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36p to sell maybe.
Best of
38p PAID.
Looking fairly promising .
Best of
If the trend continues .
Things could get hectic .
A pass of 37p would talk volumes.
Unlike the underperforming BOD one feels.
Best of
now owns almost 10 percent of MPL
It was 3 buys adding up to £200,000; not 175,000. Another ii , way to go
An excellent RNS .
Maybe there is value to be made after all .
Shareholders deserve IT .
Best of
Is there any details to the contracts overall valuation?
I don’t expect exact details due to commercial sensitivity but an overall contract value can be released.
Looking positive for the future , Maybe .
Best of
3 buys for 175000 in the last 48 hours !
Saurashtra cement, the latest client! waiting for L&T, the biggie. The board had promised that there will be more contracts in the last quarter and have delivered so far. Would be nice if the deal with the biggie, L&T is signed before bank payments start in oct 22
· New contract signed with Saurashtra Cements limited and with Esquire Shipping & Trading Private Limited.
Esquire was already signed earlier this year. Sourashtra Cements seem to be a brand new client, waiting for the biggie L&T contract now.
Good solid photo analysis .
MPL is a sham , better to lose 98% value now than the inevitable 100% in the coming months and years (depending on how long they can keep this ship wreck afloat).
2020 Annual Report
Photo 1 is of a coastal container carrier approaching a river container terminal - Karanja Port does not have any quay container cranes or storage compound container handling equipment to handle this type of vessel.
Photo 2 is of a deep draft bulk carrier discharging grain at a purpose built bulk
cargo terminal.
Karanja Port has no automated bulk cargo handling equipment to handle such vessels and would not be able to receive a vessel of this size due to Karanja Creeks's severe draft restriction.
Photo 3 is of a deep draft geared bulk carrier discharging a timber deck cargo - this type of deep sea vessel would also not be able to get within 3 miles of Karanja Port without running aground due to the fact that Karanja Creek is only dredged to 3 meters. Even at high water there would only be 6 metres of available water in the creek - totally insufficient to accomodate anything other then barges and small coasters.
The 'Nand Aparna' is a small coaster - it was handled at Karanja Port as a trial around 2 years - it was loaded with steel coils.
As Karanja terminal has no jetty cranes - a road going mobile crane was used to discharge the vessel directly to road trailer - the steel coils were transferred directly out the port to a third party warehouse for storage and onward distribution, as Karanja did not have any under cover storage available.
MT, The photos in the annual report seem genuine.
Check out photos of operations added on MPL website here:
https://www.mercpl.com/gallery/Photo/port-operations/36
The vessel 'Nand Aparna' in one of the photos was heading to Karanja:
https://www.myshiptracking.com/fr/?mmsi=419012400
Again, this is my understanding. Happy to be corrected if I am wrong
The 47.6 is the total of what they would pay the banks over 7 years as per the RNS. I do not see it mentioned anywhere that there was a total loan facility of 47.6
One contract of 6.8M per annum in the near future should take care of the total amount owed to the bank.
My shares go into the bottom drawer and see how this pans out fingers crossed.
Ok thanks. They very well may, but from what you say, the current loan amount is between 35.5 and 38 then? So as it stands now, 1.7 - 1.9 is what they would be paying per quarter. Nice!
In the notes to the accounts the total amount of Loan drawn down to date is £38m - I fully expect the management to draw on the remainder if and when the banks lift the temporary stop they imposed on the company in 2019, to prevent the Board from drawing further funds from the £47.6m loan facility.
MT, Thanks for your response.
The following entry in the account filing:
Non-Current Liabilities
Borrowings 36.44
Is this not the principal amount borrowed from the bank?
It would be a demonstration of duplicity on an industrial scale were the Board to have elected to use blurred photographs of other working ports in the Introduction to the 2020 Annual Report and NOT their shareholder's operational Karanja Port !!!
The fact they did just use blurred photographs of other ports is breathtakingly disingenuous !!
Tils - if the total loan sum is £47.6m, then divided by 7 years equals £6.8m of capital repayments per year.
In the first year the interest due on that would be £4.52m .....so, £11.32m would be payable that year. The each following year the capital repayment due would be £6.8m PLUS 9.5% of the outstanding capital(£40.8m ) which in year two would be £3.87m...so, a total of £10.67m of capital and interest would be payable in year 2....and so on !
A few years back in the accounts the company actually stated that with the prevailing 13.45% interest rate on the circa £49m bank loan they had a debt and interest liability of circa £95m.
So effectively 1.7M per quarter (total of 6.8M per year) is what MPL would pay the banks from 2022 t0 2029.
Again, please correct me if I am wrong.
Sorry should read
Total interest paid(over 7 years) = 47.6 - 36.5 = 11.1 millions
"Following which MPL will then have to repay £11.18 million annually to the banks - £6.78m in capital repayments plus £4.4m in interest!" - MT, completely Wrong calculation imho as :
1. The 'total amount owed + interest paid' seems to be considered as the borrowed amount and
2. The amount owed becoming less after each payment has not been considered imho
My calculation(very rough):
Total owed to the bank: 36.5 Millions
Total repaid to the bank over 7 years(including interest calculated at 9.5% per annum with amount owed reducing each quarter): 47.6 Millions
Total interest paid(over 7 years) = 47.6 - 35.5 = 12.1 millions
My rough calculation if the interest was paid annually
Total amount paid each year = 47.6/7 = 6.8
Total amount owed to bank---Rough interest paid(if the instalments were paid annually)
Year 1 - 36.452--3.46
Amount owed after year 1 = 36.5 + 3.46 - 6.8 = 33.16
Year 2 - 33.16--3.15
Amount owed after year 2 = 33.16 + 3.15 - 6.8 = 29.51
Year 3 - 29.51--2.8
Amount owed after year 3 = 29.51 + 2.8 - 6.8 = 25.51
Year 4 - 25.51--2.42
Amount owed after year 4 = 25.51 + 2.42 - 6.8 = 21.13
Year 5 - 21.13--2.00
Amount owed after year 5 = 21.13 + 2.00 - 6.8 = 16.33
Year 6 - 16.33--1.55
Amount owed after year 6 = 16.33 + 1.55 - 6.8 = 11.08
Year 7 - 11.08--1.05
Amount owed after year 7 = 11.08 + 1.05 - 6.8 = 5.33
I have calculated interest to be paid annually and not quarterly; Also calculated amount owed to be reduced annually while it actually reduces quarterly. So the difference of 5.33 millions after year 7 would be for annual calculation and would be zero for quarterly calculation imho.
Am no expert at these calculations, but this is what it is as per my understanding. Please correct me if I am wrong.
"Down Down Deeper and Down !"
Now in its twelve year since IPO - the only people who have profited since are the shameless shysters masquerading as Board Members ! They have banqueted handsomely at shareholders expense for over a decade - taking £millions out of the Company for presiding over a 99.8% loss of shareholders IPO investments!