Cargotrans Maritime SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Sep 2022 – 29 Sep 2022
- Listing date
- 10 Oct 2022
- Face value
- ₹10 per share
- Issue price
- ₹45 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹4.86 Cr
- Market cap at offer price
- ₹18.36 Cr
- Promoter holding
- 100.00% → 73.53% pre-issue → post-issue
- ISIN
- INE0M4L01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- DBZ-S-61A, 2nd Floor, Shyam Paragon,, Kachchh, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 60,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹45
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 21,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 24,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.88 | — |
| P/E (×) | 5.71 | — |
| Market cap | — | ₹18.36 Cr |
Key performance indicators
- Return on net worth
- 15.23%
- ROCE
- 51.91%
- Debt / equity
- 0.43
- PAT margin
- 2.64%
- EBITDA margin
- 4.35%
- NAV per share
- ₹17.74
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Cargotrans Maritime SME
Cargotrans Maritime Limited was incorporated as a private limited company on April 16, 2012 under the Companies Act, 1956 and converted to public limited on June 6, 2022. The company provides integrated logistics solutions with core business in sea logistics services. The company operates through two wholly-owned subsidiaries: Cargotrans Maritime Agencies Private Limited and Cargotrans Maritime Forwarding Private Limited. It generates revenue from ocean freight forwarding (FCL and LCL), transportation, custom clearance, warehousing and other value-added services to clients across multiple geographies. The company's operations are primarily concentrated in Gujarat state, with offices and warehouses at key logistics hubs. For the financial year ended March 31, 2022, the company reported total income of Rs. 8,959.92 lakhs with profit after tax of Rs. 236.28 lakhs.
Company Analysis
from RHPCargotrans Maritime Limited is an international logistics solutions provider offering sea logistics services including ocean freight forwarding, transportation, custom clearance, warehousing and value-added services across sea and inland routes.
Cargotrans Maritime Limited was incorporated as a private limited company on April 16, 2012 under the Companies Act, 1956 and converted to public limited on June 6, 2022. The company provides integrated logistics solutions with core business in sea logistics services. The company operates through two wholly-owned subsidiaries: Cargotrans Maritime Agencies Private Limited and Cargotrans Maritime Forwarding Private Limited. It generates revenue from ocean freight forwarding (FCL and LCL), transportation, custom clearance, warehousing and other value-added services to clients across multiple geographies. The company's operations are primarily concentrated in Gujarat state, with offices and warehouses at key logistics hubs. For the financial year ended March 31, 2022, the company reported total income of Rs. 8,959.92 lakhs with profit after tax of Rs. 236.28 lakhs.
Objects of the Issue
- To meet working capital requirements ₹ 350.00 Lakhs p.20
- General Corporate Purpose ₹ 66.00 Lakhs p.20
- To meet Working Capital requirements ₹350.00 lakhs p.71
- General Corporate Purpose ₹66.00 lakhs p.72
- To meet issue expenses ₹70.00 lakhs p.72
Issue Structure
- Total Issue
- ₹ 486.00 Lakhs
- Fresh Issue
- ₹ 486.00 Lakhs
- Offer for Sale
- Nil
- Price Band
- Fixed Price Issue at ₹ 45.00 per equity share
- Lot Size
- 3,000 equity shares
- Face Value
- ₹ 10 per equity share
Business Model
The company earns revenue from providing sea logistics services including ocean freight forwarding (FCL and LCL), inland transportation, custom clearance, warehousing and other value-added services to customers. It relies on commercial ocean freight carriers and NVOCCs for shipment of cargo and third-party service providers for vehicles, containers and warehouses. The company does not own physical assets for transportation but uses third-party carriers and its own limited fleet.
