10,394) -- 4 97,673
--------- ------------ ---------- ------------ ----------------- ---------
Loss for the period -- -- (3,400) -- (7) (3,407)
Foreign currency translation
differences for foreign
operations -- (3,018) -- -- -- (3,018)
--------- ------------ ---------- ------------ ----------------- ---------
Total comprehensive
income for the period -- (3,018) (3,400) -- (7) (6,425)
--------- ------------ ---------- ------------ ----------------- ---------
Balance at
30 June 2021 134,627 (29,582) (13,794) -- (3) 91,248
========= ============ ========== ============ ================= =========
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
1. Reporting entity
Mercantile Ports & Logistics Limited (the "Company") was
incorporated in Guernsey under the Companies (Guernsey) Law 2008 on
24 August 2010. The condensed interim consolidated financial
statements of the Company for the period ended 30 June 2021
comprise the Company and its subsidiaries (together referred to as
the "Group"). The Company had been established to develop, own and
operate port and logistics facilities.
2. General information and basis of preparation
The condensed interim consolidated financial statements are for
the 6 months' period ended 30 June 2021 and are not for full year
accounts. The condensed interim consolidated financial statements
are prepared under AIM 18 guidelines. They have been prepared on
the historical cost basis. They do not include all of the
information required in annual financial statements in accordance
with International Financial Reporting Standards ("IFRS") as issued
by EU. The condensed interim consolidated financial statements are
un-audited.
The condensed interim consolidated financial statements are
presented in Great British Pounds Sterling (GBP), which is the
functional currency of the parent company. The preparation of the
condensed interim consolidated financial statements requires
management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates.
In preparing these, condensed interim consolidated financial
statements, the significant judgments made by management applying
the Group's accounting policies and the key sources of estimation
uncertainty are the same as those applied in the annual IFRS
financial statements. "The Company is confident of its ability to
raise further funds to meet cost overruns, project enhancements or
working capital requirements. The Company's financing effort to
date is considered sufficient to enable the Company to fund all
aspects of its operations. As a result, the condensed interim
consolidated financial statements have been prepared on a going
concern basis."
The condensed interim consolidated financial statements have
been approved for issue by the Board of Directors on 26(th)
October, 2021.
3. Significant accounting policies
The interim financial statements have been prepared in
accordance with the accounting policies adopted in the Group's last
annual financial statements for the year ended 31 December 2020.
The accounting policies have been applied consistently throughout
the Group for the purposes of preparation of these interim
financial statements.
New standards, amendments and interpretations to existing
standards effective from January 1, 2021
There are no accounting pronouncements, which have become
effective from 1 January 2021 that have a significant impact on the
Group's interim condensed consolidated financial statements.
4. Going Concern
The Board assessed the Group's ability to operate as a going
concern for the next 12 months from the date of signing the
financial statements, based on a financial model which was prepared
as part of approving the 2021 budget.
The Directors considered the cash forecasts prepared for the 18
month period ending 31 December 2022 (which includes the potential
impact of COVID-19), together with certain assumptions for revenue
and costs, to satisfy themselves of the appropriateness of the
going concern basis used in preparing the financial statements.
Regarding financing, the Group had capital GBP3.89 million made
up of a cash balance of GBP3.89m as at 30 June 2021 and fundraise
proceed of GBP9.00 million (net of fundraise cost) in 1(st) week of
September 2021. During the period the Company has successfully done
One Time Restructuring (OTR) and as per revised OTR terms Company
was to start repayment of the principal amount of term loan from
October 2022 onwards. The directors believe that the debt providers
will continue to support the Group thereafter which is evident from
interim support received in first half of 2021 by way of INR 10
crores (GBP0.63 million) GECL facility.
The Directors also took account of the principal risks and
uncertainties facing the business referred to above, a sensitivity
analysis on the key revenue growth assumption and the effectiveness
of available mitigating actions.
The uncertainty as to the future impact on the Group of the
recent Covid-19 outbreak has subsequently been considered as part
of the Group's adoption of the going concern basis. In the downside
scenario analysis performed, the Directors have considered the
impact of the Covid-19 outbreak on the Group's trading and cash
flow forecasts. In preparing this analysis, the Directors assumed
that the lockdown effects of the Covid-19 virus would peak in India
around the end of June 2021 and trading will normalize over the
subsequent few months, albeit attaining substantially lower levels
of revenue than budgeted, for at least the rest of the current
financial year.
