Navkar Corporation Ltd

Navkar Corporation Ltd

Navkar Corporation Limited is a CFS (container service Operator) operator in India with three CFSs Ajivali CFS I and Ajivali CFS II at Ajivali and Somathane CFS at Somathane which are strategically located in Panvel Maharashtra in close proximity to the Jawaharlal Nehru Port Trust (JNPT) the largest container port in India. The company has a private railway freight terminal ('PFT') which allows it to load and unload cargo from container trains operating between its Somathane CFS and JNPT and to transport domestic cargo to and from inland destinations on the Indian rail network. Navkar's all three CFSs are strategically located close to NH4 (Old Mumbai-Pune Highway) and NH17 (Mumbai-Pune Expressway) and close proximity to JNPT providing good connectivity to interior parts of the country.Its CFSs are spread across an area of 3.59 mn sq ft (1.63 mn sq ft notified as customs area) with an installed handling capacity of 535500 TEUs per annum (as at 31.03.2018). One of the few CFSs at JNPT approved to handle bulk liquid cargo in tanks as well as hazardous cargo as it has installed adequate fire fighting systems/equipment which enables cargo storage and handling of hazardous cargo (chemicals liquid etc.). Also one of the CFSs has a unit for inspection and approval of agricultural cargo (set up by the Ministry of Agriculture) enabling it to handle agriculture cargo. Navkar is one of the biggest CFS handling exports of agri commodities at JNPT.The company can handle cargo at controlled temperatures at its temperature controlled chamber and through the 92 Reefer plug points at its CFSs. The company is also certified to handle hazardous cargo at the Ajivali CFS II and the Somathane CFS. The Company provides cargo storage facilities at its CFSs which include a buffer yard and warehouses for the storage of cargo. The company also offers services such as packing labelling/bar-coding palletizing fumigation and other related activities at the warehouses and also customize the offerings to the customers. The company's warehouses are spread over an aggregate area of 500000 sq. ft. which includes a bonded warehouse of 60782 sq. ft. and an area of 118000 sq. ft. designated for the consolidation of less than container load ('LCL') containers. The company's CFSs also have a customs facility for the examination and clearing of cargo and Somathane CFS has a unit for the inspection and approval of agricultural cargo set up by the plant and quarantine authorities of the Ministry of Agriculture Government of India. The company also provides services for the repair and maintenance of containers and the storage of empty containers at its CFSs.Navkar's Inland Container Depot (ICD) is located at Tumb Near Vapi in the state of Gujarat in close proximity of Industrial belt. Navkar has a rail capacity of 3 operational lines.Navkar Corporation Ltd was formed pursuant to the conversion of a partnership firm M/s Navkar Infra and Logistics Corporation into a joint stock company under Part IX of the Companies Act 1956. The Partnership Firm was constituted by a partnership deed dated July 7 2007. In financial year 2008 the partners of the Partnership Firm passed a resolution dated July 1 2008 to carry out the business of the Partnership Firm through a company limited by shares. Pursuant to the partnership deed upon the conversion of the Partnership Firm into a joint stock company consequently the company was incorporated as Navkar Corporation Limited' on September 29 2008 as a public limited and joint stock company under Part IX of Companies Act 1956 with the RoC. The Company received the certificate for commencement of business on September 30 2008.Navkar Corporation completed its Initial Public Offering (IPO) pursuant to which 32903225 equity shares of the Company of Rs. 10 each were allotted at a price of Rs. 155 per equity share. The IPO was open for subscription during the period from 24 to 26 August 2015. The equity shares of the Company were listed on BSE Limited and The National Stock Exchange of India Limited on September 9 2015.During the financial year ended 31 March 2016 the company's subsidiary Navkar Terminals Limited (NTL) made significant progress in its project of developing an Inland Container Depot (ICD) adjacent to the proposed logistics park of the company near Vapi Gujarat.During the financial year ended 31 March 2017 the company started Inland Container Depot (ICD) operations at Vapi with an approximate installed capacity of 500000 TEUs per annum.Navkar Corporation successfully raised Rs 1447741914 through Qualified Institutional Placement (QIP) in October 2017 by issuing 7911158 Equity Shares (Face Value Rs. 10/- each) at the price of Rs. 183/- each.During the financial year ended 31 March 2018 the National Company Law Tribunal (NCLT) Mumbai Bench vide its order dated November 16 2017 directed to convene a meeting of Equity Shareholders (Court Convened Meeting) on January 5 2018 and meeting of Preference Shareholders on January 6 2018 respectively for the purpose of taking approval of the proposed amalgamation embodied in the Scheme of Amalgamation of Navkar Terminals Limited into Navkar Corporation Limited. The Shareholders of the company in their meeting held on January 5 2018 and January 6 2018 approved the Scheme under Sections 230 to 232 of the Companies Act 2013. The Scheme was sanctioned by NCLT on March 28 2018. The Scheme became effective from May 11 2018. Navkar Corporation Limited issued and allotted 99790 6% Cumulative Redeemable Preference Shares of face value of Rs. 100/- each aggregating to Rs. 9979000/- (Rupees Ninety Nine Lakhs Seventy Nine Thousand only) on the terms and conditions as mentioned in the Scheme to the Preference Shareholders of the Navkar Terminals Limited whose names appear in the register of members on Record Date. Accordingly the Company issued and allotted the said number of preference shares to the allottees in the Board meeting held on June 21 2018..