Mercantile Ports & Logis... Share Discussion Threads

[pj 1] 31/10/2019 21:29

Is Pavan still a (suspended) Director of MPL?

[mount teide] 31/10/2019 20:03

The best £10k MPL shareholders could spend would be to fund the appointment of a Marine Civil Engineering Consultancy to undertake a detailed cost analysis of the construction work completed to date at Karanja Port.

It would totally astonish two shipping and ports industry professional friends and myself (all of whom hold the highest professional qualifications the shipping and ports industries currently examine for, and have a combined 120 years experience in the sectors, including over 70 years holding senior management positions), if the variance between the Management's claimed carrying cost(circa £160 million) for the Karanja project to date and the Consultants build cost figure, were not well into £8figures (circa £130 million).

AIOHO/DYOR

[waterloo01] 31/10/2019 19:23

Well we know where he learnt those skills. From the 'Master' Mr G

[diku] 13/10/2019 21:28

Turn the site into Bollywood movie set...

[mount teide] 09/10/2019 13:00

Just two small transactions in the last ten trading days says it all!

99.5% down post IPO and now completely illiquid - the ever savvy market clearly speaking with its hard earned cash and avoiding this like the plague!

[the vogon] 08/10/2019 18:31

MT

Ref your 20th Sept post, you can get a more detailed Google Maps view via what 3 words
hxxps://w3w.co/drove.green.saddens

[waterloo01] 06/10/2019 15:42

Anyone know who they have the loans with? Seems right out of the MPL play book.



The Punjab Maharashtra Co-operative Bank (PMC), in India, has been caught cooking the books and misreporting non-preforming loans (NPL) of Mumbai-based real estate developer Housing Development and Infrastructure Ltd (HDIL).

[fft] 30/9/2019 13:51

I do have to admit that they know how how to write a good, almost plausible, results RNS. The commentary would almost have me believe that this is a huge Enterprise with revenue in line with the huge amounted 'spent' by the company.But.... Who cares if the bridge costs 2.1bn if only 5m or so is going to mpl over a 4 year period. And, I dont think that Tata is going to put all it's work via MPL. I suspect that they have a few larger vessels that will never get to karanja !

[mount teide] 20/9/2019 16:44

Photo of entrance to Karanja Port taken last week - condition of the approach road and total lack of activity at the main gate etc - looks more like a port that has closed down and is being mothballed rather than a recently opened busy working port terminal!

Our prediction for zero tonnes of cargo throughput in 2018 was spot on - as we predicted 2019 looks like it is going the same way.

target='window'>hTTps://www.google.co.uk/maps/place/Karanja+Port/@18.850944,72.9675902,3a,75y/data=!3m8!1e2!3m6!1sAF1QipOPZlXu1-9seLSHW-CHTqTwP2qQqozQA1gzYoI7!2e10!3e12!6s

[diku] 17/9/2019 22:51

Is this new contract news a publicity stunt Bollywood style?...to wheel out another RI?...

[mount teide] 11/9/2019 19:35

How to turn £12.75 million into £79k!

Invest in the business management skills of the shysters masquerading as the MPL management at the 2010 IPO and sell the shareholding today, as some poor sod did!

The seller only needs to find a 200 bagger with the proceeds after adjustment for inflation to get their money back!

[mount teide] 09/9/2019 13:30

phowdo - exactly - £1.65m of REVENUE per year (chicken feed) - Tata needed a nearby base to locate their engineering operation during the construction of the harbour bridge.

They're not a shipping company who will bring import cargo through the port.

The spin the young, inexperienced CEO is putting on this would do Alastair Campbell proud. Remember, this is the fellow that has had hands on responsibility overseeing the construction of the terminal. How did he do?

The SCAM - more commonly known as the IPO document - said a 200 acre terminal with 600 metres of all weather berth - comprising 100 acres for a port related activity, and 100 acres for a Logistics facility, all built in one construction operation - ITD won the construction tender to build the entire facility for £57 million.

The Harsh Reality: some ten years later with the share price down 99.5% MPL has delivered just 90 acres of reclaimed land and of that just 30 acres is part developed for operational use, for a total cost to date of circa £160m.

