MIRA
INFORM REPORT
|
Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
SKYPAK SERVICE SPECIALISTS LIMITED |
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Registered Office : |
3, Sona Udyog, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.03.1982 |
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Com. Reg. No.: |
026811 |
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CIN No.: [Company
Identification No.] |
U64120MH1982PLC026811 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS41471D |
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PAN No.: [Permanent
Account No.] |
AADCS4819B |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business : |
Subject is engaged in courier activities other than national post
activities. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established courier service Company and incurs heavy
losses. Its financial position is poor. Payments are reported as slow and
delayed. Initially, the company can be considered for any business dealings on
safe and secured trade terms and conditions. |
LOCATIONS
|
Registered Office : |
3, Sona Udyog, |
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Tel. No.: |
91-22-28508181 |
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Fax No.: |
91-22-28508181 |
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E-Mail : |
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Website : |
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Branch: |
202, |
DIRECTORS
|
Name : |
Mr. Dilip M. Kulkarni |
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Designation : |
Chairman cum Managing Director |
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Address : |
“OM” off |
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Date of Birth/Age : |
13.10.1950 |
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Date of Appointment : |
01.07.1985 |
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Name : |
Mrs. Devika Dilip Kulkarni |
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Designation : |
Director |
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Address : |
“OM” off |
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Date of Birth/Age : |
25.12.1954 |
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Date of Appointment : |
31.03.1982 |
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Name : |
Mr. Hemant Arya |
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Designation : |
Whole Time Director |
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Address : |
Laxmi Kunj, 6th Road, Juhu Scheme, Vile Parle, Mumbai – 400
056, |
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Date of Birth/Age : |
21.10.1954 |
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Date of Appointment : |
31.03.1982 |
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Name : |
Mrs. Girija Shankar Nayak |
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Designation : |
Director |
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Address : |
44-E, Punarvasu, Sector – III, Shristi, |
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Date of Birth/Age : |
01.06.1969 |
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Date of Appointment : |
29.09.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Anup Neogi |
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Designation : |
Assistant Vice President |
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Name : |
Mr. Nitin Deshpande |
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Designation : |
General Manager (Personnel) |
SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Mutual Funds |
|
0.02 |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s), Foreign financial Institutions(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
|
35.42 |
|
Bodies Corporate (not mentioned above) |
|
60.38 |
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Directors or relatives of directors |
|
0.46 |
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Other top fifty (50) shareholders (other than listed above) |
|
3.72 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in courier activities other than national post activities. |
GENERAL INFORMATION
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No. of Employees : |
About 500 |
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Bankers : |
Saraswat Co-operative Bank Limited Marol Branch, |
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Facilities : |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Ray and Ray Chartered Accountants |
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Address : |
G -2, Ramkrishna 11, Happy Home, |
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Group Companies: |
v
Deekay Consultants v
Dilip Holdings Private Limited v
Dilip Kulkarni (HUF) v
Kulkarni Family Trust v
Sama Holdings Private Limited v
Skypak Financial Securities Private Limited v
Skypak Travels Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3091220 |
Equity Shares |
Rs. 10.00 each |
Rs. 30.912 millions |
|
Less: |
Calls in arrears (Of the above 1310200 Equity shares of Rs. 10.00 each were allotted as
fully paid Bonus shares by Capitalization of General Reserve |
|
Rs. 0.037 millions |
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|
Total |
|
Rs. 30.875 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.875 |
30.875 |
30.875 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