Business Segments
SWOT Analysis
- • Multi-service logistics provider with comprehensive offerings(p.96)
- • Strong revenue and profitability growth track record(p.96)
- • Experienced management team with extensive industry expertise(p.96)
- • Multimodal Transport Operator license enabling independent operations(p.96)
- • Long-standing relationships with major shipping lines and customers(p.98)
- • Improved financial leverage with declining debt-to-equity ratio(p.96)
- • Strong organizational restructuring and governance improvements(p.115)
- • Qualified independent board oversight with audit committee structure(p.116)
- • Comprehensive audit and compliance mechanisms in place(p.116)
- • Diversified leadership with multi-sector experience(p.120)
- • Established board committees for stakeholder management(p.117)
- • Heavy dependence on third-party service providers for logistics operations(p.27)
- • Dependence on few major customers—top 10 accounted for 24.48% and 28.49% of revenue(p.30)
- • No Custom House Agent license in company's own name(p.30)
- • Non-compliance with statutory provisions of Companies Act(p.31)
- • Subsidiary company incurred losses in past years(p.31)
- • Company operates from rented premises without long-term agreements(p.32)
- • Conflicts of interest with promoter group entities in same business without non-compete agreements(p.32)
- • Business operations majorly concentrated in Gujarat(p.32)
- • Trademark not registered under Trademarks Act, 1999(p.34)
- • Unsecured loans that can be recalled by lenders at any time(p.34)
- • Promoter litigation involving criminal cases(p.29)
- • Dependence on limited customer base in specific industries(p.98)
- • Potential inadequacy of insurance coverage against operational hazards(p.101)
- • Limited owned fleet requiring reliance on third-party transport operators(p.96)
- • Asset concentration in Gujarat ports limiting geographic diversification(p.96)
- • Concentration of promoter shareholding limiting public participation(p.123)
- • Family relationship between key decision-makers affecting independence(p.121)
- • Significant litigation involving promoter in criminal proceedings(p.168)
- • Recent key management personnel appointments lack tenure and stability(p.120)
- • No formal dividend policy despite profits(p.128)
- • Growing logistics market with expected expansion(p.20)
- • Rising freight transport demand from economic growth(p.20)
- • Geographical expansion to additional sea ports across India(p.98)
- • Fleet expansion to reduce outsourcing dependence and improve margins(p.99)
- • Government-backed port development through Sagarmala program(p.87)
- • Expansion of coastal shipping and maritime services in India(p.86)
- • Growing container traffic in Indian ports(p.93)
- • Revenue growth trajectory showing 81.23% increase in operations revenue(p.161)
- • Expansion of logistics services across multiple coastal ports(p.159)
- • Growing profit margins and improved operational efficiency(p.150)
- • Diversified service portfolio including warehousing and coastal transport(p.160)
- • Established subsidiaries providing customs clearance capabilities(p.159)
- • Trade restrictions and policy changes affecting international cargo movement(p.28)
- • Third-party service provider disruptions beyond company control(p.28)
- • Delivery delays and cargo damage risks(p.28)
- • Vehicle breakdown and mishaps affecting operations(p.29)
- • High competition from organized and unorganized players(p.33)
- • Fuel cost volatility affecting operating margins(p.31)
- • Seasonality in customer demand affecting results(p.34)
- • Currency exchange rate fluctuations on international operations(p.36)
- • Global economic downturn reducing freight volumes and trade(p.39)
- • COVID-19 pandemic impact on business and operations(p.39)
- • Regulatory and compliance changes in evolving environment(p.39)
- • Economic recession reducing demand for logistics services(p.41)
- • Natural disasters and calamities affecting Indian economy and operations(p.41)
- • Terrorist attacks and war affecting business sentiment and markets(p.40)
- • Port infrastructure congestion and disruptions(p.41)
- • Intense competition from established logistics players(p.100)
- • Global economic slowdown and reduced international trade(p.81)
- • Supply chain disruptions and volatile freight rates(p.82)
- • Regulatory changes in customs and shipping regulations(p.52)
- • Currency fluctuations affecting international logistics costs(p.83)
- • Customer concentration risk with top 10 customers representing 24.48% of revenue(p.164)
- • Seasonality affecting business predictability(p.164)
- • Competition from similar logistics service providers(p.164)
- • Significant debt obligations requiring interest payments(p.166)
- • Regulatory dependencies requiring multiple compliance licenses(p.171)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Edwin Alexander | Promoter | 59.99% | 44.11% |
| Manju Edwin | Promoter | 6.67% | 4.90% |
| Mathew Jacob | Promoter | 12.50% | 9.19% |
| B Chandrashekhar Rao | Promoter | 8.33% | 6.13% |
| Jibi Mathew Jacob | Promoter Group | 5.00% | 3.68% |
| Devi Chandrashekhar Morpalli | Promoter Group | 4.17% | 3.06% |
| Simon John | Promoter Group | 3.34% | 2.45% |
| Edwin Alexander | Promoter | 59.99% | 44.11% |
| Manju Edwin | Promoter | 6.67% | 4.90% |
| Mathew Jacob | Promoter | 12.50% | 9.19% |
| B Chandershekhar Rao | Promoter | 8.34% | 6.13% |
| Jibi Mathew Jacob | Promoter Group | 5.00% | 3.68% |
| Devi Chandrashekhar Morpalli | Promoter Group | 4.17% | 3.06% |
| Simon John | Promoter Group | 3.34% | 2.45% |
| Edwin Alexander | Promoter | 59.99% | — |
| Manju Edwin | Promoter | 6.67% | — |
| Mathew Jacob | Promoter | 12.50% | — |
| B Chandrashekhar Rao | Promoter | 8.34% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.