And his 2.0 million tonne cargo throughput forecast for 2018 was only 2.0 million tonnes out - just as we predicted. Wisely, he declined to deign to grace the market with his thoughts for 2019 - unlike us who suggested a tiny fraction of the 2.0 million tonnes he forecast for 2018, with most of it very low revenue per tonne cargo.

The fact they have not mentioned any cargo throughout figures since the stage managed March 2019 single barge video tells it own story. Considering they have only since secured this single contarct from an engineering group who want to use the facility as a base to build a nearby bridge should ring alarm bells.

As it strongly suggest that 2019 revenue will be a pittance when compared to the circa £3.5 million a year bank loan interest payments plus capital payments on the circa £32m drawn down before the banks wisely stopped any further drawdowns from the circa £50m loan facility.

What shareholders want to know is where is the first revenue from the logistics faculty, that the Executive Chairman is on record telling the market to expect by the end of 2015 - this is the most blatant example of Fraud by false representation its possible to come across - since in September 2019 construction of the 100 acres of land for the logistics facility is still yet to begin!

The wise are probably using today's RNS to take what little they can off the table.
The dilution of 44 million shares into 2 billion shares before a penny of revenue has been generated - via a 99.5% loss of market value since IPO takes some doing when all you've got to show for it is a part built, low spec little barge terminal accessed via a 3 mile approach channel with just 3,5 metre off water in it(my yacht marina has 5.0 metres in the approach channel!).

We consider the facility has a current market value for port related activity of circa £30m - similar to the bank debt outstanding after the Banks wisely stopped any further drawdowns!

This 'business' WILL NEVER GENERATE SUFFICIENT REVENUE TO COVER THE BANK INTEREST PAYMENTS never mind PAY BACK ANY OF THE CIRCA £50 million BANK LOAN. We estimate they would need to generate £25 million a year of revenue just to cover the current annual loan interest payments.


AIOHO/DYOR

[phowdo] 09/9/2019 09:20

£5.5M over 40 months.
Or about 140k a month.

[escapetohome] 09/9/2019 09:18

I suspect the white gloved butler is behind this. With his remarkable level of contacts built up over many years and astute wheeler dealing , only he has the power to bring in the big names. The board are not behind it. The butler has been working hard.

[azalea] 09/9/2019 08:39

"A binding contract with Tata". Is the MPL Phoenix about to rise from its ashes?

[mount teide] 04/9/2019 10:56

The sharper eyed will note the current market cap is less than the bank debt so far drawn down before the banks embarrassingly put a complete stop on any further withdrawals - and at a level roughly equivalent to our estimation of the current market value of the construction work completed to date!

Why did they do that?

Answers on a postcard to the Mumbai Fraud squad.

[phowdo] 04/9/2019 10:54

Meanwhile, some jobsworths at the FCA & SFO - "Looks all above board to us..."

[mount teide] 03/9/2019 10:56

PJ1 - they have only ever completed a little dredging directly off the berth using a crane and bucket grab on a small barge - the three mile approach channel has seen NO dredging whatsoever - as evidenced by the fact that the Admiralty Charts for Navigation in Karanja Creek have seen NO change in the channel depths over the last decade, other than that carried out by the Port Authority in the small area where the ferry service runs across the creek.

[pj 1] 03/9/2019 10:49

I suspect all the cash they claimed to have spent dredging the area was either futile or will need ongoing works and reworking.

I well recall some years ago a poster claiming the build of the bridge was to a very poor quality. I suspect any works undertaken to the actual port will be at the cheap end if indeed within any tolerances at all.


The fact Directors can so easily defraud us all is nothing short of disgraceful. We are all just cattle fodder.

[mount teide] 03/9/2019 10:44

some - putting a new premier league management team in today would make no difference whatsoever - even if the 200 acres in the IPO Document were available for use rather than the 30 acres currently in some form of operational use, the little draft restricted barge port will never come close to even making the interest payments on the circa £30m of debt drawn-down to date.

Back in late 2016, we told the largest II's they would lose all their clients money and how we knew - they refused to listen and then compounded the problem by doubling down twice. Remember, these guys collectively bought £tens of millions at the IPO at £2.50 a share and are now down 99.5% on that 'investment' and 87% on the first placing 'investment'.