90.339 |
90.339 |
90.339 |
|
|
4] (Accumulated Losses) |
(136.696) |
(98.022) |
(81.317) |
|
|
NETWORTH |
(15.482) |
23.192 |
39.897 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.600 |
12.411 |
14.605 |
|
|
2] Unsecured Loans |
12.551 |
2.400 |
1.000 |
|
|
TOTAL BORROWING |
21.151 |
14.811 |
15.605 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
5.669 |
38.003 |
55.502 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.509 |
28.047 |
29.597 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.272 |
0.482 |
12.054 |
|
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DEFERREX TAX ASSETS |
3.246 |
1.725 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
0.000 |
0.000 |
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Sundry Debtors |
57.855 |
57.722 |
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Cash & Bank Balances |
10.769 |
3.588 |
74.160 |
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Other Current Assets |
0.000 |
0.000 |
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|
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Loans & Advances |
83.645 |
82.955 |
84.830 |
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Total
Current Assets |
152.269 |
144.265 |
158.990 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
143.714 |
110.595 |
119.622 |
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|
Provisions |
29.914 |
25.920 |
25.979 |
|
Total
Current Liabilities |
173.628 |
136.515 |
145.601 |
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Net Current Assets |
(21.358) |
7.749 |
13.389 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.462 |
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TOTAL |
5.669 |
38.003 |
55.502 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
183.903 |
211.609 |
260.919 |
|
|
Other Income |
11.371 |
7.959 |
6.754 |
|
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Total Income |
195.274 |
219.568 |
267.673 |
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Profit/(Loss) Before Tax |
(31.474) |
(17.968) |
5.214 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.951 |
|
|
Profit/(Loss) After Tax |
(31.474) |
(17.968) |
4.263 |
|
|
|
|
|
|
|
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Import Value |
0.000 |
0.000 |
0.571 |
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Expenditures : |
|
|
|
|
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Salaries, Wages and bonus |
74.666 |
71.029 |
69.144 |
|
|
Depreciation and amortization |
2.792 |
2.840 |
2.401 |
|
|
Other Expenditure |
149.289 |
163.667 |
190.914 |
|
Total Expenditure |
226.747 |
237.536 |
262.459 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 (Full Year) |
|
Sales Turnover |
|
|
182.900 |
|
Other Income |
|
|
96.700 |
|
Total Income |
|
|
279.600 |
|
Total Expenditure |
|
|
208.400 |
|
Operating Profit |
|
|
71.200 |
|
Interest |
|
|
1.700 |
|
Gross Profit |
|
|
69.500 |
|
Depreciation |
|
|
2.500 |
|
Tax |
|
|
10.500 |
|
Reported PAT |
|
|
56.500 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2007 (1st
Quarter) |
|
Sales Turnover |
|
|
40.400 |
|
Other Income |
|
|
0.100 |
|
Total Income |
|
|
40.500 |
|
Total Expenditure |
|
|
48.800 |
|
Operating Profit |
|
|
(8.300) |
|
Interest |
|
|
0.300 |
|
Gross Profit |
|
|
(8.600) |
|
Depreciation |
|
|
0.300 |
|
Tax |
|
|
0.000 |
|
Reported PAT |
|
|
(8.900) |
200706 1st Quarter
Notes: 1. Previous period figures have been regrouped
wherever necessary. 2. The above results were reviewed by the audit committee
and taken on record by the board of directors at their meeting held on
31.07.2007
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
|
4.66
|
0.48 |
0.46 |
|
Long Term Debt-Equity Ratio |
|
2.86
|
0.36 |
0.37 |
|
Current Ratio |
|
0.93
|
1.05 |
1.06 |
|
TURNOVER RATIOS |
|
|
|
|
|
Fixed Assets |
|
2.90
|
3.30 |
4.07 |
|
Inventory |
|
0.00
|
0.00 |
0.00 |
|
Debtors |
|
3.18
|
3.59 |
3.88 |
|
Interest Cover Ratio |
|
(16.50)
|
(4.63) |
2.44 |
|
Operating Profit Margin |
(%) |
(23.60)
|
(5.67) |
4.29 |
|
Profit Before Interest And Tax Margin |
(%) |
(25.12)
|
(6.99) |
3.37 |
|
Cash Profit Margin |
(%) |
(24.96)
|
(6.57) |
2.57 |
|
Adjusted Net Profit Margin |
(%) |
(26.48)
|
(7.89) |
1.65 |
|
Return On Capital Employed |
(%) |
0.00
|
0.00 |
6.35 |
|
Return On Net Worth |
(%) |
0.00
|
0.00 |
3.55 |
STOCK PRICES
|
Face Value |
Rs. 10.00 |
|
High |
Rs. 17.05 |
|
Low |
Rs. 16.40 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the Company has been shifted from Skyhouse
House, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India to 3, Sona Udyog,
Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
w.e.f 30.04.2007
HISTORY
Subject was incorporated on 31 March 1982 and became public
in 1992. It was promoted by Dilip Kulkarni, Devika Kulkarni and others.
The company is mainly engaged in the business of carriage and delivery of
goods, articles and papers, business documents and sample goods, etc, of
commercial importance, generally known as the courier business. The company
came out with a public issue at a premium of Rs 30 in Feb.'93 to finance
capital expenditure and to meet enhanced working capital.
The courier business is concerned with speedy and timely delivery of
consignments. In order to track consignments and improve customer service, it
is necessary to have good telecommunication networks among the branches. The
company has also computerized its operations.
