MIRA INFORM
REPORT
|
Report
Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
IDFS TRADING PRIVATE LIMITED |
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Formerly
known as : |
INDIAN DUTY FREE SERVICES |
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Registered
Office : |
1C-3, Taj Apartments, Rao Tula Ram Marg, |
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Country
: |
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Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
07.09.2006 |
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Com.
Reg. No.: |
55-153293 |
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CIN
No.: [Company
Identification No.] |
U15511DL2006PTC153293 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
DELI03414F |
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Legal
Form : |
Private Limited Liability Company. |
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Line
of Business : |
Importers of Electronic Components, Cosmetics, Perfumes, Cigarettes,
Liquors, Chocolates, Childrens Toys and other consumable items and Intending
Agents and representing wide range of global brands |
RATING
& COMMENTS
|
MIRAs
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
-- |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Usually
correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a successor to Indian Duty Free Services. Thus
it is an established company. Trade relations are fair. payments are usually
correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered
Office : |
1C-3, Taj Apartments, Rao Tula Ram Marg, |
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Tel.
No.: |
91-11-26711163/26711164/26176594/26176597/ 26193917-18/
26193517-67 |
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Fax
No.: |
91-11-26164928 |
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E-Mail
: |
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Website
: |
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Area : |
1700 sq. fts. (Approximately) (Owned) |
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Location : |
Commercial |
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Branches
: |
4-2B, Taj Apartments, Rao Tula Ram Marg, |
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Tel.
No.: |
91-11-26193917/26193918 |
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Fax
No.: |
91-11-26164928 |
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E-Mail
: |
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Area : |
1700 sq. fts. (Approximately) (Owned) |
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Location : |
Commercial |
DIRECTORS
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Name : |
Mr. Deepak Talwar |
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Designation
: |
Director |
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Date
of Birth/Age : |
45 years |
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Qualification
: |
Post Graduate |
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Experience
: |
19 years |
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Name : |
Ms. Yasmin Kapoor |
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Designation
: |
Director |
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Date
of Birth/Age : |
40 years |
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Qualification
: |
Graduate |
KEY
EXECUTIVES
|
Name : |
Mr. Ram Gopal |
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Designation
: |
Executive, Administration |
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91-9818220303 |
BUSINESS
DETAILS
|
Line
of Business : |
Importers of Electronic Components, Cosmetics, Perfumes,
Cigarettes, Liquors, Chocolates, Childrens Toys and other consumable items and
Intending Agents and representing wide range of global brands |
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Products
: |
The subject deals in the following products:
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Imports
from : |
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Terms
: |
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Purchasing : |
10 to 15% by Telegraphic Transfer (Advance Payment) for
new suppliers and balance amount 60 to 90 days credit. |
GENERAL
INFORMATION
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Customers
: |
Airlines |
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No. of
Employees : |
55 (Including its group companies) |
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Bankers
: |
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Facilities : |
Subject is reportedly enjoying Cash Credit facilities from
Indian Overseas Bank |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Gopalaiah Associates Chartered Accountants |
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Associates
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Name of the company : Stone Travels Private Limited Legal Status: Private Limited Company Date of Incorporation: May 31, 1988 Line of Business: Organizing Name of the company : Track India Private Limited Legal Status: Private Limited Company Date of Incorporation: February 6, 1988 Name of the company : Cedar Travels Private Limited Legal Status: Private Limited Company Name of the company : Skylark Duty Free Service Legal Status: Partnership Concern Line of Business: Inflight Duty Free Services (Air Group Turnover: Rs. 2000.000 millions (Approx.) |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs.10/-
each |
Rs.5.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs.10/-
each |
Rs.5.000
millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales
Turnover |
150.000 |
60.000 |
32.500 |
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Profit
Before Tax |
NA |
NA |
1.706 |
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Profit
After Tax |
NA |
NA |
1.479 |
Expected
Sales (2007-08) : Rs.250.000 millions
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
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4.55 |
4.25 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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5.25 |
5.00 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.28 |
0.28 |
LOCAL
AGENCY FURTHER INFORMATION
The name of the company has been changed from Indian Duty
Free Services to IDFS Trading Private Limited w.e.f. October 2006.
The subject was established in 2000 by Mr. Deepak Talwar, who
is doing diversified business. The subject is an importer and distributors of
Electronic Components, Cosmetics, Perfumes, Cigarettes, Liquors, Chocolates,
Childrens Toys and other consumable items. The subject is running Duty free
shop in major airports in
The subject is also running travel agents business and
undertakes travel arrangement for foreign tourists in the name of Stone Travels
Private Limited and Cedar Travels Private Limited.
The subject is importing the above mentioned products on the
purchasing terms of part of the payment by Telegraphic Transfer and balance
amount shall be payable 60 to 90 days by TT only.
