Sikka Ports & Terminals Limited Sikka PortS & terminaLS Limited 3 (Formerly reliance Ports and terminals

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  • Sikka Ports & Terminals Limited (Formerly Reliance Ports And Terminals Limited)

    Annual Report 2018-19

  • 2 Sikka PortS & terminalS limited (Formerly reliance Ports and terminals limited)

    Corporate Identity Number (CIN) of the Company: U45102GJ1997PLC031906

    Name of the Company: Sikka PortS & terminaLS Limited (Formerly reliance Ports and terminals Limited)

    Registered Office: admin Building, mtF area, Village Sikka, taluka & district - Jamnagar, Jamnagar - 361 140, Gujarat.

    Corporate Office: 3rd Floor, maker Chambers iV, 222, nariman Point, mumbai - 400 021 tel: +91 22 2278 5500, Fax: +91 22 2278 5560

    Board of Directors: Shri k. r. raja : director Shri Y. B. Prasad : director Shri natarajan t. G. : independent director Shri S. anantharaman : independent director ms. Geeta Fulwadaya : director

    Key Managerial Personnel: Shri Vishvanath indi : manager (upto 31.03.2019) Shri m. Sunder : manager (from 1.04.2019) ms. V. mohana : Company Secretary Shri Ritesh Shiyal : Chief Financial Officer

    Auditors: m/s. d t S & associates Chartered accountants, Suite# 1306-1307, Lodha Supremus, Senapati Bapat marg, Lower Parel, mumbai - 400 013.

    Registrar & Transfer Agents: karvy Fintech Private Limited karvy Selenium, tower B, Plot no. 31 & 32, Financial district, nanakramguda, Serilingampally. Hydrabad, rangareddi tG, 500 032 tel. no. + 91 4067161700

  • 3Sikka PortS & terminalS limited (Formerly reliance Ports and terminals limited)

    BOARD’S REPORT

    Operations • Revenue from Operations is Rs. 3,771.54 crore on standalone

    basis and rs. 4082.77 crore on consolidated basis. • Profit before Interest, Depreciation and Tax is Rs. 2,886.37

    crore on standalone basis and rs. 6505.63 crore on consolidated basis.

    the Company has continued to provide seamless port infrastructure services to the manufacturing facilities of reliance industries Limited at Jamnagar. during the year under review, 1520 vessels were handled at the port facilities of the Company with ~121 million tonnes of crude, petroleum and petrochemical products. the Plant and equipment Hiring division of the Company, which has variety of equipment viz. crawler cranes, hydraulic cranes, earth moving equipment, electrical equipment, forklifts and trucks, has logged in over 34 lakh working hours during the year under review. the Company has also handled 3.36 lakh metric tonnes of cargo in Special economic Zone area at Jamnagar. east West Pipeline Limited, which was a subsidiary of the Company during the year, transported over 1.692 Billion Standard Cubic meters (SCm) of natural gas during the period 1st april 2018 to 30th June 2018.

    Business restructuring the Hon’ble national Company Law tribunal, ahmedabad Bench vide its order dated July 30, 2018 had sanctioned the

    dear members, The Board of Directors are pleased to present the Company’s Twenty Third Annual Report and the Company’s audited financial statements (standalone and consolidated) for the financial year ended March 31, 2019.

    Financial Results The Company’s financial performance for the year ended March 31, 2019 is summarised below:

    (rs. in crore) STANDALONE CONSOLIDATED 2018-19 2017-18 2018-19 2017-18

    Profit /(Loss) before Tax 181.08 (68.83) 3,396.73 322.37 Less: Current tax 720.50 216.14 727.00 216.14 deferred tax (653.04) (875.87) (295.29) (657.85) Profit for the year 113.62 590.90 2,965.02 764.08 add: other Comprehensive income (oCi) (370.40) 6.59 (370.83) 5.78 Total Comprehensive Income for the year (256.78) 597.49 2,594.19 769.86 Less: total Comprehensive income attributable to non Controlling interest / other adjustments

    - - 153.19 (357.18)

    Total Comprehensive Income attributable to owners of the Company (256.78) 597.49 2,441.00 1,127.04 Add: opening Balance in retained earnings and oCi (adjusted) (5,339.06) (5,351.55) (23,089.59) (23,631.63) Less: appropriation transferred to debenture redemption reserve 110.00 585.00 110.00 585.00 Closing Balance (including Other Comprehensive Income) (5,705.84) (5,339.06) (20,758.59) (23,089.59)

    Scheme of arrangement between east West Pipeline Limited (the “transferor Company”), subsidiary of the Company during the year and the Company (the “transferee Company”), which provides for, inter-alia, transfer and vesting of the investment division of the transferor Company to the Company with appointed date being may 1, 2018. the Scheme has been given effect to in the books of account of the Company in the financial year under review.

