MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DHL DANZAS LEMUIE PRIVATE LIMITED |
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Formerly Known As : |
LEMUIR LOGISTICS PRIVATE LIMITED |
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Registered Office : |
101/102, Prime Corporate Park, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
03.04.2002 |
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Com. Reg. No.: |
11-135399 |
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CIN No.: [Company
Identification No.] |
U63090MH2002PTC135399 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD08914D / MUMD08998D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is providing a seamless one-stop solution
for all logistics including inbound and outbound freight and consolidation
service by both air and ocean, as also integrated inter-continental logistics
services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
USD 180000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. 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 : |
101/102, Prime Corporate Park, |
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Tel. No.: |
91-22-66983400 |
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Mobile No.: |
91-9820444044 |
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Fax No.: |
91-22-66983481 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Dr. Jagdish Parikh |
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Designation : |
Director |
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Name : |
Mr. Arnind Parikh |
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Designation : |
Director |
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Name : |
Ms. Snehal Parikh |
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Designation : |
Director |
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Name : |
Mr. Pranav Parikh |
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Designation : |
Director |
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Name : |
Mr. Parathi kattu Mukundan Unni Menan |
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Designation : |
Director |
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Name : |
Mr. Ravinder Parkash |
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Designation : |
Alternate Director |
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Name : |
Mr. Renato Chiani |
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Designation : |
Director |
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Name : |
Mr. Martin Sigel |
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Designation : |
Director |
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Name : |
Mr. Peter Landsidel |
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Designation : |
Director |
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Name : |
Mr. Thomas Tieber |
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Designation : |
Director |
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Name : |
Mr. Claude Schaer |
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Designation : |
Alternate Director |
BUSINESS DETAILS
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Line of Business : |
Subject is providing a seamless one-stop solution
for all logistics including inbound and outbound freight and consolidation
service by both air and ocean, as also integrated inter-continental logistics
services. |
GENERAL INFORMATION
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Bankers : |
Not available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Mumbai, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.000 |
25.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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20.872 |
571.603 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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45.872 |
596.603 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
106.000 |
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TOTAL BORROWING |
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0.000 |
106.000 |
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DEFERRED TAX LIABILITIES |
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2.313 |
5.154 |
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TOTAL |
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48.185 |
707.757 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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39.006 |
588.776 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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423.523 |
515.622 |
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Cash & Bank Balances |
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105.203 |
64.853 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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159.200 |
32.126 |
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Total
Current Assets |
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687.926 |
612.601 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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678.747 |
493.620 |
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Provisions |
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Total
Current Liabilities |
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678.747 |
493.620 |
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Net Current Assets |
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9.179 |
118.981 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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48.185 |
707.757 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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3313.389 |
1864.871 |
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Other Income |
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Total Income |
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3313.389 |
1864.871 |
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Profit/(Loss) Before Tax |
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196.720 |
62.403 |
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Provision for Taxation |
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74.659 |
38.154 |
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Profit/(Loss) After Tax |
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122.061 |
24.249 |
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Expenditures : |
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Interest |
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1.643 |
5.233 |
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Depreciation & Amortization |
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12.739 |
5.723 |
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Other Expenditure |
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3116.669 |
1802.468 |
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Total Expenditure |
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3131.051 |
1813.424 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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3.68 |
1.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.94 |
3.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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27.06 |
5.19 |
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Return on Investment (ROI) (PBT/Networth) |
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4.29 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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14.80 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.01 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Goodwill
- Furniture and
Fixture
- Office
Equipments
- Computers
- Leasehold
Improvements
The company consolidated its business in the second year of operations. The
company’s income from operations increased from Rs. 1859 Million in 2003-04 to
Rs. 3293 Million in 2004-03 currently the company has 17 offices across the
country managed by a team of experienced personal.