A range of mitigating actions within the control of management
were assumed, including reductions in the Directors and all staff
salary by 35% until the end of the year, a reduction in all
non-essential services.
5 . Comprehensive income
The comprehensive loss for the period is calculated after
debiting a loss of GBP 3.02 million, which arises on the
retranslation of foreign operations to Great British Pounds
Sterling (GBP), which is the functional currency of the Company.
(INR/GBP exchange rate at 30 June 2021 of 102.95, 31 December 2020:
99.60 and 30 June 2020: 92.69 were used).
6. Cash flow adjustments and changes in working capital
The following non-cash flow adjustments and adjustments for
changes in working capital have been made to profit before tax to
arrive at operating cash flow:
Period ended Period ended Year ended
30 Jun 2021 30 Jun 2020 31 Dec 2020
GBP000 GBP000 GBP000
Adjustments and changes in working
capital
Depreciation 1,081 801 1,777
Finance income (12) (39) (74)
Unrealized exchange (loss)/gain (8) 13 13
Finance cost 1,956 691 321
Gain on cancellation of lease - - (34)
Re-measurement of net defined
benefit liability - - (4)
Provision for Gratuity 3 - 16
Loss on sale of Car - - 5
3,020 1,466 2,020
------------- ------------- ------------
Change in trade and other payables (23) 22 994
Change in trade and other receivables (466) 423 667
(489) 445 1,661
------------- ------------- ------------
7. Loan facility
Karanja Terminal & Logistics Private Limited (KTLPL), the
Indian subsidiary was sanctioned a term loan of INR.480 crores
(GBP46 .63 million ) by 4 Indian public sector banks and the loan
agreement was executed on 28(th) February, 2014.
There h as been a One Time Restructuring (OTR) Proposal, which
was initiated by the Group seeking relief under the Covid-19
Pandemic stress on the financial position of the company. The
lenders sanctioned the proposal on 10 June 2021. The revision
consists of the following:
Particular Amount in Amount in
INR Crore GBP Million
-----------
Principal term loan 386.49 37.54
----------- -------------
Addition to term loan (Interest
Mar - 2020 to Aug - 2020) 26.51 2.58
----------- -------------
Revised term loan as per OTR sanction. 413.00 40.12
----------- -------------
Less: principal repayment for Dec
- 2020 quarter 6.52 0.63
----------- -------------
Term loan as at 30 June, 2021 406.48 39.49
----------- -------------
Add:
----------- -------------
Funded interest term loan as at
30 June, 2021 23.65 2.30
----------- -------------
GECL - working capital loan 10.00 0.96
----------- -------------
Total borrowing 440.13 42.75
----------- -------------
Current 4.6 0.45
----------- -------------
Non-current 435.53 42.30
----------- -------------
Balance as at 30 June, 2021 440.13 42.75
----------- -------------
In addition, the interest on principal term loan for the period
from January 2021 to February, 2022 (14 months) has been converted
to Funded Interest Term Loan (FITL) which sums up to INR.52.57
crore ( GBP5 .11 million).
During the year company has availed a GECL loan of INR 10 crore
( GBP0 .63 million) from a public sector bank which carries
interest @7.95% p.a.
The OTR sanctioned by the term lenders extends principal
repayment by 2 years (repayment to commence from December 2022) and
interest payment to start from March 2022. The rate of interest on
term loan is reduced from 13.45% to 9.5% and FITL carries interest
@ 10.50%.
Due to above development term loan repayment is calculated
accordingly as follow:
Repayment amount
Payment falling GBP in Million
due INR in Crore
Within 1 year 4.6 0.45
1 to 5 year's 169.72 16.49
After 5 year's 292.65 28.43
Total 466.97 45.37
============= ===============
The rate of interest will be a floating rate linked to the
Canara bank base rate (7.35%) with an additional spread of 215
basis points. The present composite rate of interest is 9.50%. The
borrowings are secured by the hypothecation of the port facility
and pledge of its shares as well as a personal guarantee by the
chairman, Nikhil Gandhi. The carrying amount of the bank borrowing
is considered a reasonable approximation of the fair value.