The subjects office is situated at prime location, which is
owned by them.
The subject deals for the following international
brand/companies:
- S T
Dupont, Paris
- Cartier
- Davdoff
- Dior
- Emporio
Varmani
- Givenchy
- Kenzo
- Chanel
- Lancome,
Paris
- D
& G
- Boss
Hugo Boss
- Bvlgari
- Dunhill
- Kenneth
Cole,
- Swarovski
- Estee
Lauder
- FILA
- Swatch
- Bemy
Martin
- Absolut
- GuinnesUDV
- DIAGEO
- Clinque
- Polo
Club
- Minox
- Altadis,
European Tobacco Company
- Imperial
Tobacco
- Marlboro
- B
& H
- Silhovette
- Braun
- Times
- Teleadapt
- Kraft
- M
& Ms
- Molton
Brown
- Master
Foods
- Toscow
- RUSS
The major activities of the subject are as follows:
- List
and Supply products to Duty-Free operators & Airlines
- Test
Marketing of Products
- Monitoring
shelf-space allocation of products to ensure adequate visibility vis-ΰ-vis
competition
- Undertake
Marketing and Promotional activities
- Create
conducive environment for depletion of stocks
- Ensuring
timely and payment realization
- Ensure
brand reorganization and brand promotion
WEBSITE DETAILS ATTACHED:
At a glance
Leading Indenting Agents in
India representing wide range of global brands
Promoted Skylark
Pvt. Ltd. for Jet Airways In-flight concession in 2005
Headquartered in New
Delhi, India
Professionally
managed Company classified as International Marketing Consultants in travel
retail
Presence in Indian cities
and South Asia corresponding to Duty Free Outlets
Enable effective
handling of the diverse South Asian market
Ensure long-standing
representation of leading global duty-free suppliers
Supplier for various
High Quality products in-flight duty Free sales
Equipped to
proactively anticipate and respond to changes in travel retail in the duty free
environment in India and South Asia region
Negotiations for
airport Duty Free shops in progress in South Asia
Strengths
v
Diversified
and long-standing experience of international branded goods and travel retail
environment Experience with buying
patterns of Asian travellers
v
Understanding
diversity and complexities of the International Travel Retail Market
v
Ability
to advise clients about local market conditions of
v
Successfully
introduced and established multiple global brands in the South Asian market
v
Strong
knowledge of competitive brands along with in-depth view of product
requirements
v
Suppliers
to Airlines
Their line of businesses
AIRPORT DUTY FREE SHOPS List and Supply products to Duty-Free operators &
Airlines Test Marketing of Products Monitoring shelf-space allocation of
product to ensure adequate visibility vis-ΰ-vis competition Undertake
Marketing and Promotional activities Create conducive environment for
depletion of stocks Ensuring timely and payment realisation Ensure brand
reorganization and brand promotion
IN-FLIGHT DUTY FREE CONCESSION
Incorporated
Skylark to cater the emerging In-flight Duty Free sales
Jet Airways
Air India Indian Airlines Drukair
Equipped with
state-of-art onboard machines and technology
for in-flight
duty free sales
World Class
Products
Quality
Catalogue
Seamless
Infrastructure Systems
Innovative
Onboard Sales
Comprehensive
Sales Training
Leading
Brands on Board
Trendsetter
for Air Travel Industry
JET AIRWAYS CONCESSION -
HIGH POINTS
Skylark
operation will be launched on 14th April 2005 with Jet Airways
Mumbai-Singapore-Mumbai Flight
Projections
with Jet Airways
Year 1 : Jet
Airways will carry 800,000 PAX approx. with expected turnover of about USD 1
million
Year 2 : Jet
Airways will carry 1.5 million PAX approx. with expected turnover of about USD
3 million
Jet Airways
will be flying to destinations London, New York, Singapore, Paris, Hong Kong,
Bangkok, Kuala Lumpur in 2005-06
Negotiations
are underway for more In-flight concessions
SERVICES:
Duty Free
shopping outlets in
Indian Duty Free
Services is a professionally managed organization
that looks after the Duty Free interests, in
Indian Duty Free Services is based in
Ashoka International Trade Division. This ensures regular follow-up for their
clients. Their offices in the major metros in
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations,
prosecutions or other official proceeding for making any prohibited payments or
other improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any financial
crime or under any formal investigation by a competent government authority for
any violation of anti-corruption laws or international anti-money laundering
laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a companys management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.90 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.55.47 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
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OPERATING
SCALE |
1~10 |
5 |
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FINANCIAL
CONDITION |
|
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|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This
score serves as a reference to assess SCs credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
RATING
EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory capability
for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal
sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not recommended |