The H’onble High Court of judicature of Bombay has approved the
aforesaid agreement of setting of Goodwill amount against the balance in the
share premium account vide its order dated February 11, 2003. Accordingly in
the year ended March 31, 2005 Goodwill amount has been set off against the
share premium account.
Subject is an integral part of the global DHL Danzas
network, providing a seamless one-stop solution for all logistics including
inbound and outbound freight and consolidation service by both air and ocean,
as also integrated inter-continental logistics services.
Goodwill :
In terms of deed of transfer of business dated
May 27, 2003, Lemuir Air Express assign and transferred to the to the company
all its contracts pertaining to the transportation, Industrial Freight
Forwarding, Freight banding and Industrial logistics activities for a
consideration of Rs. 547.365 Millions. This amount paid as consideration was
accounted as Goodwill in books of accounts.
At the meeting of Board of Directors had on
October 28, 2004, it was decided to off set the Goodwill of Rs. 547.365
Millions with the balance in the share premium account after obtaining relevant
approvals.
As per website
Heritage
The Lemuir Group's history and heritage spreads over 62 years,
from modest beginnings as a small Customs Brokerage company in 1945 to the
present group of companies, each an industry leader in its field.
Over the years, the Group pioneered important developments
in the evolution of
The growth in the Group’s services for international transportation, customs clearance and domestic logistics, was supported by the development of a global network of leading service partners, which eventually culminated into a global alliance with DHL Danzas Air & Ocean, today known as DHL Logistics.
In 2003, Deutsche Post World Net (DPWN), the owners of DHL
Logistics, and the Parikh family entered into a strategic joint venture DHL Danzas Lemuir Private Limited (DDL)
for international transportation. DDL successfully remains an industry leader
in
More recently, DPWN / DHL and the Parikh family agreed to expand the joint venture by combining DDL, Exel India Private Limited (a DHL / DPWN group company) and Lemuir’s general cargo business.
On 1st May 2007, L&M has transferred its customs clearance and warehousing & distribution activities for general cargo into Exel India Private Limited Upon the merger of DDL and Exel, the new expanded joint venture will be named DHL Lemuir Logistics Private Limited (DLL). This will encompass both the DHL Logistics divisions: DHL Global Forwarding and DHL Exel Supply Chain.
Lee & Muirhead Private Limited, the flagship company, was acquired by the Parikh family from its promoters in 1945. L&M developed from customs brokerage into a leading logistics service provider. Today L&M provides integrated logistics services for infrastructure and industrial projects and bulk cargo, along with charters, shipping and related services.
Lemuir Air Express commenced
one of the earliest airfreight consolidation services in
In 1983 Lemuir Express was established to provide door-to-door logistics services for the Indian gems and jewellery trade. LE’s integrated logistics systems for valuables deliver diamonds, jewellery, gems and other precious commodities across the world in close association with a global network of leading specialist logistics partners in key markets.
Tirupur Container Terminals Private Limited, better known as the Tirupur ICD, was established in 1994 at the request of and in joint venture with the Tirupur Exporters’ Association. Today, owned fully by the Lemuir Group, the ICD provides a crucial local gateway for the exports and imports, by both ocean and air, for Tirupur’s knitwear industry.
A. L. Movers, a joint venture with Allied Pickfords, the global leaders in Household Removals, is renowned for its world class relocation service.
Throughout Lemuir's growth and development, the culture and values of the family have been inculcated across the organisation. The Group's corporate vision envelops its business objectives with a strong sense of business ethics and social responsibility.
Lemuir's contribution to the country's national industry associations is widely
acknowledged. The Air Cargo Agents Association of India, the Federation of
Freight Forwarders Associations in
Snehal Parikh, Managing Director, has also served as Vice President of FIATA, President of the Air Cargo Agents Association of India, and is a member of the Civil Aviation Ministry's Core Group on Air Cargo.
Lemuir's management participates in and contributes to various government fora,
and several Chambers of Commerce and other trade bodies 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 records 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 Int’l
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 company’s 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s 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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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