8. Property, plant and equipment
As at 30 June 2021, the carrying amount of facility yet to be
capitalized was GBP 81.14 million (30 June 2020: GBP 97.13 million)
and part port facility was capitalised on 01 October 2020 was GBP
13.26 million. The amount of borrowing costs capitalised during the
six months ended 30 June 2021 was GBP 0.85 million (31 December
2020: GBP3.89 million). The weighted average rate used to determine
the amount of borrowing costs during the period eligible for
capitalisation was 13.39 %, which is the effective interest rate of
the specific borrowing.
The group intends to optimize its operations on land parcel of
48 acres, proportionate cost for which has been capitalized till
date. The balance additional reclaimed land of c. 50 acres is ready
for being made available for use by future customers subject to
customized modifications including ground strength requirement,
surfacing etc.
The Group currently has excess surcharge material to the tune of
c.13 acres in possession, in case further reclamation is required
to be carried out to serve additional demand for space requirement
by customers.
9. Prior year adjustment
In prior years, the Group had provided for an income tax
liability on interest income accrued for the assessment years
2013-14 to 2017-18, which was treated as a non-taxable capital
receipt in the Income Tax Return of the respective year that was
filed with the Indian tax authorities. However, the tax department
rejected the treatment applied by the company. The Group filed an
appeal with the Income Tax Appellate Tribunal (ITAT), which
pronounced the decision in favor of the Group by its order during
2019. The ruling becoming effective in June 2020 when the taxing
authority recorded this in their systems followed this
When considering the effect of the ruling becoming effective in
2020, management has reassessed whether it was appropriate to
recognize the uncertain tax liability at 31 December 2019. In doing
so, management have concluded that the recording of the ITAT
decision by the tax authorities in June 2020 provided evidence that
confirmed that it was not probable that the income tax liability
would become payable. In making this judgement, management
concluded that until the tax authorities had updated the tax
records, which occurred in June 2020, it remained probable that an
income tax liability may have become payable. This was not
previously been taken into account prior to approving the 2019
annual report and accounts. As such, the Directors have restated
the statement of Financial Position, Statement of Comprehensive
Income and all other elements of the financial statements so
affected, to give effect to the reversal of the tax provision. This
constitutes an error in accounting treatment adopted in the prior
period financial statement and has accordingly been treated as
prior year adjustment. In doing so, the impact to the financial
statements for the prior period back to 30 December 2019 and
consequently on half-yearly reporting done as 30 June 2020,
summarized as below:
The effect on the Consolidated Statement of Financial Position
as at 31 June 2020 was as follows
Particulars Previously Restated Impact of
reported 30 June Restatement
30 June 20 30 June 20
20 GBP000 GBP000
GBP000
---------------------------------- ----------- ---------- -------------
Trade and other receivables 22,787 20,694 (2,093)
----------- ---------- -------------
Retained earnings (11,336) (6,421) 4,951
----------- ---------- -------------
Translation Reserve (19,440) (19,588) (148)
----------- ---------- -------------
Equity attributable to owners of
parent 103,851 108,618 4,767
---------------------------------- ----------- ---------- -------------
Non-controlling Interest (2) 10 12
---------------------------------- ----------- ---------- -------------
Total equity 103,849 108,628 4,779
---------------------------------- ----------- ---------- -------------
Current tax liabilities 7,074 202 (6,872)
----------- ---------- -------------
10. Event Subsequent to the reporting period.
a. The company further raised GBP10.1 million (GBP9 million
after costs) in August 2021 via subscription, share placing and
Primary Bid. Proceeds of the fund raise are expected to be utilized
for business development, servicing new and existing contracts, and
debt servicing and general working capital requirements.
b. On 13 September 2021 group has consolidated its share capital
by way of issuing 1 share for every 100 shares held.
c. Hunch Ventures has provided additional line of credit of
GBP4.5 million through KJS Concrete Private Limited, to provide
additional headroom for the Company's operations.
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