MIRA
INFORM REPORT
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Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAFEXPRESS PRIVATE LIMITED |
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Registered Office : |
Safex Cargo Complex, N H No.8, Mahipalpur Ext. New Delhi – 110037 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.04.1996 |
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Com. Reg. No.: |
55-078476 |
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CIN No.: [Company
Identification No.] |
U64120DL1996PTC078476 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS07724D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Transportation and Cargo Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7472764 |
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Status : |
Very Good |
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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 fine track.
Available information indicates high financials responsibility of the company
and its management. Trade relations are fair. General financial position is
satisfactory. Fundamentals are strong and healthy. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
Safex Cargo Complex, N H No.8, Mahipalpur Ext. New Delhi – 110037,
India |
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Tel. No.: |
91-11-26783281 (10 Lines) |
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Fax No.: |
91-11-26781481/ 82 |
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E-Mail : |
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Website : |
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Area : |
60000 sq. ft. |
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Location : |
Owned |
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Warehouse : |
Located at: · Delhi · Mumbai · Chennai · Bangladesh |
DIRECTORS
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
Chairman cum Managing Director |
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Address : |
24, Paschimi Marg, Casant Vihar, New Delhi – 110057, India |
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Qualifications : |
B. Sc |
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Date of Birth/Age : |
01.09.1954 |
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Date of Appointment : |
25.04.1996 |
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Email : |
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Name : |
Mrs. Sandhya Jain |
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Designation : |
Director |
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Address : |
24, Paschimi Marg, Casant Vihar, New Delhi – 110057, India |
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Qualifications : |
Graduate |
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Date of Birth/Age : |
01.10.1960 |
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Date of Appointment : |
31.03.1997 |
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Email : |
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Name : |
Mr. Pawan Rajgarni |
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Designation : |
Director |
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Address : |
52 A, P T Shambhu Nath Street, Kolkata, West Bengal, India |
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Date of Birth/Age : |
17.05.1966 |
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Date of Appointment : |
25.04.1996 |
KEY EXECUTIVES
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Name : |
Mr. Pawan Kumar Das |
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Designation : |
Company Secretary |
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Address : |
37 A, Bentinck Street, Bentick Chambers Room No.404, 4th
Floor, Kolkata – 700069, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Pawan Kumar Jain |
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500000 |
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Mrs. Sandhya Jain |
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500000 |
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Total |
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1000000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transportation and Cargo Services |
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Products : |
Freight Collections |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Limited Company H.P and Nokia |
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No. of Employees : |
400 |
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Bankers : |
Axis Bank, Vasant Kunj, Delhi |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
B C Mitra Chartered Accountant |
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Address : |
231 Rash Behari Avenue, Kolkata – 700019, India |
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Tel. No.: |
91-33-24404775 |
CAPITAL STRUCTURE
Authorised 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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1858.191 |
1228.881 |
750.947 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1868.191 |
1238.881 |
760.947 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
2.779 |
1.892 |
2.016 |
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TOTAL |
1870.970 |
1240.773 |
762.963 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
77.965 |
52.102 |
45.150 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.256 |
2.256 |
2.256 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
851.722
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554.222 |
248.471 |
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Cash & Bank Balances |
1027.543
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733.427 |
565.202 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
736.630
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505.616 |
195.548 |
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Total
Current Assets |
2615.895
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1793.265 |
1009.221 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
256.647
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210.516 |
141.979 |
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Provisions |
568.507
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396.345 |
151.696 |
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Total
Current Liabilities |
825.154
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606.861 |
293.675 |
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Net Current Assets |
1790.741
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1186.404 |
715.546 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.011 |
0.011 |
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TOTAL |
1870.970 |
1240.773 |
762.963 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3495.828 |
2790.656 |
2236.033 |
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Other Income |
56.515 |
36.621 |
21.444 |
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Total Income |
3552.343 |
2827.277 |
2257.477 |
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Profit/(Loss) Before Tax |
954.056 |
724.949 |
430.631 |
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Provision for Taxation |
324.746 |
247.016 |
166.443 |
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Profit/(Loss) After Tax |
629.310 |
477.933 |
264.188 |
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Expenditures : |
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Depreciation & Amortization |
22.478 |
17.189 |
0.000 |
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Other Expenditure |
2575.809 |
2085.139 |
1826.846 |
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Total Expenditure |
2598.287 |
2102.328 |
1826.846 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
17.71
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16.90 |
11.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
27.29
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25.98 |
19.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
35.42
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39.29 |
40.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.51
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0.58 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.44
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0.49 |
0.39 |
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Current Ratio (Current Asset/Current Liability) |
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3.17
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2.95 |
3.44 |
LOCAL AGENCY
FURTHER INFORMATION
History:
1995
Safexpress launches as a door-to-door service with 4 routes,
9 offices, 12 container mounted vehicles and 20 employees. Safexpress' door-to-door
services include niche products like DoD and To-Pay freight.
1996
Safexpress opens super hubs at Delhi, Mumbai and Bangalore.
1997
Safexpress launches Integrated Logistics Services. Our first
ILS client is NIIT, the first international ILS account is signed with Hilti
from Europe. Spurred on by a surging domestic economy, Safexpress extends its
fleet to 250 and number of stations to 290. Safexpress Private Limited
emerges as an independent entity
1998
Safeair and Safebox are launched, setting a new standard in
value added cargo services. All hubs
are connected through web-based software.
1999
Having grown by over 300%in 4 years without compromising
quality, Safexpress is awarded the Golden Peacock Award for quality and
innovation in Logistics Management.
2000
Pilot run for GPS starts on 28 routes. Safexpress reaches
the 350-destinations mark and the fleet crosses 1400.
2001
Safexpress upgrades and launches a whole lot of features on
www.safexpress.com including ePod, Virtual Cargo and Privileged Member.
2002
Safexpress declared India's "Largest Logistics Service Provider" by Limca
Book of Records 2002
2003
Safexpress declared India's "Largest Logistics Service Provider" by Limca
Book of Records 2003. Mr.pawan Jain, CMD,
Safexpress, becomes one of the finalists in the prestigious EnY's Entrepreneur
of the Year Award.
2004
Safexpress
inaugurated its 500th scheduled delivery location. Safexpress bags the Franchise Awards04
for excellence in Team Work.
2005
Safexpress bags the
MICO:Power of We Award for excellent service in logistics. Safexpress fleet crosses 3000 mark.
2006
Safexpress awarded
by ADC Krone for providing best logistics services. Safexpress bags prestigious RAI's (Retailers
Association of India) Award for Best Logistics Service Provider.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.96 |
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UK Pound |
1 |
Rs.78.66 |
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Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
8 |
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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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75 |
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 |
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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 |
|
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 |
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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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