It is also developing a high-tech business complex for commercial purposes in
one of the prime locations in Mumbai.
Fixed Assets
v Furniture and Fixtures
v Office Equipments
v Air Conditioners
v Electrical Installation
v Vehicles
v Telephone Equipments
v Computers
v Buildings
v Land at Marol
v Capital Work-in-progress
FORM 8
|
Name of the company |
SKYPAK SERVICE SPECIALISTS LIMITED |
|
Presented By |
Skypak Service Specialists Limited and The Saraswat Co-operative Bank
Limited, Marol Branch, Marol Maroshi Road, Andheri (East), Mumbai – 400 059,
Maharashtra, India |
|
1) Date and description of instrument creating the change |
Deed of Mortgage
dated 05.07.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 17.500
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that piece
and parcel of land or ground with the building and structure standing
thereon, situate and lying and being at village of Marol, Taluka Andheri,
District Bombay Suburban but now in Greater Bombay, in the Registration
District and Sub District of Bombay city and Bombay Suburban bearing City
Survey No. 780 (Survey No. 77), Hissa No. 1 (part) admeasuring 4684 Sq. yards
i.e. 3916 Sq. mtrs. Or thereabouts as per the title deeds and as per the
Survey i.e. property card 3937 Sq. mtrs. And bounded. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
This is to cover
towards Main/Prime Security of the property mentioned in Col. 3, above for the
working Capital Term Loan limit of Rs. 10.000 millions collateral /
Additional Security of the property mentioned in col. 3 above for the Bank
Guarantee Limit of Rs. 5.000 millions and Cash credit Limit of Rs. 2.500
millions covering the total limit of Rs. 17.500 millions Other terms and
conditions as per the above referred Deed of Mortgage dated 015.07.2002 |
|
5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited, Marol Branch, |
|
6) Date and brief description of instrument modifying the charge |
Document of
Additional Legal Mortgage dated 11.03.2004 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Original Charge
was created for Rs. 17.500 millions on 05.07.2002 It was created by
covering towards main/prime security of the form for the Working Capital Term
Loan Limit of Rs. 10.000 millions It was created by covering towards
collateral / additional security of the property mentioned in col. 3 of this
form for the Bank Guarantee Limit of Rs. 5.000 millions and Cash Credit Limit
of Rs. 2.500 millions covering total limit of Rs. 17.500 millions. By this
modification dated 11.03.2004 the equitable mortgage has been extended by
deposit of title deeds on the properties as mentioned in col. 3 of this form
towards main/prime security of the said property for the additional term loan
limit of Rs. 5.000 millions making now total coverage of main/prime security
of the said property to the extent of Rs. 15.000 millions and towards
collateral/ additional security of the said property for the Bank Guarantee
Limit of Rs. 5.000 millions and Cash Credit limit of Rs. 2.500 millions
making now total coverage of total
limit to Rs. 22.500 millions. Other terms and
conditions as per the above referred document of additional legal mortgage
dated 11.03.2004 |
Website details attached:
In 1982, subject laid the foundations of the courier
industry in
Today, subject’s network of over 300 far- flung offices and
business associates reach out to over 1 billion people in almost every nook and
corner of the country. In addition, Skypak is the first company in
This whole network is connected with a sophisticated web of computer networking, aptly called SKYTRACK.
A dynamic team of over 3000 professionals offer intelligent distance
management solutions to every sector of business and to every person in
Major Skypak Hubs at five international airports of
And above all, subject’s dedicated team of Service Specialists, work day and night, developing tailor-made services for individual businesses. Creating new opportunities through courier for a global world.
SKYPAK - Gateway
to a Land of promise
The world today is increasingly recognizing the potential of
Skypak is ideally poised to act as a catalyst in linking
Disclaimer
All information provided on this site is the property of Subject. You are authorized to use this site solely for the purpose of tracking, shipping or information collection and for no other purpose. The content on this site is correct and accurate to the best of our knowledge. Skypak Service Specialists Ltd. accepts no responsibility for any loss or damage caused from the use of this information including damage caused by viruses.
Subject is the registered proprietor of the trademark
'Skypak' in
This site contains a collection of links to other sites. Subject is by no means responsible for the accuracy as well as the content appearing on external sites.
The laws of
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.71 |
|
|
1 |
Rs. 82.26 |
|
Euro |
1 |
Rs. 55.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
24 |
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
|
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|