    Material changes affecting the Company there have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report otherwise than those reported elsewhere in this report. there has been no change in the nature of business of the Company.

    Issue, allotment and redemption of Preference Shares during the year under review, the Company has issued and allotted 94,00,000 9% Cumulative redeemable Preference Shares of the face value of rs. 10/- each, for cash, at par, aggregating to rs. 9,40,00,000/- (rupees nine Crore Forty Lakh only), to the existing holders of equity shares of the Company on rights Basis. during the year under review, the Company has redeemed 94,00,000 10% non-Cumulative redeemable Preference Shares (Series 7 and 8) of the face value of rs. 10/- each at a premium of rs. 990/- per share aggregating to rs. 940,00,00,000/- (rupees nine Hundred and Forty Crore only).

  • 4 Sikka PortS & terminalS limited (Formerly reliance Ports and terminals limited)

    Redemption of Debentures during the year under review, the Company has redeemed 10,000 Secured redeemable non-Convertible debentures PPd8 of the face value of rs. 10,00,000/- each aggregating to rs.1000 crore (rupees one thousand Crore only) alongwith the interest due on the said debentures.

    Dividend the Board of directors of the Company have not recommended any dividend on Preference Shares and equity Shares for the year under review.

    Consolidated Financial Statement in accordance with the provisions of the Companies act, 2013 (the “act”) and ind aS 110 - Consolidated Financial Statements read with ind aS 28 - investments in associates and Joint Venture, the audited consolidated financial statement is provided in the annual report.

    Subsidiaries, Joint Ventures and Associate Companies During the financial year under review, Pipeline Infrastructure Private Limited (PiPL) was incorporated as a wholly owned subsidiary company of the Company on april 20, 2018 and has ceased to be a subsidiary company on June 28, 2018. During the financial year under review, no company has become or ceased to be Company’s associate or joint venture company. as on march 31, 2019, eWPL Holdings Private Limited (formerly reliance Utilities Private Limited) and east West Pipeline Limited (formerly reliance Gas transportation infrastructure Limited) were subsidiary companies of the Company. the Company acquired further 25,00,00,000 9% non-Cumulative redeemable Preference Shares of the face value of rs.10/- each of east West Pipeline Limited (subsidiary of eWPL Holdings Private Limited) from reliance industries Limited for a consideration of rs. 1,883.83 crore. 800,00,00,000 9% Cumulative optionally Convertible Preference Shares (Series i & ii) of the face value of rs.10/- each aggregating to rs. 8000 crore, of eWPL held by the Company were extinguished and cancelled during the year pursuant to the Scheme of arrangement between east West Pipeline Limited (the “transferor Company”) and the Company (the “transferee Company”). eWPL Holdings Private Limited and east West Pipeline Limited have ceased to be subsidiary companies of the Company with effect from June 7, 2019 and have become fellow subsidiaries of the Company. a statement containing the salient features of the financial statement of the subsidiary companies, as per Section 129(3) of the Act, is provided as Annexure to the consolidated financial statement and hence not repeated here for the sake of brevity. the audited financial statement including the consolidated financial statement of the Company and all other documents required to be attached thereto is put up on the Company’s website

    and can be accessed at www.sptl.co.in. these documents will also be available for inspection on all working days, during business hours, at the Registered Office of the Company.

    Directors’ Responsibility Statement the Board of directors state that: (a) in the preparation of the annual accounts for the year ended

    march 31, 2019, the applicable accounting standards read with requirements set out under Schedule iii to the act have been followed and there are no material departures from the same;

    (b) 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 as at March 31, 2019 and of the profit of the Company for the year ended on that date;

    (c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

    (d) the directors have prepared the annual accounts on a ‘going concern’ basis;

    (e) the Directors have laid down internal financial controls to be followed by the Company and that such in